Final Strategic Plan

Values and Strategy

John Mbiti

STR/581

01/22/2017

Carlos Pinda

University Of Phoenix

Company: Aspen Technology

Aspen Technology is a company that provides services and software products to process industries. The company has its headquarters in Bedford, Massachusetts but has 30 branches across the world in six continents. This is meant to improve service delivery.

Major Components of the Strategic Management Process

1. Goal setting

Goal setting is the first stage in the process of strategic management. This component basically involves coming up with objectives that the strategic management process should achieve (Campbell, 2011). The goals that are set depend on their specific operations and procedures that a company engages in. It is important to come up with realistic goals that can be achieved.

2. Analysis

The second component is analysis. At this stage, a company looks at the goals it has set and determines whether or not the available resources will be able to make these goals reachable. This component enables an organization to make necessary adjustments to its goals to be aligned with the available resources.

3. Strategy formulation

This component coming up with means through which the goals will be achieved through utilization of the available resource. As the name suggests, strategy formulation lays down a guideline that is followed in making sure that the set goals are achieved in the most effective and efficient manner.

4. Strategy implementation

Strategy implementation is a component that is concerned with actualizing the strategy that has been formulated. This involves the use of available resources to achieve the goals that have been set. Aspen technology utilizes its human resources as well as other material resources to come up with software and services that will meet the demands of its customers.

5. Evaluation and control

Evaluation and control is the last component of the strategic management process and is concerned with looking at whether or not the implemented strategies are achieving the goals that have been set. In case this is not true, the management team at aspen technology makes necessary adjustments to ensure these strategies are implemented in the right manner so as to achieve the goals that have been set (O’Sullivan & Smith, 2012).

These components play a significant role in adding value to the strategy of an organization. Aspen technology utilizes each of these components to make sure that it comes up with a strong strategy that improves the quality of its products and services to its consumers. This enables the company to be more competent in the market. For instance, the first component which involves goal setting builds the foundation on which the rest of the components are erected. When the goals have been set effectively, they can be analyzed then a strategy is formulated on how they are implemented. Following the implementation of the strategy, an evolution, as well as control measures, are taken to make sure that everything is according to plan. Basically, a combination of all these components enables an organization to make necessary adjustments for the purpose of boosting the value of its strategy. It is important to pay attention to each component of the strategic management process.

Evaluation of the Mission, Vision, and Strategies

Mission statement: “Enabling the process industries to optimize, engineering, manufacturing and supply chain operations.”

Vision statement: “…To drive value for our customers by transforming the way they design, build, and operate the plants”

The mission and vision statements of aspen technology are focused on creating value for customers through the improvement of the operations. Basically, the companies concerned about the welfare of the customers and it achieves this through creating value.

Motivation Strategy

Aspen technology motivates its employees through the provision of the required resources that are needed to achieve the tasks that are assigned to them. In addition to this, the company also motivates them by effectively compensating them for the services they provide. In addition to this, the best performers are appreciated and in some cases promoted to higher rankings. This is a motivation strategy that has enabled the company to be competitive over time.

The identified strategies and statements provide a guide to what the business needs to do in order to achieve its goals and objectives. Without any of these, the company will not have a clear direction that should be followed (Morden, 2012). It will be difficult for the company to stay focused on its goals and objectives. It is important for an organization to have a vision as well as a mission statement together with various strategies that provide a roadmap that is followed in the interest of achieving its purpose.

The Role of Ethics and Corporate Social Responsibility

Ethics and corporate social responsibility play a significant role in any organization because they determine how it treats people. Basically, ethics are concerned with handling both employees and customers. It enables a business to act in a manner that is morally acceptable. Corporate social responsibility is basically concerned with how a business relates to the external environment. It defines the way business needs to deal with the society including the customers as well as the people who live around it (Hopkins, 2012). Ethics and corporate social responsibility to direct the strategy of aspen technology by enabling it to focus on the people. The people, whether internally or externally, have a significant effect on the success of an organization. Through these strategies, a business is able to treat people in the right manner.

Organization vision and mission and values because it assists a sperm to achieve its objectives in an efficient and effective manner. The vision and mission statements are focused on what the organization needs to achieve and this works hand in hand with its values. Employees that work for different organizations have an influence on its strategies. The employees are responsible for the actual implementation of the strategies. Similarly, it is important to realize that the strategies affect employees. We have to ensure that the work we did what the strategies define.

Basically, an organization needs but its employees as well as strategies to enable it to achieve its purpose. The strategies provide guidelines or roadmap that should be followed. On the other hand, employees provide the manpower needed to achieve different goals and objectives. It is important to have an effective blend of employees and strategies to make an organization successful. Employees have the responsibility of adjusting the behavior to align with the strategies that have been put in place.

References

Campbell, D. (2011). Business Strategy: An Introduction. Basingstoke: Palgrave MacMillan.

Hopkins, M. (2012). Corporate Social Responsibility and International Development. London: Earthscan.

Morden, T. (2012). Principles of Strategic Management. Burlington: Ashgate Publishing Company.

O’Sullivan, P. & Smith, M. (2012). Business Ethics: A Critical Approach. London: Routledge.