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In: Operations Management

A poll taken last year found alcohol consumption at a 30-year low. Sales figures from the...

A poll taken last year found alcohol consumption at a 30-year low. Sales figures from the industry confirm the findings of the poll. Seagram’s is the largest firm in the industry. Based upon what you have learned about strategic management, what should Seagram’s be doing in response to this information?

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Strategic management can be defined as using the resources of an organization in a resourceful way to achiev its goals and objectives. In other words the primary objective of strategic management is to help companies to find ways to be more competitive. The strtegic mangement process strts with strategy intent, the next step is strategy formulation and moving forward to strategy implementation and strategic analysis.

Based of the opinion of the polls and confirmation from sales figures, it must first analyze and scan the environment from wwhich the polls where being generated and conduct a study to find the reason behind the same. It should be proactive in analyzing the actions of the competitors and also take necessary steps to be competitive in the current market scenario. It should also perform a SWOT analysis of the existing products and list the products which are the star performers of the company and try to concentrate on the development. The company should also try to conduct a open forum discussion among the middle and junior level mnagers for the formulation of a strategy since most of the good ideas are being sparked from them.The essence also invloves of strategic management is matching business resources to market opportunities.

keosha answered 3 months ago
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