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Strategic direction

Strategic direction

Q Top executives and members of a corporation's board of directors have different roles and responsibilities. Traditionally, executives have been responsible for determining the firm's strategic direction and implementing strategies to achieve it, whereas the board of directors has been responsible for monitoring and controlling managerial decisions and actions. Some argue that boards should become more involved with the formulation of a firm's strategies. How would the board's increased involvement in the selection of strategies affect a firm's strategic competitiveness? What evidence you offer to support their position?

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The roles and responsibilities of the board I the strategic planning include identifying priorities, finding resources, establishing objectives and goals, allocating suitable funds, and finding resources for supporting the decisions for strategic planning in a proper manner. In most of the case, the board members can handle financial data for short-term. On the other hand, the strategy development process demands a perfect and detailed understanding of long-term and future oriented issues (Hitt, Ireland, & Hoskisson, 2016). The board of the directors are elected officials and they can supervise the business operations of a company. As they can negotiate the incentives and salaries of the employees, so they can be involved in the strategic planning process as well. I think, the board of directors should have more functions for the strategic functions and planning of a firm. As information of the company is shared with the board of directors, therefore, they should take an effective part in the entire strategic planning process for eths ale of the company.