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Melissa Baldan Prepared for Dr Mike March 24 2005 MGT 485 Unit 1 IP During the evaluation of the Wallace Group it has come to my attention that several key factors are obstructing the growth of the company The main issue in determining how these factors can be changed is by remolding the company outlook It is imperative that The Wallace Group change their business perspective to a strategic choice perspective This perspective utilizes an outlook such that the organization adapts to the changing world around them and maintains the outlook that they themselves hold the power to make that change possible The Wallace Group has maintained for quite some time Mr Wallace as president of each of the companys entities This however is leading to some problems With Mr Wallace in charge of all operations he lost sight of problems and resolutions It is necessary to bring into play a strategic management plan With a strategic management plan the company will employ the input and commitment of lower level management Wheelen et al 2004 The top management will be responsible for forming groups of teams that will provide necessary plans to the company such as financial planning and forecast-based financial planning Furthermore these teams can implement and evaluate issues Lastly these teams can continually work on different scenarios throughout the year and problem solve as needs arise contrasted to the out-dated five year plan The Wallace group needs to reformat their corporate strategy as well The corporate strategy currently in place is one that is useless to the growth of the company In order to maintain a foothold in any of the three industries electronics plastics and chemicals The Wallace Group must begin by re-designating presidents and vise-presidents of the individual entities using a hierarchy strategy Currently Mr Wallace is president of all three entities If change is going to occur Mr Wallace
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