Running Head: Identifying The Best Practices In Strategy

Running Head Identifying The Best Practices In Strategic

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Identify the core assignment from the user content: Write an academic paper that explains the concepts of strategic management and corporate sustainability, including definitions, theoretical models, and an overview of Walgreens Company as a case study demonstrating how strategic management practices support sustainability initiatives. The paper should include an introduction, analysis of theoretical models, discussion of corporate sustainability principles, overview of Walgreens, and a conclusion, with scholarly references incorporated.

Paper For Above instruction

Strategic management and corporate sustainability are critical components for organizations seeking long-term success in a competitive global environment. Understanding the theoretical foundations and practical applications of these concepts enables organizational leaders to develop strategies that not only enhance financial performance but also promote enduring sustainability. This paper aims to elucidate the core principles of strategic management and corporate sustainability, illustrating their interconnectedness through a comprehensive overview of Walgreens Company’s strategic initiatives.

Introduction

In the modern business landscape, organizations face numerous challenges that require a strategic approach to management and sustainability. Strategic management involves the formulation and implementation of major goals and initiatives, aligning organizational resources with external opportunities and threats (Robbins & Coulter, 2007). Corporate sustainability, on the other hand, encompasses practices that ensure an organization's economic, social, and environmental responsibilities are balanced to support long-term viability (Epstein, 2008). The integration of these concepts is essential for companies aiming to create competitive advantages while contributing to societal and environmental well-being.

Strategic Management: Definition and Frameworks

Strategic management is an organizational process that involves setting objectives, analyzing competitive environments, and executing strategies to achieve organizational goals (Whittington, 2008). Chandler (as cited in Whittington, 2008) defined strategy as the determination of long-term goals and the courses of action to attain them, encompassing resource allocation and external positioning. Wheelen and Hunger (2008) offer a comprehensive Strategic Management Model (SMM) that includes environmental scanning, strategy formulation, implementation, and evaluation (see Figure 1). This framework emphasizes a continuous learning process where organizations adapt to environmental changes through informed decision-making and strategic adjustments.

Figure 1. The Strategic Management Model (adapted from Wheelen & Hunger, 2008)

The environmental scanning component involves monitoring external opportunities and threats alongside internal strengths and weaknesses. Strategy formulation then constructs long-term plans consistent with organizational vision and mission. Strategy implementation translates these plans into action, while evaluation and control assess progress and facilitate necessary adjustments (Wheelen & Hunger, 2008). This model assumes organizations are learning entities capable of adapting to environmental changes through knowledge management and behavioral shifts.

Corporate Sustainability: Concepts and Principles

Corporate sustainability extends beyond profitability to include social responsibility and environmental stewardship. Hollingworth (2009) describes sustainable organizations as those that maintain resources, human capital, societal, and environmental assets over the long term without depletion. The classic definition from the Brundtland Report emphasizes development that meets current needs without compromising future generations (Brundtland, as cited in Epstein, 2008). From a business perspective, Epstein (2008) highlights that corporate sustainability incorporates social responsibility principles, stressing stakeholder interests and sustainable development.

Epstein and Roy (2003) introduce nine principles of sustainability performance that organizations can measure and embed into strategic management processes. These principles include ethics, governance, transparency, fair trading, financial returns, community engagement, product and service value, employment practices, and environmental protection. These principles serve as a guide for integrating sustainability into core organizational strategies, fostering a culture of responsible management and ethical decision-making.

Walgreens Company: A Case Study

Walgreens Company exemplifies a retail pharmacy chain that has successfully integrated strategic management and sustainability principles. Founded in 1901 by Charles R. Walgreen Sr., the company has grown into the largest drugstore chain in the United States, operating over 7,496 stores across the country, with a sales volume exceeding $63 billion in 2009 (Walgreens, 2010). The company's mission emphasizes accessibility, trust, and respect, aiming to provide consumers with comprehensive health and wellness services while offering a wide range of products (Walgreens, 2010).

Walgreens’ strategic initiatives include diversifying service offerings through healthcare facilities, specialty pharmacies, and mail services. These initiatives align with its strategic management framework, focusing on environmental scanning of healthcare trends and consumer needs. The company’s culture prioritizes customer and employee satisfaction, aligning with the principles of corporate social responsibility. Walgreens reflects sustainable business practices by emphasizing ethical standards, community involvement, and environmental stewardship, consistent with Epstein and Roy’s (2003) sustainability principles.

For example, Walgreens’ commitment to sustainability is demonstrated by its efforts to reduce energy consumption and waste, promote health and wellness in communities, and ensure fair employment practices. Their initiatives reflect a strategic alignment with the nine principles of sustainability, emphasizing transparency, community involvement, and environmental protection. These efforts not only enhance corporate reputation but also contribute to long-term financial performance.

Discussion and Implications

The integration of strategic management and corporate sustainability is vital for organizations seeking longevity amid environmental and social challenges. Walgreens’ case illustrates how aligning corporate strategies with sustainability principles can lead to competitive advantage and positive societal impacts. Companies that adopt a proactive approach to environmental and social responsibilities can foster stakeholder trust, operational efficiencies, and brand loyalty (Epstein, 2008).

Moreover, organizational learning, as embedded in the strategic management model, enables companies to adapt continuously and innovate in response to dynamic external environments. This dynamic process ensures that sustainability becomes ingrained into the corporate culture rather than being a peripheral activity. Leaders play a crucial role in championing sustainability initiatives, translating strategic frameworks into actionable practices that benefit society and the organization alike.

Conclusion

In conclusion, effective strategic management and corporate sustainability are interconnected disciplines essential for organizational success in the twenty-first century. Theoretical models, such as Wheelen and Hunger’s (2008) SMM, provide a practical roadmap for organizations to integrate environmental scanning, strategic formulation, implementation, and evaluation. Walgreens exemplifies how a company can embed sustainability principles into its strategic framework, fostering long-term financial health while supporting social and environmental stewardship. Leadership commitment and a culture of continuous learning are fundamental for translating strategy into sustainable outcomes.

Future research should focus on exploring how emerging technologies and policy developments influence strategic sustainability practices. Organizations poised to adapt and innovate will be those that recognize the importance of aligning strategic management with corporate responsibility, ensuring their resilience and positive impact on society and the environment.

References

• Brundtland, G. H. (1987). our common future. World Commission on Environment and Development. Oxford University Press.
• Epstein, M. J. (2008). Making sustainability work. Greenleaf Publishing.
• Epstein, M., & Roy, M. (2003). Improving sustainability performance: Specifying, implementing and measuring key principles. Journal of General Management, 29(1), 15-31.
• French, S. (2009). Critiquing the language of strategic management. The Journal of Management Development, 28(1), 6-17. https://doi.org/10.1108/
• Ginter, P., Ruck, A., & Duncan, W. (1985). Planners’ perceptions of the strategic management process. Journal of Management Studies, 22(6), 589-603.
• Hollingworth, M. (2009). Building 360 organizational sustainability. Ivey Business Journal, 73(6), 2.
• Robbins, S. P., & Coulter, M. (2007). Management (9th ed.). Pearson Prentice Hall.
• Walgreens. (2010). 2009 Annual Report. Retrieved from https://www.walgreens.com
• Whittington, R. (2008). Alfred Chandler, founder of strategy: Lost tradition and renewed inspiration. Business History Review, 82(2), 319-336.
• Wheelen, T. L., & Hunger, J. D. (2008). Strategic management and business policy (11th ed.). Pearson Prentice Hall.