1. Executive Summary
Strategic Management -The business environment has changed tremendously over the past decade. The changes have been occasioned by a number of factors including technological advancements, globalization, and increased expectations of the shareholders and customers among other factors (Whittington 2003). As a result, organizations have to embrace new approaches to strategic management in order to remain relevant and competitive (Wright, Kroll & Parnell 2007). A strategy provides a clear sense of the objectives and goals of an organization and how they will be achieved within a set timeline. The strategic management approach applied by our organization should enable it to achieve competitive advantage by having a practical and clear view of how to position it uniquely within the events industry as well as delivering unique value added to the customers (Hill & Jones 2009). More importantly, the strategic management approach should match the organization’s capabilities and its external business environment. While visioning and planning are important for the organization, there should also be careful analysis of different factors and circumstances so as to understand and influence its position in the events industry (Steiner & Miner 2007).
Strategic Management in Event Management
2. Strategic Management-Strategic Purpose
The organization’s ambition is well-outlined in the organization’s strategic purpose. It has described the primary thrust of the organization and the ultimate objectives, objectives that can be achieved through successful operations of the business. The management has put in place choices that are important in the attainment of the goal particularly in regard to increasing the market share and meeting customers and shareholders’ expectations. The strategic purpose of the organization is described in terms of mission, vision, and values (Ghemawat 2005). The mission of the organization is to ensure the customers obtain vibrant and compassionate events services through quality engagement and support. The vision of the organization is for a quality and compassionate event activities that give value (Wright, Kroll & Parnell 2007). The organization’s work is guided and informed by the commitments and beliefs in the following values: quality- striving for excellence through continuous and deliberate improvement; collaboration- we recognize and value the contribution of our clients and other service providers in delivering quality services; openness- we are committed to a teamwork culture guide by integrity.
Strategic statements are aligned to functional objectives of the organization. The statements describe the goals, while functional objectives describe how those goals will be achieved. Clear and concrete strategic statements provide a platform for an organization to develop targets that gradually further the organizational strategy (Lynch 2012). Well-defined strategic statements play a fundamental role in guiding the goal setting process; the management and the employees tend to own the set strategic objectives, and therefore become committed towards achieving them at their respective positions. Senior management team focuses on the overarching issues aimed at achieving the goals; middle managers focus on market place competition; front line managers and operation staff work with customers (Thompson & Strickland 2005). For example, functional manager expects employees to increase sales of particular products in order to support the larger objective of profit growth. Good strategic statements are essential in creating company unity; they unify the activities of each team member throughout the organization. Therefore, departments and employees do not work at cross purposes, pursuing competing initiatives, but instead work as a team with the larger objectives in mind and all moving in similar direction (Glueck 2006).
3. Strategic Management-External Analysis
Like in other industries, event industry should be able to recognize, anticipate, and address the changes in the external business environment in order for it to grow and prosper (Pettigrew, Thomas & Whittington 2002). Considering that change is a certainty, strategic managers should actively engage in processes that identify change and initiate necessary modifications to take advantage of change. The external environment factors relating to this business include political, economic, social, technological, ecological and legal factors