Honda Strategic Management Paper

5880 words - 24 pages

Honda Strategic Management EssayStrategic management is the highest level of managerial activity, in general performed by the chief executive officer (CEO) and executive team of a company, used to specify objectives of the organization by developing policies and plans to achieve these objectives and reach the company's goals. Also it's a process of distributing resources of the company so as to pursue the plans.Strategic management supply overall direction to the entire enterprise. An organization's strategy should be suitable for its resources, situations, and objectives. The process takes in consideration to join the companies' strategic advantages to the business environment the organization faces. The important objective of an overall strategy is to make the organization into a position to do its mission effectively and efficiently. A best corporate strategy must include an organization's goals, policies, and tactics into a cohesive whole.Strategic management can be considered as combination of strategy formulation and strategy implementation.1) Strategy formulation: first Doing a situation analysis, both internal and external and both micro-environmental and macro-environmental. Secondly, alongside with this assessment, targets are set. This includes crafting vision statements (long term), mission statements (medium term), overall corporate objectives (both financial and strategic), strategic business unit objectives (both financial and strategic), and tactical objectives. Finally, these objectives have to, in the light of the situation analysis, propose a strategic plan. The plan gives details about how to reach these goals.This three-point strategy formation process determines where you are now, where you want to go, and then how to get there. These three questions are the basics of strategic planning.2) Strategy implementation is affectation of adequate resources (financial, personnel, time, and computer system support), developing a chain of command or some alternative structure (such as cross functional teams), and posting responsibility of specific tasks or processes to specific individuals or groups. It also involves managing the process. This includes observation results, comparing to benchmarks and best practices, evaluating the efficacy and efficiency of the process, inspection for variances, and changing to another process if necessary. When execution specific programs, this involves having appropriate resources, developing the process, training, testing the process, documentation, and integration with (and/or conversion from) legacy processes.(wordiq.com, 2010)II. Company's Background:Honda Motors Company, Ltd.(world Honda.com,2010) Is public company founded by Soichiro Honda Takio Fujisawa on 24 September 1948, the company employ 181,876 person in the world and the headquarters is in Tokyo-Japan, Acura and Honda Aircraft Company are subsidiaries of Honda motor .in 2009 the revenue of the company reached 120.27 billion doll...

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