Final Strategic Plan

STRATEGY MANAGEMENT PROCESS 1

Strategy Management Process: Case Study of Take-Two Interactive Company

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Strategy Management Process

Every business entity must have a strategy used to enhance its performance. The formulation of a business strategy occurs through a process known as the strategic management process (Sundiman, 2018). In this process, the managers of an organization make choices on the appropriate strategies to steer the organization's performance. Primarily, strategy management is a continuous process that involves the evaluation of the organization's strategy as well as the industry where the entity operates. The management appraises the organization's competitors and works to fix the goals of the present and future competitors and use this to reassess its strategies (Drobyazko, Okulich-Kazarin, Rogovyi, Goltvenko & Marova, 2019). The strategic management process involves four main components.

The first aspect of the process is environmental scanning. It involves collecting, analyzing, and providing data for strategy use. It is crucial to understanding the external and internal factors that influence the operation of an organization (Sundiman, 2018). The environmental analysis should be subjected to continuous evaluation and improvement where necessary. Strategy formulation is an aspect of the process that involves selecting the best course of action to complete the organization's goals (Drobyazko et al,. 2019). It helps in formulating business and functional strategies. Additionally, the process involves strategy implementation, which involves putting the chosen strategic plan into action. Moreover, it involves activities such as designing the structure of the firm, human resource management, developing the decision-making process, and distributing resources (Sundiman, 2018). The last component of the process is strategy evaluation. It involves the evolution of the external and internal factors that constitutes the core strategy in question. The process involves activities such as measuring performance as well as taking various correctional measures.

The gaming industry has become competitive, especially with the advancing technology. Therefore, the analyses of external and internal factors help the company understand the market and the major competitors in the industry (Software & Zelnick, 2020). The understanding of the market and industry is crucial in creating a compelling vision and mission statement that conforms to the organization's goals and objectives. Environmental scanning is essential to understand the gaming market dynamics, this assists Take-Two Interactive management in formulating strategies that take advantage of the market opportunities (Drobyazko et al,. 2019). Besides, environmental scanning also provides crucial information on competitors allowing the firm to make necessary improvements on their products or services to address the distinct needs of the customers. Besides, the data provided during environmental scanning helps predict the future market situation that enables the company to adjust appropriately.

The company uses strategy management process to formulate goals based on the information obtained from the environmental scanning (Software & Zelnick, 2020). The organization makes decisions that favor the goals and strategic implementation of the same. Implementing decisions made in the organization may involve making certain adjustments during the execution. For instance, the company may decide to increase the number of employees with specific skills to achieve certain strategy decision implementation. Take-Two Interactive is an established tech firm. Strategic implementation process must be evaluated to assess if it addresses the initial intentions of the firm. It assesses the effectiveness of the decisions made during the strategic implementation process. That is if the strategy implemented works to better the performance of the firm.

Take-Two Interactive Company only has a vision statement that states, "The future is in your hands,” (Software & Zelnick, 2020). The vision statement means that creativity and innovation is likely to unlock opportunities going forward, especially in the gaming industry. The industry has become dynamic and complex, thus, they intend to adhere to the changing circumstances to satisfy the needs of their customers (Software & Zelnick, 2020). However, the company lacks other crucial objective indicators such as motivation strategy, mission statement, and people's strategy statements, which could significantly affect the business's performance. The establishment of mission statement is crucial in the strategy formulation process. Therefore, without a clear mission statement, the organization lacks guidance for creating objectives and goals for the organization. Besides, there is no clear roadmap that everyone abides by during decision making in the organization. Moreover, the lack of motivation strategy statement results in poor incentives to work. The statement is crucial in defining the organization’s position concerning the welfare and wellbeing of employees. It is crucial to have a well defined objective on employee relation and well being in an organization. Workers form part of the strategy planning since they are the implementers of strategy objective of an organization. Take-Two Interactive Company lacks people strategy statement. The company has not defined effective goals of relating to the employees. Therefore, the supervisors and managers of the company may not understand how the organization the company’s objective concerning employee relations. Therefore, it is likely that the management may make decisions that are inconsistent with the company strategy and objectives.

Strategy planning process is significantly influenced by ethics and cooperate social responsibility (Sitnikov & Bocean, 2017). While an organization may want to increase its performance through establish feasible strategies, it is crucial that it does not involve in activities that harm individuals or the society. Ethics and cooperate social responsibility influences the decisions of the management of organizations. That is, the decisions are reached after considering all the possible harmful effect it could bring to the society. Organizations must ensure that their strategy plans integrate the organization’s culture with ethics as well as corporate social responsibility. Ethical considerations shape the behavior of the firm towards employees, customers and the society at large. For instance, the customer relations strategy must be designed to increase customer satisfaction.

The firm should be honest on the services and products they provide concerning the customers expectation. Moreover, employee relations strategy may include managers treating workers with respect even if the company’s strategy is to reduce employee turnover an increase production. Take Two interactive company must design their customers and employee strategy objectives based on the ethical provisions and drive to ensure corporate social responsibility (Sitnikov & Bocean, 2017). Besides, their production strategy must ensure moral and environmental protection. The visions statement of the company aligns with my values concerning the potentiality that the future holds for the technology industry. I believe that there is no limitation to creativity and innovation and the future is in the hands of the players. The market is dynamic and customers demand more thrilling experience in games. Therefore, there is potentiality of innovation to satisfy the needs of the customers. I am not currently working for the organization, but I can contribute to the same through identifying areas that needs improvements to enable the firm to produce games that addresses specific needs of the clients.

References

Sundiman, D. (2018). The effect of knowledge management on the strategy management process mediated by competitive intelligence in the small business company. Jurnal Manajemen Dan Kewirausahaan, 20(2), 105-115.

Sitnikov, C., & Bocean, C. (2017). Relationships between corporate social responsibility and strategic planning. In Stages of Corporate Social Responsibility (pp. 121-137). Springer, Cham.

Software, T., & Zelnick, S. (2020). Take-Two Interactive Software Mission, Vision & Values. Comparably. Retrieved 15 July 2020, from https://www.comparably.com/companies/take-two-interactive-software/mission.

Drobyazko, S., Okulich-Kazarin, V., Rogovyi, A., Goltvenko, O., & Marova, S. (2019). Factors of influence on the sustainable development in the strategy management of corporations. Academy of Strategy Management Journal, 18, 1-5.