Strategic Management Concepts the Current

Strategic Management Concepts

The current labor market is soft (Barrett & Bater, 2008), a result of the economic slowdown. Unemployment is on the rise in most sectors of the economy. This constitutes a difficult environment in which to build a career. To address this difficult situation, I have developed a strategic plan, based on sound management principles, that I feel will take me through the next 3-5 years successfully. This paper will outline the present environment for a new management graduate and then illustrate my medium-run plan to build a successful career.

The current external environment is not favorable. Leading economic indicators such as the stock market are negative. Unemployment in most sectors of the economy is rising. There is a credit crunch and fewer firms are expected to hire (Coombes, 2008) as a result of this decline in capital investment. There is strong competition in the marketplace from managerial talent that has become newly unemployed. There are some strong sectors, such as mining or oil & gas, but those sectors often require specific skills sets or requirements such as geological knowledge and the ability to relocate to remote locations.

My strengths are my strong work ethic and my managerial education. I understand the strategic management process and can be a valuable asset to companies on that basis. I also have solid functional management skills, developed over the course of my management education. I have a strong work ethic and high personal integrity. My main weakness is my lack of work experience. As a manager, I do not have high level experience, since I am just exiting school. My work experience does not support my strategic objectives. There are limited opportunities in the marketplace right now, but firms are still hiring. Identifying specific opportunities may be more difficult than in a favorable environment but there are firms that are expanding and hiring even in this economy. There are two main threats. One is continued economic downturn, which will reduce opportunities in the marketplace. The other is competition. This not only includes other new graduates but existing managerial talent that has recently joined the ranks of the unemployed.

My vision for myself over the next 3-5 years is to build a career in a solid company. I have set a number of specific objectives to help achieve this vision. I believe I will need to take two or three career steps over this time. These steps will include beginning at a more entry level management position, then moving up one or two positions in the corporate hierarchy. I wish to identify an excellent company for which to work. This will help to insulate me from the risk of further economic downturn. Moreover, it will help me to build my skills because I will in an environment that fosters skill development.

I have several key strategies that will help me make this move into a progressive managerial career. The first is that I will continue to upgrade my technical skills. There are two components to this strategy. The first is that I will need to become an expert in the industry in which I work. My skills must be in line not just with my current position, but with the position in which I hope to find myself next. I will also seek opportunities to learn from experts within my own company. The second component is that I wish to develop a strong competency in technology. The role of information technology in modern management continues to increase and I will seek to develop a competitive advantage through continuous improvement of my technological skills. I will implement this part of the strategy my taking coursework and engaging in extensive study of the industry on my own time.

The second key strategy will be that I will build strong communication skills. Strong leadership is one of the most important traits in management today. It is therefore imperative that I build a competitive advantage in terms of my leadership and communication skills. I will implement this strategy by taking courses to improve my communication and leadership skills, by benchmarking myself against those who I feel are better at these aspects of management, and seeking evaluation from my own company with regards to these skills.

The third key strategy will be to foster strong relationships with my superiors. This will help me to create opportunities for myself. I want to be able to move quickly up the corporate ladder in accordance with my skills. This will require me to find mentors and supporters within upper management ranks. Their knowledge and insight will also help me to improve my leadership, communication and functional skills. I will implement this strategy by attending corporate functions, by networking within the office, and by becoming involved in different committees and teams within the company.