Implementing Strategy

Running head: IDENTIFYING THE BEST PRACTICES IN STRATEGIC 1

 

 

 

 

SAMPLE PAPER

 

Identifying the Best Practices in Strategic Management

Gertrude Steinbeck

ORG 500 – Foundations of Effective Management

Colorado State University – Global Campus

Dr. Stephanie Allong

August 6, 2010

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IDENTIFYING THE BEST PRACTICES IN STRATEGIC 2

Identifying the Best Practices in Strategic Management

Strategic management and corporate sustainability are two important dynamics of

modern-day organizations. It is important for organizational leaders to have an understanding of

the theoretical applications of strategic management as a means of addressing corporate

sustainability. The purpose of this paper is to provide definitions and an understanding of

strategic management and corporate sustainability. An overview of the Walgreen Company, the

organization of study, is also provided in order to understand how the company has utilized

strategic management to implement sustainability initiatives for long-term financial performance.

Strategic Management

The function of management is to plan, organize, lead, and control the operations of an

organization (Robbins & Coulter, 2007) and includes strategic management. Strategic

management is an approach in which organizations create a competitive advantage, enhance

productivity, and establish long-term financial performance. Chandler (as cited in Whittington,

2008) defines strategy as “the determination of the basic long-term goals and objectives of an

enterprise, and the adoption of courses of action and the allocation of resources necessary for

carrying out these goals” (p. 268). Similarly, Wheelen and Hunger (2008) define strategic

management as the managerial decisions and actions of an organization that achieve long-run

performance of the business, with benefits such as:

 Clearer sense of vision for the organization

 Sharper focus on what is strategically important

 Improved understanding of a changing environment.

The Strategic Management Model (SMM) provides the framework for integrating strategic

planning into an organization so that the aforementioned benefits are realized.

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IDENTIFYING THE BEST PRACTICES IN STRATEGIC 3

Strategic Management Model

Research indicates as the concept of strategic management evolved, many theoretical

models were proposed. Ginter, Ruck, and Duncan (1985) indentify eight elements of the

normative strategic model: vision and mission; objective setting; external environmental

scanning; internal environmental scanning; strategic alternatives; strategy selection;

implementation; and control. Long (as cited in Ginter et al., 1985) stated that normative strategic

management models are an “explicit, planned and rational approach” (p. 581) to management.

Similar to Ginter et al., Wheelen and Hunger (2008) established the SMM (see Figure 1) which

includes four main elements: environmental scanning, strategy formulation, strategy

implementation, and evaluation and control. Environmental scanning is the monitoring,

evaluating, and extracting of information from the external and internal environments in order

for management to establish plans and make decisions. Strategy formulation includes creating

long-term plans for the organization, including the mission, objectives, strategies and policies.

Strategy implementation is the process of executing policies and strategies in order to achieve the

mission and objectives. Evaluation and control require monitoring the performance of the

organization and adjusting the process as necessary in order to achieve desired results (Wheelen

& Hunger, 2008).

The SMM assumes the organizational learning theory, which states that an organization

adapts to the changing environment and uses gathered knowledge to improve the fit between

itself and the environment. The SMM also assumes the organization be a learning organization

in which the gathered knowledge can be used to change behavior and reflect new knowledge

(Wheelen & Hunger, 2008).

 

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IDENTIFYING THE BEST PRACTICES IN STRATEGIC 4

 

Environmental

Scanning

Strategy

Formulation

 

Strategy Implementation

Evaluation

and

Control

External: Mission

Opportunities Objectives

Threats Strategies

Societal

Environmental Policies

Task Environmental Programs

Budgets

Internal: Procedu

res

Strengths Performanc

e

Weaknesses

Structure

Culture

Resources

Figure 1. The strategic management model was adapted from Strategic management and

business policy (11th ed.) by T. L. Wheelen, & J. D. Hunger, 2008, Upper Saddle River, NJ:

Pearson Prentice Hall.

 

Corporate sustainability. In addition to enhancing financial performance through

strategic management, organizational leaders have the responsibility of increasing shareholder

value through corporate sustainability (Epstein, 2008). Corporate sustainability is defined in a

variety of ways. Hollingworth (2009) described a sustainable organization as “one that strives

for and achieves 360-organizational sustainability” (p. 1). The author claimed an organization is

sustainable when it can endure, or maintain, over a long-term without permanently damaging or

depleting resources including: the organization itself; its human resources (internal and external);

the community/society/ethno-sphere; and the planet’s environment. He then claimed that if one

of the four resources is not sustainable, issues with the remaining resources will eventually

develop (Hollingworth, 2009). Brundtland (as cited in Epstein, 2008) described sustainability as

the economic development that addresses the needs of the present generation without depleting

1

2

3

When you are using the same source for a

paragraph, you need to start the paragraph with

a 1- narrative citation, 2- refer to the author

again so your reader knows you are still talking

about the same author, and 3-end the paragraph

with a parenthetical citation.

When you are using the same source for

a paragraph, you need to start the

paragraph with a 1- narrative citation, 2-

refer to the author again so your reader

knows you are still talking about the

same author, and 3-end the paragraph

with a parenthetical citation.

When you are using the same source for a

paragraph, you need to start the paragraph with

a 1-narrative citation, 2-refer to the author again

so your reader knows you are still talking about

the same author (try not to use pronouns such

as “he” or “she” as APA believes this could lead

to a gender bias) and 3-end the paragraph with

a parenthetical citation.

When using a Figure in your paper,

make sure there is no title above

the figure. Underneath the figure

you must have the word, “Figure”

italicized and the figure number in

your paper followed by a period.

Then mention where the

information was adapted or general

information about the figure.

Follow the example above. Notice

it does not follow the reference

citation format.

A level 3 header is

bold, first word

captialized, a

period following

header and

sentence starts

after header.

 

 

IDENTIFYING THE BEST PRACTICES IN STRATEGIC 5

resources needed by future generations Epstein (2008) adds to the definition from a business

perspective by including corporate social responsibility. Epstein also states that organizations

have a responsibility to stakeholders to improve management practices in order to add value by

addressing corporate social, environmental and economic impacts (Epstein, 2008).

Organizational leaders are the strategic decision makers of a company and have a

responsibility to stakeholders (Wheelen & Hunger 2008). Therefore, it is important to have an

understanding of why corporate sustainability is important, and how the nine principles of

sustainability performance guide strategic management.

Importance of Corporate Sustainability

In addition to making a profit, organization’s have a responsibility to society, which

includes addressing its economic, social, and environmental impacts, otherwise known as social

responsibility. Friedman and Carroll had two opposing views of corporate social responsibility.

Friedman argued that the sole responsibility of business was to use resources and activities that

enhanced profits (Wheelen & Hunger, 2008). Carroll (1979) argued that social responsibility

included much more that making a profit; he proposed businesses must include the economic,

legal, ethical and discretionary categories of business performance.

 Economic responsibilities include producing goods and services to meet the

needs/wants of society in order to make a profit;

 Legal responsibilities are the laws and regulations the company is expected to

abide by;

 Ethical responsibilities are included in the previous two statements, but also

include the norms and beliefs held by society;

This is another example of narrative

citation. The year must follow the author’s

last name. If there was a quotation, the

page or paragraph number would be listed

immediately after the quote in

parentheses – Examples (p. 89) or (para.

3). See page 3 for an example.

This is an example of a parenthetical citation. It

includes the authors’ last names and the year.

If there was a quotation, a page or paragraph

number would also be included. Notice that the

period is at the end of the parentheses.

 

 

IDENTIFYING THE BEST PRACTICES IN STRATEGIC 6

 Discretionary responsibilities are other responsibilities taken on by the

organization including voluntary activities and philanthropic contributions

(Carroll, 1979).

The importance of corporate sustainability, therefore, is that an organization is responsible for

financial performance, but it also has additional responsibilities to stakeholders and society in

general.

The Nine Principles of Sustainability Performance

The nine principles, as presented by Epstein and Roy (2003) (see Table 1), further define

sustainability, are measureable, and can easily be incorporated into strategic management

(Epstein, 2008). These principles include ethics, governance, transparency, business

relationships, financial return, community involvement, value of products and services,

employment practices and protection of the environment.

 

 

 

 

 

 

 

 

 

 

 

A table or figure should fit all on one page

even if there is a gap left in your paper. It

is easier for the reader to view the table or

figure when presented as a whole instead

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IDENTIFYING THE BEST PRACTICES IN STRATEGIC 7

Table 1

The Nine Principles of Sustainability Performance

1. Ethics The company establishes, promotes, monitors and maintains ethical standards and practices in dealing with all of the company

stakeholders.

2. Governance The company manages all of its resources conscientiously and effectively, recognizing the fiduciary duty of corporate boards

and managers to focus on the interests of all company

stakeholders.

3. Transparency The company provides timely disclosure of information about its products, services and activities, thus permitting stakeholders to

make informed decisions.

4. Business relationships

The company engages in fair-trading practices with suppliers,

distributors and partners.

5. Financial return The company compensates providers of capital with a competitive return on investment and the protection of company assets.

6. Community involvement/econom

ic development

The company fosters a mutually beneficial relationship between

the corporation and community in which it is sensitive to the

culture, context and needs of the community.

7. Value of products and services

The company respects the needs, desires and rights of its

customers and strives to provide the highest levels of product and

service values.

8. Employment practices

The company engages in human-resource management practices

that promote personal and professional employee development,

diversity and empowerment.

9. Protection of the environment

The company strives to protect and restore the environment and

promote sustainable development with products, processes,

services and other activities.

Note. There should be a general note about the table here. Adapted from “Improving

sustainability performance: Specifying, implementing and measuring key principles” by M.

Epstein, & M. Roy, 2003, Journal of General Management, 29(1), pp.15-31.

Walgreens Company

Walgreens Company is a retail drugstore that is in the primary business of prescription

and non-prescription drugs, and general merchandise including beauty care, personal care,

household items, photofinishing, greeting cards, and seasonal items (Reuters, 2010). More

recently, the organization diversified its offerings through worksite healthcare facilities, home

care facilities, specialty pharmacies, and mail service pharmacies (Walgreens Company, 2010).

When using a Table in your paper, make

sure the word “Table” with the table

number in your paper. Then insert the

title of the Table in italics, with all major

words capitalized. Underneath the Table

you must have the word, “Note” italicized

followed by a period. Then mention

where the information was adapted or

general information about the figure.

Follow the example above. Notice it does

not follow the reference citation format.

 

 

IDENTIFYING THE BEST PRACTICES IN STRATEGIC 8

Walgreen Company established a strong organizational culture focusing on consumer and

employee satisfaction. The mission of Walgreens is:

We will provide the most convenient access to consumer goods and services . . .

and pharmacy, health and wellness services . . . in America. We will earn the

trust of our customers and build shareholder value. We will treat each other with

respect and dignity and do the same for all we serve. We will offer employees of

all backgrounds a place to build a career. (Walgreens, 2010a, para. 1)

Walgreens was established in 1901 by pharmacist Charles R. Walgreen Sr. (Walgreens,

2010b). Prior to establishing the company, Mr. Walgreen struggled with the direction the

pharmacy industry was headed; the lack of quality customer service and care for people

concerned him. Today, Walgreens is the largest drugstore chain in the United States employing

over 238,000 people. Sales in 2009 exceeded $63 billion, in which 65% of sales were from

prescriptions drugs. The organization has expanded into all 50 states, as well as the District of

Colombia and Puerto Rico, for a total of 7,496 stores and 350 Take Care clinics (Walgreens

Company, 2010, para. 3).

Conclusion

Strategic management and corporate sustainability are two important practices in today’s

competitive global environment. In order to effectively implement strategic management in light

of corporate sustainability, leaders must have an understanding of such concepts. This paper has

provided a background and understanding of strategic management and corporate sustainability.

An overview and history of Walgreen Company was also presented in order to identify best

practices in strategic management that enhance corporate sustainability.

If a quotation is longer than 40 words, it

must be in a block format. The block

format is indented ½ inch (or 5 spaces

from the left) from the left margin. Do not

use quotation marks for this quote.

If you are using information from multiple web

pages from one website, you need to

distinguish which citation came from which

web page. You can distinguish each page, by

putting the letters, “a,” “b”, etc. with the year.

So, for in-text citations it would be (Walgreens,

2010a). (Walgreens, 2010b).

The conclusion is a

level 1 header.

 

 

IDENTIFYING THE BEST PRACTICES IN STRATEGIC 9

References

Carroll, A. B. (1979). A three-dimensional conceptual model of corporate performance. The

Academy of Management Review, 4(4), 497.

Collins, J. (2001). Good to great. New York, NY: HarperCollins Publishers Inc.

Epstein, M. J. (2008). Making sustainability work. San Francisco, CA: Greenleaf

Publishing Limited.

Epstein, M., & Roy, M. (2003). Improving sustainability performance: Specifying, implementing

and measuring key principles. Journal of General Management, 29(1), 15-31.

French, S. (2009). Critiquing the language of strategic management. The Journal of Management

Development, 28(1), 6-17. doi: 10.1108/02621710910923836

Ginter, P., Ruck, A., & Duncan, W. (1985). Planners’ perceptions of the strategic management

process. Journal of Management Studies, 22(6), 581-596.

Hollingworth, M. (2009, November/December). Building 360 organizational sustainability. Ivey

Business Journal, 73(6), 2.

Walgreens. (2010a). Mission statement. Retrieved from

http://news.walgreens.com/article_display.cfm?article_id=1042

Walgreens. (2010b). Our past. Retrieved from

http://www.walgreens.com/marketing/about/history/default.html

Reuters. (2010). Walgreen Co. Retrieved from

http://www.reuters.com/finance/stocks/companyProfile?symbol=WAG.N

Robbins, S. P., & Coulter, M. (2007). Management (9th ed.). Upper Saddle River, NJ: Pearson

Prentice Hall.

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indent 5

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alphabetical

order.

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information from

multiple web pages

from one website, you

need to be able to

distinguish what

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to the year of each

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Include a doi number if available.

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Hyperlink.”

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IDENTIFYING THE BEST PRACTICES IN STRATEGIC 10

Walgreens Company. (2010). 2009 Annual report. Retrieved from

http://investor.walgreens.com/annual.cfm

Wheelen, T. L., & Hunger, J. D. (2008). Strategic management and business policy (11th ed.).

Upper Saddle River, NJ: Pearson Prentice Hall.

Whittington, R. (2008). Alfred Chandler, founder of strategy: Lost tradition and renewed

inspiration. Business History Review, 82(2), 267-277.

 

 

 

Example of a book citation.

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you are citing a report or any

type of pdf, italicize the title. If

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would not italicize the title.

For more information on APA requirements and examples of in-text and reference citations, see the Saudi Electronic University Academic Writing Standards and APA Style Guidelines.

 

 

You can find other links on this page such as a

template paper that is already formatted in APA

for you, and some good websites that provide

even more examples of citations.