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The process of strategic management is significantly influenced by the effectiveness of the leadership team. It is quite important in setting the vision and mission of the firm. Additionally, it helps the company to put in place effective strategies for accomplishing that objective as well. Olam was created in 1989 and is now trading on the Singapore Stock Exchange (SGX). Several of the company's industries, including cocoa, cotton, coffee, nuts, and spices, have benefited from the company's nearly 81,000-strong global workforce (www.olamgroup.com., n.d.). In order to meet the needs of a growing global population while also benefitting agricultural communities, the environment, and all stakeholders, the company's objective is to solve the challenges that come with it. The challenge of leadership is to be strong without being obnoxious, kind without being weak, humble without being fearful, proud without being arrogant, and to have a sense of humour without being naive or silly.
It is essential for leadership to have an evaluation system in place to evaluate the process's effectiveness, and this aspect will assist in finding defects and devising new methods in the face of changing circumstances (Silva, Nuzum, and Schaltegger, 2019). Aiming to better understand the linkages between strategy, stakeholder expectations, and organisational performance in an international setting, the following article explores the effects of external influences on strategic management in a global environment. Additionally, the paper recommends a new method for analysing the environment via the use of relevant technology, which is described in detail in the report.
In today's highly competitive business world, even the smallest blunder may have a negative impact on a company's success. There is a need to guarantee that the expectations of stakeholders are met by organisations. Studies demonstrate that companies with strategies that are in line with the expectations of their stakeholders perform better as a whole. These three variables all play an important role in determining how well a business performs(George, Walker, and Monster, 2019). A few factors must be considered while developing a new strategy for a corporation, the most critical of which is the present stakeholders' engagement in the business. The second critical component is designing a plan that may be necessary to achieve a competitive position in the market by analysing the expectations of the company and its shareholders and the organization's existing performance. Stakeholders may have direct or indirect influence over the organization's decision-making process and strategy (Shad et al., 2019). A few factors must be considered while developing a new strategy for a corporation, the most critical of which is the present stakeholders' engagement in the business(Guix, Bonilla-Priego, and Font, 2018). The second critical component is designing a plan that may be necessary to achieve a competitive position in the market by analysing the expectation of the company's stakeholders and the organization's existing performance. Stakeholders may have direct or indirect impact on the company's decision-making process and strategy. Olam's stakeholders include the following:
There is no reason to engage with stakeholders on a deeper level in order to ascertain their issues and get business information. To meet all of these objectives, it is necessary to design methods for organisational performance improvement. The aim is to re-establish customer interest in Olam's goods. There is a need to embrace resource-based strategic theory in order to distinguish their goods via distinct market characteristics and to position Olam products within current business dynamics (Solesvik, 2018). The resource-based theory is a critical lens through which to view organisational performance. Each organisation must use cost-effective leadership in its operational procedures in order to keep manufacturing prices down for all types of customers. According to resource-based theory, ownership of strategic resources presents a great opportunity for a firm to gain a competitive edge over its competitors.
As a result of a long-term engagement with internal stakeholders, an organization's culture might be difficult to replicate. In order to make workers feel that they are an integral part of the company's strategic aims and objectives, it is critical that a strategy be tailored to their expectations. It takes time to build a company with a devoted and productive workforce. Cultures like this are uncommon and difficult to duplicate (Loureiro, Romero, and Bilro, 2020). A resource's starting cost must be too high for comparable enterprises in the market to be regarded valuable. A resource is also called non-substitutable if comparable firms in the sector are unable to come up with a different strategy to acquire access to it. Top-notch customer service, as an example, cannot be replaced. It is difficult for a competition to match a company's stellar customer service after it has established itself as a market leader in this area(Solesvik, 2018). A company's strategy must be aligned with its consumers' expectations in order to achieve good success. Since acquiring strategic resources will provide the firm a competitive edge over its rivals, this is the best course of action to adopt by the company. To guarantee long-term success, strategic resources are scarce and cannot be simply replicated by the competitors. It is possible for a corporation to provide excellent customer service by incorporating its customers as important players in the strategy creation process (Loureiro, Romero, and Bilro, 2020). Employees will also be a part of the strategy development process. Having a business culture focused on its employees is especially important in a field plagued by labour disputes, layoffs, and low morale. It asserts that businesses that are Valuable, Rare, Inimitable, and non-substitutable achieve long-term success.
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This plan may assist Olam restructure its strategy by focusing on critical competencies and skills that the business can bring into the market is an honour to employ its Valuable, Rare, Inimitable, and Non-substitutable resources (Loureiro, Romero, and Bilro, 2020). Additionally, the strategy may assist the organisation in accomplishing its objective. The organisation must embrace resource-based theory in order to implement a new strategy, such as developing new tactics and monitoring systems via the use of core resources.
External factors must be handled appropriately in order for the new approach to be successful. PESTLE analysis is used to determine an external environment in detail, focusing on critical factors that might affect strategy. The following are some external elements that have a direct impact on how an organization's strategy is developed.
It is necessary to evaluate taxation policy in order to comprehend it, since it ought to be consumer-friendly (Palil et al., 2019). These rules have a direct impact on the brand's success, since mobile phones are facilitated things and each nation taxes luxury and everyday domestic items differently.
This is another critical feature to scan for any brand in any major area in order to have a better understanding of how to manage a firm. The government promotes free trade policies in order to attract international brands and businesses to the country (Fraser, 2019). This is the most important section of the company since it is responsible for conducting a scan of import and export trade rules in order to execute the strategy.
Political stability has a direct impact on an organization's growth ambitions in a nation. A stable government ensures that an organization's economy grows at a healthy pace and contributes to the organization's future goals.
Analysing import taxes is critical for expanding and strategizing on how to establish agri and food products distribution in any country. Favourable and unfavourable import rules have a negative impact on the brand's ability to grow in that nation and convert to grey imports. Thus, while analysing taxes, it is critical to compare the pricing of items to those offered by rivals in the nation.
In every nation, economic downturn may have a detrimental influence on the consumer's purchasing capacity. Thus, the economy might function as a trigger for a company's sales to decline in a particular nation (Loureiro, Romero, and Bilro, 2020). If organisations want to grow and compete with other businesses, they must first improve their economic standing, then develop a strategy for expansion and maintain it until the nation achieves economic stability.
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