We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy

Strategic Management Process Paper Essay Sample

essay
The whole doc is available only for registered users OPEN DOC

Get Full Essay

Get access to this section to get all help you need with your essay and educational issues.

Get Access

Strategic Management Process Paper Essay Sample

For any company to be successful they have to a goal, purpose and especially a plan. There are “a set of managerial decisions and actions that determines the long-run performance of a corporation, it is called strategic management.” (Wheelen & Hunger, 2010. Pg. 5) Strategic management is the foundation of a successful company and also gives the company a course to follow. Each company normally chooses their strategic plan or model. A strategic model establishes a strategic plan, or model, intended to increase the procedure. Company use strategy models to refine operations and meet their goals. The process of creating such a model requires identifying the important goals of the company. It also recognizes the important components or stages of the process from the starting point to the success of those goals and producing ways of increasing the process for best production and the success of the specified goals.

Six Sigma is a model that is used; it not only integrates the strategic model but also builds an ethical plan for the company on how to diminish waste and at the same time improves current practices. Six Sigma causes management to consider different ways to improve the business while setting particular goals and stringent accountability from upper management all the way down to the entry level employees. (Six Sigma) “Six Sigma has five processes they use; the first one is defining. This process “identifies the wants and needs that are important to the customers.” (University Alliance) Past and feedbacks from customers is used to identify the wants and needs.” (University Alliance) The second process is measuring; this process is used to “define the process to collect the data and record in a specific way to be able to help deliver that rest of the process.” (University Alliance) The third process is analyzing; this process is to use data that can identify the area that need adjusting.

The fourth and final process is verifying; this is the last process and an ongoing process, once the product or service is released and the reviews from consumers are analyzed and adjustments are made to the product or service from those reviews. Bank of America is one company that uses Six Sigma, as one of the prominent financial institutions; Bank of America joined the many other Fortune 500 companies that use of Six Sigma in 2001. The reason Bank of America implemented this extremely successful strategic planning is because Bank of America has saved 2 billion dollars in cost savings or increased revenues. Since 2001, Bank of America has certified over 3,000 green belts and black belts, and the number continues to grow.” (Marx, 2005) Bank of America’s philosophy sums up what the fundamentals of their strategic model is “Our Philosophy “We believe, very simply, that it is the actions of individuals working together that build strong communities … and that business has an obligation to support those actions in the communities it serves.” (Bank of America Corp)

References

Bank of America Corp. Company information and profile of Bank of America Corp. Retrieved from http://www.makingafortune.biz/list-of-companies-b/bank-of-america-corp.htm Marx, Michael. (2005). Six Sigma: Bank America- Hoshin Kanri and Six Sigma. Retrieved from http://www.isixsigma.com/community/blogs/bank-america-hoshin-kanri-and-six-sigma/ Six Sigma: What is Six Sigma? Retrieved from

http://www.isixsigma.com/new-to-six-sigma/getting-started/what-six-sigma/ University Alliance. (2014) Villanova University: Six Sigma: DMADV Methodology. Retrieved from http://www.villanovau.com/resources/six-sigma/six-sigma-methodology-dmadv/#.VCiQaPldWSo Wheelen, Thomas L., Hunger, J. David. (2010) Concepts in Strategic Management and Business Policy: Achieving Sustainability, 12th edition, Upper Saddle River, New Jersey: Prentice Hall

We can write a custom essay

According to Your Specific Requirements

Order an essay

You May Also Find These Documents Helpful

Business organization - Management and control

Distribution is the movement of a good or service from the source to the final customer, consumer, or user. This process is made through a distribution channel for example wholesalers and retailers. The purpose of a distribution channel is to supply a link between production and consumption. There are 2 types of distribution channels these are indirect and direct. An indirect distribution channel relies on middle...

US Education vs European Education

Analyzing from the world university rankings compiled by the time's organization, almost half of the best universities in the world are located in the US and Europe. This is mostly due to the fact that they have a high regard for education, have access to the best research facilities and have rich intellectual culture. The aim of this paper is to analyze the education systems...

The outlet business Nordstrom

Nordstrom is an American upscale design retailer and is beating each other retail organization. Nordstrom\'s prosperity is based on brilliant client benefit. The retail chain has concentrated on a couple of parts of the business to emerge. Here is the way Nordstrom is beating retailers from Macy\'s to T.J. Maxx. All through their history, they have reliably given a portion of the best administration in...

Types of Organizations in the Retail Trade

Nordstrom is an American upscale design retailer and is beating each other retail organization. Nordstrom's prosperity is based on brilliant client benefit. The retail chain has concentrated on a couple of parts of the business to emerge. Here's the way Nordstrom is beating retailers from Macy's to T. J. Maxx. All through their history, they have reliably given a portion of the best administration in...

Job Design and Management for Organizations

As the newly appointed district manager, my mission is to share and broaden my experience by putting together five different teams for the five new locations I will be responsible for. It is my duty to serve our communities, guests, employees, and franchises with hard work and dedication. “Dunkin Brands offers a comprehensive series of award-winning training programs for crew members, managers and franchisees designed...

Get Access To The Full Essay
icon
300+
Materials Daily
icon
100,000+ Subjects
2000+ Topics
icon
Free Plagiarism
Checker
icon
All Materials
are Cataloged Well

Sorry, but copying text is forbidden on this website. If you need this or any other sample, we can send it to you via email.

By clicking "SEND", you agree to our terms of service and privacy policy. We'll occasionally send you account related and promo emails.
Sorry, but only registered users have full access

How about getting this access
immediately?

Become a member

Your Answer Is Very Helpful For Us
Thank You A Lot!

logo

Emma Taylor

online

Hi there!
Would you like to get such a paper?
How about getting a customized one?

Couldn't Find What You Looking For?

Get access to our huge knowledge base which is continuously updated

Next Update Will Be About:
14 : 59 : 59
Become a Member