Benefits and Disadvantages of Strategic Management

CONTENTS INTRODUCTION 3 GREATEST ADVANTAGES OF STRATEGIC MANAGEMENT 4 GREATEST SHORTCOMING OF STRATEGIC MANAGEMENT 5 RESPONSE TO MILTON FRIEDMAN’S ARGUMENT ON SOCIAL RESPONSIBILITES OF BUSINESS 6 CONCLUSION 8 BIBLIOGRAPHY 9 REFLECTION TEMPLATE 10 INTRODUCTION Strategic management is essential for organisations. There are a few areas that I will be analysing to highlight their effects to an organisation. Firstly I wish to discuss decision making, which I believe to be, the greatest advantage of strategic management. The decision making element provides an organisation a clearly defined framework to work within, however still allowing for flexibility to achieve its strategic direction. This strategic element allows†¦show more content†¦Greatest Shortcoming of Strategic Management The greatest shortcoming of strategic management in my opinion is the implementation of strategy. This is the single most common failure of great strategies. It is documented that most managers believe that the difficulty in implementing strategy surpasses that of formulating it. The study found that 73 percent of managers believed that implementation is more difficult than formulation. â€Å"Though remarkable progress has been made in the field of strategic management, the problem of strategy implementation failure still persists. A report by Deloitte and Touche (1992,) shows that eight out of ten companies fail to deploy their strategies effectively.† (Martin Dandira) Examples of barriers that impede on the success of implementation are: Strategy formulation: â€Å"Most cases where strategies fail, implementers did not have an input at the formulation stage.† (Martin Dandira) An example of this would be a production manager was not involved in the introduction of a new brand of Whiskey. Environmental uncertainty, â€Å"The speed of change and events in the industry makes some strategy that was probably sound during its conception, a pointless activity when a major change happens.† (Yii Teang Tan, 2004) Organisational culture, A good example is the case study of Air New Zealand. One of the employeesShow MoreRelatedCompetitive Advantage1196 Words   |  5 Pagesbuyers, the bargaining power of suppliers, and the rivalry among existing competitors (Pfeffer, J., 2005). Three methods for maintaining competitive advantage that will address these forces are effective strategic management, the effective management of people, and the effective management of research and development. Dr. Johannes Snyman conducted a study of the trucking industry within the United States. 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Parenting in Hamlet by William Shakespeare Essays

The role parents play in a child’s development is critical. They are the people who have the most influence on them, effecting most aspects of even their adult life. When too controlling, the role of a parent can have lasting negative consequences for the child. In the play, Hamlet, by William Shakespeare, the author shows that loss of an authoritative parent leaves people trying to replace the loss of that control in unhealthy ways that destroy the person. This can be seen in the lives of Ophelia, Hamlet and Laertes, who all loose a controlling father. In the life of Ophelia, it can be seen that she is very dependant on Polonius. She obeys him, even if she doesn’t want to. When she is told by Polonius, â€Å"I would not, in plain terms, from†¦show more content†¦Ophelia is accustomed to having her father speak on her behalf, as well as being dependent on him for emotional support. Her absolute dependence means Ophelia does not know how to cope and reason on her own. Being left to grieve alone, she does not have an objective perspective or someone to bring her back to her senses, and therefore becomes overwhelmed by her emotions. Having no control over the intensity of how to feel and act is a very unhealthy way to cope. Her grief makes her speak â€Å"nothing†, and those who hear her are left to doubt and â€Å"think there might be thought†, although they cannot be sure about what she really means. Allowing herself to continually feel her grief without support and guidance causes Ophelia to lose her mind. King Claudius says of her, â€Å"O, this is the poison of deep grief: it springs/ All from her father’s death†¦; Poor Ophelia/ Divided from herself and her fair judgement,/ Without the which we are pictures†(4.5.74-75,83-83) Without her father and his ability to reason and tell her what to do, Ophelia loses the little control she has over herself. 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Price-Based Demand Response-Free-Samples-Myassignmenthelp.com

Question: Write annotated bibliography on "If a business drops its price will it always increase demand - and it will make profit". Answer: Avinadav, T., Herbon, A. and Spiegel, U., 2013. Optimal inventory policy for a perishable item with demand function sensitive to price and time.International Journal of Production Economics,144(2), pp.497-506. Herbon (2013), have illustrated that increase demand of a product is due to the many reason such as consumer purchasing capacity increases, fallen of complementary goods price, product in demand due to latest fashion or consumers tastes etcetera. All the above-mentioned factor result in the price variance of any product. It has also been seen that growth in number of people using any certain product due to population growth and expansion in the market result in to increase in product demand. Environmental Economics. 2017.Econ 101: The Basics of Supply and Demand. [online] Available at: https://www.env-econ.net/supply_demand.html [Accessed 15 Aug. 2017]. According to the researcher, the price of the product can change because of four major factors namely Demand increase or decrease and Supply increase or decrease. According to the researcher, there is a universal statement that people at higher price of any product buy less quantity whereas a seller want to sell more quantity when the price is high which reflects that, quantity demand is inversely related with the price and the quantity supplies and the price are somewhat directly related to each other. It reflects on the people mindset that selling of product for profitability will be severely hampered depending on the price and the supply also on the demand of the product in the market. Kilkki, O., Alahivl, A. and Seilonen, I., 2015. Optimized control of price-based demand response with electric storage space heating.IEEE Transactions on Industrial Informatics,11(1), pp.281-288. According to Seilonen (2015), decrease in consumer surplus would happen when equilibrium price of the product is set above, but lower in the equilibrium price will see certain increase. According to the authors to achieve consumer surplus, consumers have to purchase the good that means production should be maximum so that consumer can have ample amount to purchase. If due to any reason the price of the good drops below market equilibrium, manufacturing of the good will be less profitable as of the low price and thus will encourage customers to buy more product as of the lower price. The market will have shortage of good because of the huge demand resulting into market wide loss. Thus the producer will not be able to obtain the value of the product. Siano, P., 2014. Demand response and smart gridsA survey.Renewable and Sustainable Energy Reviews,30, pp.461-478. The researcher states that the amount of product present in the market is the supply and the number of people willing to buy the product is the demand. In addition, supply has direct influence in the demand say for an example if there is a strong demand of Gas in the market there would be less supply of the product, thus increase in price of the commodity. If there is a change in condition such as lower demand of the product (Gas) as people started using more and more number of electronic vehicle then the product will be highly available in the market thus will decrease the price of the product. Income effect can also be a resulting factor as it will help the people decide how much and at what price to buy. People tend to reach out to business, providing lower price but when there is an increase in purchasing capacity, the product of lower value will become inferior good, as there is a demand fall because of income rise. Zhao, Z., Wu, L. and Song, G., 2014. Convergence of volatile power markets with price-based demand response.IEEE transactions on Power Systems,29(5), pp.2107-2118. In the research it has been found that decrease in demand occurs because of the product is out dated and old fashioned. Peoples taste of the commodity has decreased, Decrease in consumers purchasing power and substitute product price drop. The decrease and increase of a products price is variable on the products supply and demand in the market. However, consumer having higher purchasing capacity or lower purchasing capacity both will opt for products with lower price as this give them the option to purchase more and different products. It is reflected in research that if the purchasing power of the consumer increases, the variance of the purchased product will be bit expensive than regular, thus making the regular product inferior good. Demand of any product depends on various factors but lower price will be the prominent factor, as it will give purchasing power to the consumer. References Avinadav, T., Herbon, A. and Spiegel, U., 2013. Optimal inventory policy for a perishable item with demand function sensitive to price and time.International Journal of Production Economics,144(2), pp.497-506. Environmental Economics. 2017.Econ 101: The Basics of Supply and Demand. [online] Available at: https://www.env-econ.net/supply_demand.html [Accessed 15 Aug. 2017]. Kilkki, O., Alahivl, A. and Seilonen, I., 2015. Optimized control of price-based demand response with electric storage space heating.IEEE Transactions on Industrial Informatics,11(1), pp.281-288. Siano, P., 2014. Demand response and smart gridsA survey.Renewable and Sustainable Energy Reviews,30, pp.461-478. Zhao, Z., Wu, L. and Song, G., 2014. Convergence of volatile power markets with price-based demand response.IEEE transactions on Power Systems,29(5), pp.2107-2118.

James Hetfield Essays - Metallica, Ron McGovney, Leather Charm

James Hetfield James Hetfield the American Dream James is probably the driving creative force. - Kirk Hammett Hetfield brings the pride. He stands a very tall and strong guy over all of, not just the music, but all of what is Metallica, he's been through a lot of shi* but still pushed to get where he is today.? - Jason Newstead Although the Americans dream, weather new or old to this country is to succeed financially, to some it is to become well known to your fellow man. The idea of crawling out of the gutter with nothing but your pride and earning respect from everyone who had doubted you before. Since the birth of this equal opportunity nation, people from all aspects of cultures and countries have strived through thick and thin to surpass their fellow man and better themselves in the eyes of society. The American dream does not just occur with citizens new to our country but to generations upon generations of people whose family tree had begun anew when their ancestors first arrived to this land. This theory proves itself valid with a number of successful people who have never had the opportunity of experiencing ?old wealth?. They are ridiculed for their dreams and made fun of for their ideas, but in the end these prospects of society made it to the top with the occasional supporter and Hetfield was born to a truck driver and light opera singer on August 3rd, 1963, in Los Angeles. His family's Christian Science religious beliefs are often mentioned as the root of James' tortured soul lyrics. Musically, he began at age 9 with piano lessons, then banging away on his brother David's drums and finally to guitar. With his guitar in hand, James aspired to become a rock star in his first band, Obsession. After seeing AC/DC perform in Los Angeles on august 14th 1977The band was made up of the Veloz brothers on bass and drums and Jim Arnold on guitar. A pair of friends, Ron McGovney and Dave Marrs, acted as the band's roadies. This meant sitting in the loft of the Veloz garage running a control panel for makeshift lighting effects. After Obsession broke up, the Marrs-Hetfield-McGovney trio continued jamming together. Phantom Lord was James Hetfield's second band. After moving to La Brea, James attended Brea Olinda High School and met up with drummer Jim Mulligan. The two would jam at lunchtime with another guitar player, but eventually scared him away with their loud and heavy sounds. Hugh Tanner was discovered carrying around part of a flying V guitar at school. And shortly thereafter, Phantom Lord was born. With Hugh on guitar and Mulligan on drums, James sang and played guitar. The group went through a few bass players until graduation when James moved back to Downey. In Downey, James moved into a house owned by Ron McGovney's parents that was slated for demolition due to an expressway expansion. This house was the perfect place for James and Ron to crash and hold rehearsal and practice jams. James talked Ron into taking up bass, and promised to teach him... And as Ron joined the group, Phantom Lord was no more. They were now Leather Charm. James Hetfield's third band overall, Leather Charm was formed from the members of Phantom Lord, except that James performed sole singing duties (no guitar) and Ron was added to play bass guitar. Completing the line-up were Phantom Lord carry-overs Hugh Tanner and Jim Mulligan. Leather Charm was more of a glammy attempt at music. The band played originals and covers like Quiet Riot's Slick Black Cadillac, Iron Maiden's Remember Tommorrow and a few others. The band managed to perform at a few parties and recorded a demo, but then began to fall apart. *Picture*First Tanner left the band and was replaced by Troy James. Then Mulligan left for a more progressive, Rush-like band. With no drummer, the band was forced to call it quits. Although it was Mulligan's departure that led to James searching for a new drummer, it was Hugh Tanner that introduced James to Lars Ulrich. Ultimately it was Leather Charm's break up, through Jim Mulligan's quitting, that led James and Lars to meet... and to form Metallica. From the