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Management
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Strategic Management Research Journal, Part 2 Management Essay (Essay Sample)

Instructions:

Familiarize yourself with the following terms and concepts discussed this week in preparation for completion of this assignment: market capitalization, economic value created, sustainable strategy, business-level strategy, differentiation strategy, strategy canvas.
Create a 800 word entry in your strategic management research journal. You will use information from this entry in your presentation due in Week 5. Respond to the following prompts in your journal entry:
Describe the role of strategic planning in achieving a competitive advantage.
Assess Caterpillar Inc. to determine whether their top focus is accounting profitability, shareholder value creation, or economic value creation.
Assess whether Caterpillar Inc. leverages the appropriate value and cost drivers for their business strategy.
Analyze the strengths and weaknesses of Caterpillar Inc’s competitive advantages.
Evaluate the influence of ethics, social responsibility, and legal considerations on strategic planning.
Discuss the value of corporate social responsibility (CSR), and determine if Caterpillar Inc.’s CSR meets those values.
Analyze the role of ethics and social responsibility in developing Caterpillar Inc.’s strategic plan while considering stakeholder needs and agenda.

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Content:


Strategic Management Research Journal Part 2
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Strategic Management Research Journal Part 2
Role of Strategic Planning in Achieving Competitive Advantage
Strategic planning refers to the process of developing new strategies and implementing them within an organization to attain the set-out goals of a given firm. This process helps the firm or organization to realize several things, including gaining a competitive advantage over its competitors. Through strategic planning, an organization gets to overcome its competitive forces by foreseeing the future. With a vivid and clear vision of what the future holds, an organization stands at a better position of determining the possible problems that might occur before they take place. This way, mitigation measures can be laid out in advance to prevent the organization from being affected by the anticipated challenges. With that done, the organization then gets to have a better chance of beating its competitors who, due to lack of planning, obliviously slumps into the potential problems.
Caterpillar Inc. Top Focus
According to the strategy and purpose statement that is stipulated on the Caterpillar Inc website, it is evident that the company's primary focus is shareholder value creation. The statement reads,
“Our enterprise strategy focuses on solutions to help our customers build a better world and allows us to deliver profitable growth for our shareholders.” (Caterpillar, 2019)

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