Need a response to the discussion post
Review the CIBC Mellon: Managing a Cross-Border Joint Venture Case Study found on page 219 in your textbook and respond to the following:
·Compare and contrast strategic controls and financial controls. Provide specific examples of how each may be used to best serve a corporation.
·As a strategic leader, determine if you would feel ethically responsible for developing your firm’s human capital and state why. Discuss whether or not you believe your position is consistent with the majority or minority of today’s strategic leaders.
Be sure to respond to at least one (1) other student.
Based on the textbook these are the definitions of the terms given:
Strategic control are largely subjective criteria that is intended to verify that the firm is using appropriate strategies for the conditions in the external environment and the company’s economic advantages. This is a long-term goal that focuses on strategies that is best fit for the company and will allow them to maintain competiveness within the industry. An example of strategic control would be if you worked for a clothing company and they wanted to make adjustment to a current product they sell then they would have to look at all aspects of the change being made. They want to make sure they come up with strategies that will benefit the company and their customers will enjoy the newly made product.
Financial controls are largely objective criteria used to measure the firm’s performance against previously established quantitative standards. These are short-term financial goals that are set specifically for the corporation’s structural model. An example of financial controls would be reviewing previous financial records within a corporation and also looking at their competitors. This allows the company to gauge the financial aspects of the market.
A strategic leader is ethically responsible for developing a firm’s human capital. Also, it is someone who shows an immense amount of leadership skills and is able to provide guidance to their team members that benefits the company. Building human capital within a company is important because it allows a company to utilizes strategies that are needed to be successful.
Hitt, M. A., & Hoskisson, R. E. (2015). Strategic management: Competitiveness & globalization: Concepts & cases. Boston, CT: Cengage Learning