Thompson & Strickland (2013) believes that a successful organization’s strategy depends on people, capabilities, structure, and execution. Important as well are growth and innovation (P.. 286), which allows an organization to remain competitive.
Growth strategies arise from an organization’s SWOT where clear guidelines identify areas of focus. Achieving this requires innovation and alliances on products and services that will create a competitive advantage. Successfully execution requires a strategic manager who can effectively and successfully drive strategic objectives, then report its performance to the leadership team (Thompson & …show more content…
2. Discuss the strategic objectives with management to foster successful performance including valuing employees through empowerment, clear communication of goals, and motivate by incentivizing.
3. Apply corrective actions to achieve stated objective goals by 1) analyzing the situation thoroughly, and 2) taking appropriate actions. Timely applying corrective actions will eliminate gaps to achieve statement objective goals (Thompson & Strickland, 2013).
Company History Pfizer, Inc. is the world leader and manufacturer of pharmaceutical products (Fortune, 2013). In 1849, with $2,500 borrowed funds, Charles Pfizer, a Chemist, and Charles Erhart, a confectioner, started (formerly known as) Charles Pfizer & Company in Brooklyn, NY. The following are historical facts about Pfizer:
• 1849 – 1899: The organization’s first product, an antiparasitic, was created to treat intestinal worms, which was rampant during this period. Subsequently, Pfizer and Erhart’s skills created a unique but successful candy product, which incorporated the antiparasitic and an almond flavoring. Sales skyrocketed resulting in the formation of Charles Pfizer & Company, Brooklyn, NY in 1849. Pfizer’s first building (Pfizer History, 2013)
In 1862, Pfizer created its first domestic product, tartaric acid and cream of tartar, for pain and as a cleansing agent. Because of the ongoing Civil War, Pfizer continued manufacturing other products