Strategic Management: Audit, Action Plan, and Reflection

This report provides an overview of strategic management, including the process of formulation and implementation of strategies to achieve organizational goals. It discusses the concepts of strategic audit and strategic action plan, along with their relevance in evaluating company performance and guiding strategic decision-making. The report also includes a reflection on the learnings gained from studying strategic management.

Strategic report

Table of Contents
EXECUTIVE SUMMARY ............................................................................................................1
INTRODUCTION...........................................................................................................................1
MAIN BODY ..................................................................................................................................1
Strategic audit..............................................................................................................................1
Strategic action plan....................................................................................................................3
Reflection....................................................................................................................................5
CONCLUSION ...............................................................................................................................6
REFERENCES................................................................................................................................7

EXECUTIVE SUMMARY
The below report is consist of the strategic management that is refers to the process of
formulation and implementation of the strategies in order achieve the desired goals and
objectives of the organisation. As business operates in the changing environment, and along with
the every change a company need to change or modifies its strategies as per the requirements of
the business environment that provides support in the longer sustainability and success of the
company (Ansoff, and. et. al., 2018). Furthermore this report is consist of the strategic audits and
strategic action plan that helps in to evaluate the company performance along with the position in
the market place. Strategic audit is described as the evaluation and examination of the areas that
are get effected by the process of strategic management within the organisation, and strategic
action plan refers to the direction that is followed by the mangers and employees in order to
implement them into the action. Furthermore it includes the reflection of the knowledge and
skills which is got enhanced by this strategic report.
INTRODUCTION
Strategic management is refers to the ongoing process of monitoring, analysing and
assessment of the essential aspects and necessities that an organisation needs to accomplish its
desired goals and objectives. Business operates in the dynamic and complex environment, with
the every changes a company need to asses its strategies and modifies as to achieve the goals and
for the longer sustainability of the company at the market place. Strategic management process
involves the formulation and implementation of the objectives and goals and take initiatives to
achieve them in well mannered that provides the positive outcomes to the organisation. This
report is based on the Eastman Kodak company, it is an American based public photography
company that is specialise in produces various products related to the historic basis in analogue
photography (Velikorossov, and. et. al., 2020). This report is consist of the strategic audits and
strategic actions of the respected company including its financial and business performance.
Moreover this will also includes the reflection that highlights the learning from this report.
MAIN BODY
Strategic audit
Strategic audit refers to the evaluation and assessment of the areas that are effected by the
strategic management process or it is an assessment of the current business strategy, it involves
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analysing of how suitable a strategy is for the organisation, whether the company is in position to
execute the strategy. Performing an strategic audit is an is the crucial for the success of the
company, as the strategy should be constantly taking in the account to the market conditions and
changes that occurs in the business environment. This is important concept in the business
strategy that concerned with ensuring about the resources and competencies are understood and
evaluated effectively so that it can be implemented effectively and a well defined manner that
provides the positive outcomes to the company.
Financial performance:
financial performance refers to the formal records of the all financial activities and position of
the activity, along with this, it is an subjective measures of well a company use it assets from its
primary mode and work to generate revenue. Firms use various tools and techniques along with
the strategic audit to analysis the financial performance of an entity (Moutinho, and Vargas-
Sanchez, 2018).
Kodak industry is an photography company that serve across the world, it has been generated the
revenue of US$1.242 billion per year along with the US$−66million of operating income. This has
been earned the uS$ 116 million of net income annually. In 2018 the company ended the year
with a cash balance of $233 million. For the year ended December 31, 2019 revenues decreased
by $78 million as compared to the same period of the 2018.
Business performance:
business performance refers to the methods that a firm use to reach it goals, and business
performance management is the set of the performance management of the employees and
analytic process that provide support in to manage the overall performance along with
accomplishment of the one or more pre- select goals(Makadok, Burton, and Barney,2018).
Kodak company has performed great in the camera industry and known for it technological
advancement that help them to make the effective and efficient performance of the company. In
the response to the COVID- 19 pandemic Kodak has announced that it will begin with the
production of the pharmaceutical materials. Kodak has also contributed in the economy with its
high performance in generation revenue along with providing the employment to the 4922
number of people. It has provides packaging, functional printing, graphic communication and
professional services to the many organisations across the world along with it main products.
Kodak has the it main segments that are print systems, enterprise inkjet system, micro 3D
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printing, and packaging, software and solutions, consumers and film. With all this operations
company has achieved its success across the world.
Strategic action plan
Strategic action plan described as how a firm is going to make the strategy into a reality, this
provides direction to the company that how a strategy is going to be implement into the practices
or action. It takes the purpose and goals that are made by the company and add the details that
are needed to turn the thoughts into the practices. Creating action plan provides the clear
guidance and direction to the success (Dzwigol, 2020). It helps in prioritizing the goals,
maximize resources and provide support in the better decision making along with enhancement
in the organisation's efficiency and effectiveness in the execution of the strategy. Strategic action
plan is described below as in relation to the Eastman Kodak company.
Mission statement: this is refers to the short statement that why company exit and what is it
overall goal. Kodak company has mission to build a world-class, results oriented culture that
provides many ways to capture, store and process, output and communicate images and picture
as memories and entertainment to the consumers along with the cost effective solution to market
quickly and flawless quality through a diverse team of energetic employees.
Vision statement: this is refers to the document that states and describes the current and future
objectives of the organisation that is to be achieved. This is associated with the guidance that
helps the organisation in the decision making that is align with the philosophy and declared set of
goals. The vision statement of the Kodak company is to be a leading company in protecting the
quality of the environment and the health and safety of the employees and communities in which
company operates. Vision of the Kodak also emphasizes on “capture pleasant movement with
more energy and technical advancement and innovation”
strategic drivers: these are the drivers are the collection of people, conditions and information
that provides support to the activities that will help the company to define and accomplish its
goals and objectives(Okumus, and. et. al., 2019). These drivers has represent the key influences
or necessities in the the success of the company. Driving forces of the Kodak company are
imaging new technology such as wireless telephones, high mega pixel digital cameras, Kodak
has develop the growth in technology to protect the computer virus and terrorist attacks by using
advanced technology.
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Critical success factor: these are also known key result areas of the business which is vital to the
success, to achieve the goals, a company need to be aware about their key success factors and the
differences between the keys and the different roles of the key result areas. For the Kodak
company its critical success factors are creativity, unique useable product, world class
organisation by making strategic decision and its corporate social responsibilities in protecting
environment (Carayannis, 2018) .
Swot analysis: this is refers to the strategic planning techniques that used by company to analysis
the environment within the company. This is used to evaluate the company's strength, weakness,
opportunities and threat that has directly influenced the performance of an organisation. The
primary objectives of this analysis is to provide the support to the organisation in to aware about
the all factors that are to be considered in the decision making of the business. Factors of the
swot analysis is discussed below in relation to the Kodak company.
STRENGTH WEAKNESS
 Kodak is one of the most trusted and
renowned company in the camera
industry.
 This has the broad product portfolio, it
has been offering the ranging for the
personal, commercial and industrial
use.
 Kodak has the technological
advancement
 Kodak is an socially responsible
company(Khosiev, and. et. al., 2019).
 Kodak has not implemented and not
integrated their own site.
 Kodak has the lack of focus, due to the
slow transmission from analog to
digital, optical & imaging technology
has suffered huge loss.
OPPORTUNITY THREAT
 Kodak has the opportunity to expand its
product lines.
 Kodak can focus on the developing
market that can help in to increase the
financial position to the company.
 Competition is the biggest threat for the
Kodak company.
 Substitute can be threat for the Kodak,
as people are become more comfortable
with the mobiles with the good
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 This can use strategic alliances. cameras.
Long term objectives: this is refers to the purpose or aim for which the company is working,
these are the one which sis going to be achieved by the company, Kodak company's objective of
the company is to implement the more advance technology in the processes that will helpful for
the company to produce effective product and service to the customers, along with this its main
objective is to be world class and leading company at the international platform.
Tactical initiatives: these are the programs or action that have a major impact on reaching
departmental or functional goals. Theses initiatives are generally for the short terms and focusing
on solving the immediate problems(Agwu, 2018).
Reflection
From this module I have learned about the various aspect of the company that is needed
in the sustainability and success of the organisation. I gained the knowledge about the strategic
management and its importance within the organisation. This provides an direction to the
company and provides actions as per the business environment which provides support in the
success of the company, I have learned about the various strategic models and their uses within
the organisation, but in between I have also faced various challenges through which I have
enhanced my skills and abilities such as time management, communication and ability to think
better then earlier. In addition to this, I gained the knowledge about the various aspects and
factors tat are included in the evaluation and examination for the accurate and valuable outcomes
and which provide support in to enhancement of the productivity of the company. This report
helped in increasing my skills, knowledge and abilities in terms of the factors that are used in
the success of the company along with my personal abilities such as communication and time
management.
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CONCLUSION
From the above evaluation it has been concluded that strategic management plays a very
vital role in the sustainability and success of the company. This is refers to the ongoing process
of the development and execution of the strategies that are made to achieve the goals and
objectives of the organisation. In addition to this, strategic audit is used to evaluated the area that
are get effected by the process of strategic management within the organisation and also assist in
how it will get developed, furthermore it includes the strategic actios that provides direction to
the management that what should be taken in the achievement of the gaols and objectives along
with the higher productivity and profitability. There is reflection as well that determines the
learnings that is gained by this report.
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REFERENCES
Books and Journals
Ansoff, and. et. al., 2018. Implanting strategic management. Springer.
Velikorossov, and. et. al., 2020. Strategic management.
Moutinho, L. and Vargas-Sanchez, A. eds., 2018. Strategic Management in Tourism, CABI
Tourism Texts. Cabi.
Makadok, R., Burton, R. and Barney, J., 2018. A practical guide for making theory contributions
in strategic management. Strategic Management Journal, 39(6), pp.1530-1545.
Dzwigol, H., 2020. Methodological and Empirical Platform of Triangulation in Strategic
Management. Academy of Strategic Management Journal, 19(4), pp.1-8.
Okumus, and. et. al., 2019. Strategic management for hospitality and tourism. Routledge.
Carayannis, E., 2018. Strategic management of technological learning. CRC Press.
Khosiev, and. et. al., 2019. Strategic management and zootechnical control in pig-breeding
enterprises: development of its information base. Research Journal of Pharmaceutical,
Biological and Chemical Sciences, 10(1), pp.1267-1279.
Agwu, P.E., 2018. Analysis of the impact of strategic management on the business performance
of SMEs in Nigeria. Academy of Strategic Management, 17(1).
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