Strategic Managment and Business Policy

Basic concepts of strategic management
Student:
Professor:
Course title:
Date:
Each category of stakeholders in an organization has their responsibilities which they ought to fulfill in order to ensure smooth running of business. The top management has a responsibility of ensuring protection of integrity of the business. Their deliberations point towards protection of integrity of the business for the sake of the many stakeholders including the customers, the employees and the suppliers. The top management also has a responsibility to run the organization outside being responsible for personally providing the funds. Wheelen, Hunger, Hoffman & Bamford (2015) assert that; the top management is responsible for establishing basic corporate policies. When the policies have been refined, it is the responsibility of the top management to ensure that they are followed by the relevant people.
Hierarch of strategy denotes a kind of relationship of the corporate strategies and sub- strategies. The individual strategies are arranged logically in accordance with the vision, mission, goals and metrics. In coming up with the arrangement, there could be utilization of the various methods such as top-down, bottom –up or the bidirectional planning. Wheelen, Hunger, Hoffman & Bamford (2015) note that; the hierarchy of strategy helps the top management in priorities aspects in organization. Again, the hierarchy helps to align the undertakings of the top management to the goals, mission, vision and metrics of the organization. To have a more focused hierarchy of the strategy, there is articulation of the hierarchy to the global vision depending with the kind of ...