"Analyse and discuss the strategic opportunities and constraints faced by the Board and Executive Management when planning the future direction of the organization. Essay in 2000 words

STRATEGIC MANAGEMENT
Table of Contents
Introduction    3
Roles of Board Members and Executive Management in Organisation    3
Strategic Opportunities Received by Board and Executive Management when Planning Future Direction of Organisation    4
Constraints Faced by the Board and Executive Management when Planning the Future Direction of the Organisation    6
Conclusion    7
References    8
Introduction
Board member and executive management are the integrated part of the organisation, which plays the crucial role in the taking decisions related to the organisation. They are leaders of the organisation whose aim is to improve the marketing position of the company. It has been seen that board members and executive management at regular intervals take the decisions, which can increase the annual turnover of the company or help in the growth and expansion of the company. As a leader, they play crucial role in taking the company to new direction. One of the crucial roles played by the board members and executive management is foresee the future of the company and planned the future direction of the company.
It must be noted that change is the significant element of any market. Globalisation and increase in the competition demand regular update of the company by implementing the necessary change. This is because the environment and needs of the customers changes at constant interval. Thus, to mitigate the future changes, board members and executive managers developed the framework for the future direction of the company. This assignment analyses the strategic opportunities and constraints faced by the Board and Executive Management when planning the future direction of the organisation
Roles of Board Members and Executive Management in Organisation
Whether multinational corporations or small firms; all the legally running organisations have their respective boards of members. As mentioned by Crifo, Escrig-Olmedo and Mottis (2019), the primary role of the board is monitoring the management of the organisation. The board members ensure that the money and interest of the stakeholders of the organisation remain protected. Apart from this, other role of the board members is protection of the owner of the company. It has been seen that all the necessary decisions whether implementation of the change in context of the policies, product development or the employees is managed by the board.
It has been seen that all the necessary decisions of the organisation are passed by the board member before they come into action. As stated by Duru, Iyengar and Zampelli (2016), it has been seen that board of the organisation plays the crucial role in development of the strategy for the organisation. They evaluate the strategy of the management and business plans, which include the intended results of the strategy and role that needs to be played by each board member to ensure development of the organisation.
On the contrary, executive management team is selected by the board members, which select the senior managers of the organisation. This executive management team is led by the CEO of the organisation. As mentioned by Teodoro (2014), executive management team is responsible for managing the core business operations of the organisation. Their role includes planning of various development processes, group practices and group principles. It has been seen that monitoring the development of the financial matters and group business plan are done by the executive team. Apart from this, executive management team ensure monthly and minutes issues of the meeting are kept. It must be noted that charter of the boards is approved by the board of the directors.
Strategic Opportunities Received by Board and Executive Management when Planning Future Direction of Organisation
Strategic management is the necessary element of the organisation. It has been seen that all the organisations focus on the management of the growth and development of the plan, which can help the organisation in fulfilling the needs. As mentioned by Bryson (2018), strategic planning in the organisation gives the board members and executive management a chance to make the necessary changes in the organisation, which can increase the annual turnover. Planning of the future direction of the organisations provides the board members with the opportunity to review the past strategies of the organisation and implement the change as per the demand of the current and future market change.
When planning of the future direction, one of the necessary steps involved for the organisation is thinking about all...