Posted: September 3rd, 2013
If a company has to succeed, it must use strategies. They are used to assist in achieving the objectives. Therefore, they should be very accurate or else the company will fail. After strategies have been formulated, they should be implemented. Meanwhile, they should be closely monitored for evaluation. Applicable strategies should show positive results after a given length of time. Those that do not yield positive outcome should be eliminated and replaced with others. A good way of replacing a strategy is checking what mistakes were done and correcting them (Hitt et al. 4).
McDonald has opened up many restaurants in strategic locations. This was done to maximize on revenue. For example, in China the company uses its own restaurants, which has led to its growth. There were plans of expanding by franchising. Today, there are more stores, which have been opened. Some are franchised whereas some are fully owned by the company. These strategies have enabled the company to improve its sales by almost eight percent.
This company maintains its major market as well as searching new markets. The major markets are located in USA, China and Europe. McDonald is mostly concerned about improving quality and getting appropriate factors. China’s management has put this as a priority ahead of expansion. This strategy has made them top in market share (Hitt et al. 4).
All these strategies have made McDonald to be one of the most popular fast food restaurants. Therefore, it is important to maintain the strategies. McDonald’s strategies are definitely effective. Each one of them has brought an improvement to the company’s performance. However, it is important to review these strategies regularly. Some may become obsolete after some time. The company should concentrate on introducing more healthy foods and encourage the public to embrace a healthy lifestyle. It would also be wise to have prices that are appealing as possible. This will attract more customers to the stores. It is also a good strategy apply over the competitors (Hitt et al. 4).
I like your answer because it is an analysis of strategy evaluation. It has discussed the importance of reviewing strategies and evaluating them. The answer has used a few examples of strategies in McDonald’s company and their results. It is easy to use the results to evaluate the progress of the company. So far, these strategies are still viable and applicable. They have enabled the company to grow geographically and financially. It is easy to learn from this example because it clearly elaborates how to evaluate strategies.
I agree with your message because it describes how to study strategies. It emphasizes how fundamental it is to have strategies in a company. Formulating strategies is not good enough. Therefore, there is need to carry out a follow up and see the outcome. McDonald is a successful company so it is suitable to use it as a sample. The management has adopted strong strategies, which has led to their success. Some of these strategies will be helpful in continuing their growth because they are long lasting.
The concept of sharpening the saw and evaluating strategies are related. Sharpening the saw means maintaining and improving the readily available assets. Strategies can be considered assets because they add value to the company. Therefore, evaluating them is a form of improving them and maintaining them
The concept requires individuals to renew several areas in their lives People should take time to understand themselves and change positively. In the same way, companies are required to revisit their strategies and check whether they are focused on achieving objectives. People should not only concentrate on their professions but also their inner beings. This is what makes their personality.
I agree that habit no. 7 is important in both my personal and professional life. This is because my personal life influences my professional life and vice versa. If I embrace this concept in my personal life, it will help me be a better person. Therefore, I will be very productive in my profession. The concept also determines my personality. It will assist me to have a pleasant personality that corresponds with my profession.
I aspire to be a strategic manager in future. This topic of strategic management is my best in this course. It has helped me to learn a lot both professionally and personally. I have learnt importance of strategies and how to formulate them. In addition, I can comfortably evaluate correct them. These skills are not only applicable in my job but also in other environments like my education. I made strategies for studying and since I implemented them, there has been a significant improvement. When I discovered this, I shared it with my friends who are also doing so. I use strategies in my personal life too. I have planned my priorities and I hope to be disciplined to adhere to it. After a measurable amount of time, I sit down and evaluate myself. If there are areas I need to improve, I review my strategies and revise them. Knowledge in strategic management has helped me to plan my life in general. I am more focused and organized than before. I will continue to share this knowledge with people who feel they are not performing well. It will help them to improve.
Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2011). Strategic management: Competitiveness & globalization. Mason, OH: South-Western Cengage Learning.
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