Strategic Management and Business Policy, Global Strategic Management Wallace Group

Strategic Management and Business Policy, Global Strategic Management Wallace Group The Wallace Group is in need of a Board ofDirectors for their corporation. The board of directors hasan obligation to approve all decision that might affect thelong run performance of the corporation. Harold Wallacehas acted as a one man board of director, making all finaldecisions for the Wallace Group. The board of director'sresponsibilities is setting corporate strategy, overalldirection, mission, or vision. Hiring and firing the CEO andtop management. Controlling, monitoring, or supervisingtop management. Reviewing and approving the use ofresources and caring for shareholder interests. (Wheelen Hunger)The next important problem that the Wallace Groupis facing is the fact that they have never created orimplemented a strategic management. The role of the boardof directors in strategic management is to carry out threebasic tasks. The first if to monitor, by acting through itscommittees and to pay attention to developments inside andoutside the corporation and bringing these to the a ttentionof management.Wallace J. NicholsThe next would be to evaluate andinfluence management proposal, decisions, and actions;give advice and offer suggestions. The final is to initiateand determine, a board can delineate a corporation'smission and specific strategy.Strategic management is a technique you can use tocreate a favorable future and help your organization toprosper. To create this favorable future, you must involveyour organization's stakeholders (anyone with a vestedinterest in achieving your organization's goal) inenvisioning the most desirable future and then in workingtogether to make this vision a reality. The key to strategicmanagement is to understand that people communicatingand working together will create this future, not somewords written down on paper.Strategic management does not replace traditionalmanagement activities such as budgeting, planning,monitoring, marketing, reporting, and...