When we talk about global strategic management we are referring to the manner in which organizations expand their geographic footprint and move into other markets. It also encompasses the typical challenges or roadblocks they face, the steps they need to take and some broad components that need to be a part of any good global strategy. Good business strategy certification covers such aspects like the need for specific resources, the level of existing capability, the extent of competition in the market that an organization is entering and also the kind of strengths it has.
Some key components of the global strategic management process are as follows
Competition
The global strategy should always incorporate the presence of competition and how to manage around that.
Pricing
Many organizations underestimate the role of pricing within the overall global strategy. However, this can become the key differentiator in a price-sensitive market.
Product
The competitive advantages of the product and its strengths or USP have to be discussed when the strategy formulation takes place.
Market Share
This covers the existing and the one that the organization is aiming for, either in a new year or new market or even in a new product segment.
Talent
This covers talent that will be needed for the strategy to be actually implemented and the plan to source it as well as retain it.
Challenges of global strategic management pertain to
- Alignment across teams – It is a struggle for most organizations to find out a way to align their functions and ensure that they understand what a global strategy entails. This lack of alignment is usually what causes issues in proper implementation or execution of strategy.
- Market knowledge – While this seems to be the most common thing and natural aspect to cover, many organizations miss out on doing it well. They conduct cursory market research instead of acquiring in-depth market knowledge. The depth of knowledge is critical to the success of the global strategy.
- Readiness of the current leadership –The leadership teams that will spearhead the growth or globalization process has to be in a state of readiness. This is a significant change and many organizations find it difficult to get their current leadership to scale up and also become change-ready immediately.
These are elements that together form the global strategic management framework as well as the roadmap for any organization. Organizations should balance their approach by getting a clear understanding of each and then try to define the way ahead for themselves.
A strategy is not the endpoint or consequence of planning; rather, it is the beginning.
Without a strategy, a business has no way of steering the ship in the right direction. It attempts to coordinate and bring business resources and actions in line with the organization’s vision and mission. Strategic plans outline the necessary steps required to achieve strategic business goals.
But, what is the need for evaluation and control? And what will happen if you don’t evaluate your strategies or control your environment?
Let’s find out.
The Need for Evaluation and Control
Strategic evaluations are the mode for testing the efficiency and effectiveness of business strategies, and a way to determine whether the strategy that is being implemented is moving in the right direction or not. Evaluations also help identify the areas of improvement and the actions necessary to bring the performance back in line with organizational objectives. After you have successfully evaluated the changes required, you try to take control by implementing measures to help you get back on track. In conclusion, without evaluation and control, there is no way of knowing where you went wrong and how you could have done things contrarily.
The ideal way to gain in-depth knowledge in this domain is to pursue strategy & leadership online executive programs. These strategy & leadership online executive programs can expose you to advance contemporary themes in strategy and their application in real-world scenarios so you can be extremely relevant to the current business environment.
The need for evaluation and control can be further broken down to three primary reasons:-
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Performance Measurement
The first step of strategic management includes defining a performance ideal as per the business objectives. This includes setting both qualitative and quantitative performance benchmarks to which all team members’ actual performance will be compared.
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Ongoing Analysis
Strategic evaluation work under the assumption that as the business environment today is so dynamic, variances will exist between the set performance benchmark and the actual performance. This is also known as ongoing analysis, which can only be done if there are continuous evaluation and control processes in an organization.
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Corrective Actions
When strategic evaluations are used, they pinpoint areas where the business is not meeting strategic objectives, allowing managers and leaders to take corrective actions to solve the problem. If such corrective actions are not taken timely, there’s a high chance of failure.
Bottom Line
Now, the importance of evaluation and control is evident. So, naturally, the next question is how to control and evaluate such strategies effectively? The answer lies in strategy & leadership online executive programs. One such program you can pursue is the online executive strategic management program by IIM Lucknow. The online executive strategic management program by IIM Lucknow covers all the pertinent and dynamic aspects of strategic management. What’s more is that you get the opportunity to learn from the expert and eminent faculty of IIM Lucknow, one of the top B-schools in the country. So, there’s that.
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More Information:
What is the Concept of Strategic Management?
Understanding The Basics Of Strategic Management
What is Strategic management and why you need it?
Career Prospects & Job Opportunities after Strategic Management
