Defining strategic management - an application to three degrees
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Authors
Lam, Frederick
Issue Date
2009
Type
Capstone
Language
en
Keywords
Business administration
Alternative Title
Abstract
Business is all around us. Whether it is getting a gallon of gas on the way to work or paying our cell phone and utility bills, there is some overarching form of business behind each and every one of our daily transactions and procedures. We are a consumer-based world that relies on trade to survive. With that being said, the study of business and its associated principles and theories are vital for our various economies to maintain themselves. In the world of business, trends and patterns develop, whether it is through chance or an effect of a previous cause, but no matter what the case there become a number of issues and problems that developing businesses need to face and resolve in the near future if they intend to prosper. As we are now fully engrossed within the 20 century, the serious issues that face businesses today include globalization, environmental sustainability, rising energy costs, and a down-turning economy. In the restaurant business, many of the same issues that restaurants face are no different in that our biggest concerns lie in environmental sustainability, energy costs, and the economy. Growing attention is being paid to the environment and going green, while energy supplies are becoming depleted. The economy has taken a turn for the worse and all of these issues have created a stir within the general public, which has a direct affect on how restaurant businesses should be run in order to maintain customer level and satisfaction. Thus, there lies a strong correlation between restaurant business and corporate business as I call it in general. This case study's main purpose is to break down several basic strategic management concepts that are pertinent within the corporate business ideologies and utilize them within the constructs of my case study of Three Degrees.