This product is known as "Funds Master". Mr. Phillip Hardeep owns the 60 percent of the total share of the company, while the other 40 percent is owned by the internal stakeholders, Ruth Simmons and David Jones, who are also working with Phillip Hardeep in this software company as the main marketing person and software engineer respectively. The additional side product sold by the company is the use of Internet facility wireless card which can be allotted to the customers coming to stay in hotels. The product Funds Master's selling performance was doing fine since the time of the company's establishment, until, its sale started to fall back within the time period of last two years because there is a competitive product in the market that is launched and taken care of by a multinational organization. Mr. Phillip Hardeep fears that the competitive software program of the multinational corporation has affected the sales and reputation of their company's product, "Funds Master"; and has lower down the sales graph of eventually.
Now, the main task of this research report is to study and evaluate the strategic management direction for the guidance of the company and its future strategies so that Hardeep software company could improve its performance and position in the competitive marketplace by taking advantage of all those strategic planning, concepts, tools and models.
Part#1 - Strategic & Functional Analysis of Hardeep Software
Understanding Strategic Management
Strategic management is a principle, science and art through which the management of a company implements, formulates, and evaluates cross-functional decisions and enables the organization to achieve its highest targeted and long-term decided objectives. With the help of strategic management, the management of the company successfully specifies its policies, procedures, values, goals, target markets, mission, vision, aims and objectives, plans, projects and programs, roles and responsibilities, timelines, and available resources along with the partner companies or stakeholders. It is considered to be the highest level of managerial activity through which the company determines its current and future position in the marketplace (Lamb, p27, 1984).
Understanding Key Dimensions of Strategic Management - Strategic Planning, Strategic Tools & Strategic Models
Strategic planning can be considered as the subsidiary branched tool and technique of strategic management which helps the management of the company to perform better and complete the given task with remarkable progress. The main focus of strategic planning is to emphasize on the energy provided to complete a task. Thus, it helps the company and its employees to give-in their best efforts and perform a good job in order to attain the targeted goals and objectives of the company. Strategic planning also assists the organization by guiding the right direction according to the changing environment. In short, strategic planning is a well-planned and disciplined policy or procedure to construct significant assessments and actions that