Nucor Corporation : Strategic management process

Topic 

Nucor Corporation : Strategic management process

Instructions 

Please read the Nucor Corp. 2014 case.Answer all questions included with your case, formatting your response according to the Writing Requirements below. Writing Requirements (APA format)

1. Understand the strategic management process, it integrative nature (incorporation of all main business principles, ie. economics, finance, marketing, law, ethics) and its importance to the organization.
2. Identify the critical requirements for strategic, competitive, and global advantages to the organization.
3. Explain the management characteristics and tools required for effective strategic leadership.
4. Articulate the strategic management process.
5. Apply the tools of strategic analysis.

Answer Preview 

As revealed in the case, the main challenge is the surplus steel in the steel market. Currently, there is a large volume of steel that is dumped in the United States. This clearly means that the supply of steel in the United States is exceeding the demand thus decreasing the profits of most of the steel companies.  Conventionally, Porter’s five forces is a tool that is used by business organizations such as Nucor Corporation to identify and determine whether new services, products, or businesses have the ability of making the business organization more profitable. Nevertheless, it can remain illuminating when Porter’s five forces are utilized to understand the power balance in other situations.

Word Count: 1600