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Honeywell is an outstanding conglomerate company that has been renowned for its production of a wide variety of engineering services, consumer products, and aerospace systems for a wide variety of consumers. The consumers range from private consumers to huge corporations and even governments. Unlike other companies, Honeywell can be considered to be one of the companies that have been able to stabilize and outshine most of its competitors. Being a company that deals with technologies, it can be inferred that the company has embraced strategic marketing plans which have consequently resulted to its success and popularity. Additionally, the company has been able to win the loyalty of many consumers thus being in the forefront when compared with other companies of its kind. Irrespective of these overt facts, there are some challenges that face Honeywell and which might be a threat for its booming. This document will precisely highlight some of the major challenges that face Honeywell and explore the various causes of the challenges. Additionally, it will give some recommendations on what can be done to help the company prevail.
Brief overview of the company
Honeywell is fortune 100 companies which manufactures and invents diverse technologies aimed at addressing harsh challenges connected to the international macro trends like security, safety, and energy. As such, it strives to provide a remedy for the major nauseating issues affecting the human kind such as insecurity and at the same time satisfy their technological needs. The company has provided employment for more than 122, 000 people globally, with an inclusion of not less than 19, 000 qualified scientists and engineers (Honeywell international 2011). This does not only ensure that the manufacturing and invention of technologies within the company are unceasing, but it also ensures that the delivery, quality, value and technology have been associated with everything that are being manufactured and done. This is undoubtedly one of the many reasons that propel the company making it skyrocket and outshine its competitors.
Honeywell is headquartered in Morristown, New Jersey with David M. Cote being its chief executive officer. It has a wide variety of brands that its customers can recognize. Some of them include thermostats, Garrett turbochargers, as well as other automotive products distributed under the names of Fram, Prestone and Autolite (Honeywell international 2011). There are two major aspects that have been associated with Honeywell’s ability to unceasingly improve, growth and productivity. The company’s global processes, or enablers, are the main internal processes that promote efficiency as well as, service quality. Enablers ensure that there is delivery of world-class products and services faster and at a friendly cost to the customers.
Definition of the operation to be improved
As a matter of fact, the society today is so dynamic, and it keeps evolving day after the other especially in the technological arena. This obliges the company not only invent and manufacture technologies, but to come up with those that satisfy the needs of customers and sustain their loyalty (U.S Coast Guard Forum 2011). Due to the challenge of quickly adapting to the changing technological needs and the need to provide customers with affordable and creative products and services, strategic management is a crucial activity that should be done with an immediate effect. Though the company is well managed, there is a need to make more adjustments to ensure that there is strategic management within the company which will in turn ensure that there are proper conducts within the company and that the marketing of the company’s goods and services is done effectively.
Description of strategic management
Strategic management refers to the utilization of resources within the companies to ensure they are performing well in the external environments. It specifically involves outlining an organization’s vision, mission and objectives, developing plans and policies, and allocation of resources to implement the policies and plans, programs and projects. For effective management, all the managers in all the company’s outlets around the globe must be organized, flexible and focused. Additionally, they should be cheerleaders, diversity experts, coaches, and training managers. They should be good role models that can be emulated by the other employees. There are different management techniques, and a smart manager should adapt to both the people he manages and the organization he or she works for (Convergence Africa 2011).
Unlike with the other centuries when companies adopted long-term planning with the assumption that it would maintain a stable internal and external environment, today it has become clear to the managers that the environment can change anytime (Gulnazahma 2011). This has prompted them to come up with plans that should follow an approach that involves contingency planning too. The various fears earlier mentioned in this document that Honeywell is likely to face can be effectively dealt with through strategic management. This follows the prominent notion that strategic management is linked with conspicuous advantages that make improve its efficiency.
Importance of strategic management
To begin with, strategic management takes into consideration the future and waits for it, hence there is less likelihood of incurring losses. Additionally, strategies are made in a logical and a rational manner hence ensuring its efficiency as well as success. Therefore, this gives a guarantee that all the activities taking place within the company will be carried out in a more successful manner. Another advantage of strategic management is that it reduces chances of frustrations since it is planned in such a way that it trails behind a preset procedure. This contributes to the intensive growth of the company as strategic management tends to seek opportunities (Craig & Sadler 2003).
Embracing strategic management can also help in heightening the company’s reputation due to the consistency which comes about from the company’s success. Success results from the organization’s ability to detect and cope with the challenges that are likely to affect its well being. This follows the perception that strategic management focuses at the threats present in the external environment hence coming up with ways to get rid of them (Jones & Hill 2007). Alternatively, the threats may be sometimes neutralized in such a way that the company can use them for its success. Finally, strategic management helps the company to focus on practical approach, which enables it, grab every opportunity within the market.