Executive Summary:
Regarding the field of management, the term strategic management includes implementation and formulation for major initiatives and goals that is generally taken by the companies. The present study has been focused upon the Australian organization that is ITOCHU for grain based agri-business sector. This strategic management assignment has highlighted the facts regarding the expansion of grain production in various countries along with certain international strategies that can help the company to maintain a good business relation within Australia and similar other countries.
According to Frynas and Mellahi, (2015), Strategic management is considered to be the continuous monitoring, planning, assessment as well as analysis of the things that are necessary for an organization to achieve its objectives along with the goals. With the focus to improve the level of customer satisfaction, the strategic managers of projects are known to provide assurance for a long-term success as well as profitability. However, these managers are seen to ensure their goals of the project whether they align with the strategic objectives and mission of the organization for analysing the data of the market and beating the competition as well. Hence, the present strategic management assignment focuses upon the management based on the Australian organization that is, ITOCHU and is related with grain based agri-business sector. This is a food company of Australia and Japan, in the recent days is known to be the leading country for global trading of this particular organization along with seven divisions of companies (ITOCHU Australia Ltd. 2019).
Discussion of Australian Grain focused Agribusiness sector: Agribusiness is the term for defining business in the agricultural production. This term has been coined in the year of 1957 through Davis and Goldberg. This involves breeding, agrichemicals, distribution, crop production, farm machinery along with retail sales and marketing. Australia is considered as a major producer of agriculture and is an exporter as well along with 325,300 employed within the agricultural forestry as well as fishing (Newburry et al., 2019). The agricultural business along with other closely associated sectors is found to earn $155 billion per annum with 12% share in GDP (World Bank. 2019). In recent days, it has been found that Australian agriculture is diversified in an increased manner. Considerable expenses based on arable land seem to help Australia for becoming the leading exporter of the world for grains, wool and meat as well. Both wool and grains production markets across the world and is dominated by the exports of Australia.
