Strategic management Essay Example | Topics and Well Written Essays - 1500 words - 3

Strategic management - Essay Example More specifically, using the diagram in the Figure 3, Appendix, the firm’s stakeholders could be categorized as follows: a) the Owners should be found at the level of the relevant hierarchy having the strongest interest in the firm’s performance, b) the firm’s employees would follow, c) suppliers would also be interested in the firm’s position in its market – indicating its ability to continue its cooperation with its suppliers, d) customers would be at the next – lower – level; they would be benefited from the firm’s performance – but only up to the point that they could not identify other firm with similar products and lower prices; e) the state would be at the last level of the relevant list; the firm’s performance would be important for the state affecting its contributions in the national economy – tax paid for the firm’s profits. The performance of the firm within its market can be differentiated under the influence of a series of factors. These factors have been identified and explained using the Pestel Analysis; at a next level the industry globalisation drivers are presented – at the level that they are related with the firm’s operational initiatives. In accordance with Neely (2002) ‘the key benefit in the process of deciding what to measure appears to lie in the fact that the process forces management teams to be explicit about their priorities’ (Neely, 2002, p.295). In other words, the identification and the evaluation of key strategic values for the development of corporate activities are quite important for setting the criteria on which the restructuring of the firm’s strategies will be based. In the PESTEL analysis, the firm’s operations are related to specific factors, the following ones: a) Political; it refers to the government’s strategies regarding the entrepreneurial activity in the specific industry; even if in the