Acacia research corporation is a relatively young company that was founded in the year 1993, about 25 years ago located in Texas. Its founder, Mr. Bruce Stewart, was an astute believer in technology, innovations, great ideas, and intelligence of different peoples. An approach which fully supported his dream vision to start Acacia research corp, which is our company of focus.
According to Pearce,Robinson & Subramanian (2000) ,there are five components in the strategic management process. They include setting a goal, analyzing the set goals, the formation of different strategies to achieve the set goals, implementation of set strategy, and the final component is monitoring and evaluation. These five components as mentioned above work hand in hand to help the organization together with the employees understand the ultimate goals, targets, dreams, vision and mission of the company for better performance in the universal market.
The main idea behind setting a goal is to enable the organization to develop a plan towards achieving the set short- term and long-term goals. When employers share and significantly explain these goals with their employees, it helps create a sense of purpose and direction within the organization which enables every team player to be as impactful as they can and bring meaning into the organization. The second component, which is analysis involves a lot of research to gather enough information that would directly or indirectly hinder the company's ability to achieve the set-out goals. This information is useful because it helps to understand the gaps, wants, and needs that are within the organization, which is an integral part when forming the important strategies in achieving the set-out goals. Additionally, strategy formation makes use of the information gathered during the analysis stage. The data and information gathered acts as intelligence necessary to come up with the essential strategies needed to achieve the set goals. This gathered intelligence helps to identify all the necessary and available useful resources within the organization, which will be of help in the strategy formation. The intelligence further exposes the company's ability to seek out the necessary information needed to form strategies required to achieve the set goals. Implementation is the most critical part. Every member of the organization should have a clear understanding of the stated plans and know their respective roles while putting into action these strategies. The final stage is monitoring. The strategy at this point is managed, monitored, and continuously evaluated to check if they align with the end goal of the organization. If they don't, then it's the right time to bring in small intentional adjustments that would redirect the workforce towards achieving the initial goals (Pearce, Robinson & Subramanian, 2000)
Acacia research corporation vision and mission statements are tailored around inventions. They seek to provide inventors and organizations with opportunities to unleash the untapped potentials in the patent. Acacia research corp people strategy is to act as a bridge between inventors and implementors, hence help to facilitate efficiency and deliver monetary rewards to the patent owners of the inventions. Therefore, Carroll (1999) argues that when an organization doesn't have either a mission, vision, motivation or innovation strategy, it tends to lack direction and set of beliefs that act as a guide for an organization's activities, targets, achievements, and goals.
According to Carroll (1999), ethics and corporate social responsibility play a significant role in any organization. During strategy planning, the organization puts into consideration the stakeholder's needs to make appropriate ethical decisions without creating any risks that would affect the organization's reputation. Ethics and social responsibility help to promote high societal values and affects the cost of strategic planning. This demands to balance the needs and demands of stakeholders and society. Acacia Research Corporation believes in inventions and its original investors. They believe that the inventors and patent owners should be well represented without foul play as they are the building blocks of the economy. Hence Acacia research corp has an ethical and social responsibility to ensure that their stakeholders, who are the inventors, are well empowered and well compensated for the genius works of their invention.
In conclusion, for any organization to earn respect and trust amongst its peer organizations, it needs to have a set of guiding values and strategies with which it works towards achieving and cementing their place in the society and universal markets at large.
Carroll, A. B. (1999). Corporate social responsibility: Evolution of a definitional construct. Business & Society, 38(3), 268-295. https://doi.org/10.1177/000765039903800303
Pearce, J. A., Robinson, R. B., & Subramanian, R. (2000). Strategic management: Formulation, implementation, and control. Columbus, OH: Irwin/McGraw-Hill.
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