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4 step approach to strategic planning
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Strategy Analysis
A strategic plan lays out the company’s future direction, performance targets, and strategy. In order for a company to be successful, it needs to have a clear vision and direction for the entire organization. It is hard to accomplish anything without a plan. A strategic plan looks at all the things a business could do and narrows it down to the most important and essential. The main purpose of a clear strategy is to set goals for the business and develop a plan to achieve them. It needs to create a direct and clear focus on the company’s direction and make sure the entire company is on board. It is a tool that is useful for day to day decisions and tracks progress within a company and determine where they stand.
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Durango is not thinking about franchising but more of an intent of branding. Branding and name recognition is one of the most important aspects of any business large or small. It provides you with an edge in competitive markets. Branding would tell consumers what to expect from their products and services and would serve to differentiate them from competitors. They want the consumers to know that when they see the Durango label of degree of pilots they speak quality, know its dependable and know what kind of products comes out. They want to have product differentiation, standing out from the competition. Durango’s approach to success starts with how they look, dress, how the facilities look, how airplanes look, how they keep their records, everything about it. The representation of the company comes from everyone and everything within the company. Personnel is what they call “rubber meets the road” which means it’s the most important point for something or the moment of truth. Personnel is important to an organization because they understand the importance of organizational structure which the achievement of goals of a company is rely upon. How personnel especially front line personnel treats customers speaks volume about the company because they are the face of the
Moore, L 1997, The Flight to Franchising, US News & World Report. June 10, pp. 78-81.
Durango Street is a novel by Frank Bonham. He writes about a young boy who lives in an extremely bad neighborhood. His name is Rufus Henry. Rufus was in a correctional camp for stealing a car. In the camp he met a friend named Baby. Baby lived where Rufus's mother had moved. Baby got released a little bit before Rufus and then went on to his home "the flats." Rufus was left out from camp with a parol officer. His parole officer tells him not to get involved with gangs but Rufus knows he has to join a gang to survive. He runs into one of the local gangs The Gassers, and gets into a little fight with them and the leader Simon Jones. He gets away in good condition, but knows that The Gassers are goin to be looking for him. So he finds his friend Baby and joins the gang The Moors. Rufus gets beat up into the gang, and soon after takes over. He beats up the leader Bantu. Rufus the takes contorl of the gang. The rival gang knows about this, and then beats up Rufus's little sister. Rufus then gets back at them and beats up the gang and blows up there car. He then meets up with a man named Alex Robbins. The man is a social worker who "sponsors" or helps gangs. They have meetings every week and talk about The Gassers and ideas they have. Alex suggests to go to the local football team (TheMaurders) and watch them train. Little did Alex know is that Rufus has an obsession with their star running back Ernie Brown. Ernie is actually Rufus's father, but no-one knows except Rufus and his mother. Simon Jones steals Rufus's book of Ernie Brown that he keeps in secret and in provate. Simon then reads it in front of everyone how Ernie is really Rufus's father. This makes things with the gangs very hostile. The Moors then meet these two girls named Nonie and Jannet. They talk with the gang and convince them to throw a graduation dance. The gang rounds up some money and has the dance. The Gassers try to ruin it by setting off smoke bombs in the ventalation systems, but the dance is not spoiled but turned out great. After the dance Rufus and Alex talk about Rufus going back to school, and they end off with a nice smile.
A strategic plan is a tool that delivers guidance in achieving a mission or goal with maximum proficiency and control for an organization. Strategic planning is used to transform and revitalize organizations. The plan helps provide an inclusive understanding of opportunities and challenges both internally and externally for the organization. The plan delivers an assessment of the strengths and limitations that are realistic within the company. A well-developed strategic plan will offer a comprehensive approach and empowerment for the stakeholders involved. It is an opportunity for learning and understanding priorities that will drive the business to succeed. Jones (2010), describes how in health care organizations, strategic plans characteristically concentrate on operational and organizational goals such as when to obtain new technology, how to meet competitive challenges, and what staffing, tools, or facilities are needed to ensure organizational survival. The mission and value statements are significant in determining the quality of a strategic initiative. Forcing the organization to look toward the future creates proactive objectives in which both short-term and long-terms plans and goals are necessary in order to succeed.
Definition - A company’s strategic plan lays out its future direction and business purpose, performance, targets and strategy.
First: Competence framework for senior management: 1. Strategic Planning Definition What is the importance? Strategic Planning: is an activity of organizational management that is used to facilitate setting the important priorities in the long term and prove that all employees and managers are working together to achieve specific target. Moreover, it is used to identify the weaknesses, strengths, opportunities and threats (Balanced Scorecard , 2017) •
Strategic planning consist of four steps starting from defining the company’s mission. When talking about a mission were talking about a certain phrase or slogan for say, that is intended to draw attention to customers and make them want to be even more loyal to the company. For example Walmart says, “Save money. Live Better”. Therefore, Walmart’s mission would be to let people know that they have low prices all day every day, insinuating that their products are affordable for everyone. This is a good mission because it gets the majority of the people in this world to want to go out and save money on their everyday necessities and even luxuries. The second step would be to set certain objectives and goals for the company as well. For example, CVS did use “Health is everything” as their mission and this didn’t just set out for a name it became a goal as well. Sooner or later you must set goals on your mission to understand the level that you need to get to and reach. Another example of a goal that I believe CVS set was to start selling healthier products. In the chapter it says that CVS stopped selling tobacco and other products that
Strategic planning is how an organization determines its vision for the future of the direction, the programs and the performance they wish to achieve. It is a tool to help determine the effects of changes in technology, the markets need for the services, government cutbacks and other organizations that provide same type of services. Some explanations for planning are to organize activities, and consider if the future is a part of the plan. It is used to come up with solutions before problems happen and how to respond to changes. Strategic planning makes organizations more successful over time but requires time and money so it is important to decide if the benefits outweigh the costs of planning.
Fuqua and Kurpius (1993), defines strategic planning as a model that facilitates change and development within the organization. When compared to other processes of planning, the strategic planning model has been distinguished by Fuqua and Kurpius (1993) as: focussing more on the process than the product; making use of visions that can be easily distinguished from the steps that need to be taken in order to achieve those visions; placing an emphasis on the involvement of all possible stakeholders; characterizing change as a meaningful force not merely as barrier; being, fluid, long term and perceptive and being dedicated to the future survival of individuals that take part in the process of planning.
Inma, C. (2005). Purposeful franchising: Re-thinking of the franchising rationale. Singapore Management Review, 27(1), 27-48. Retrieved from http://search.proquest.com/docview/226850145?accountid=39476
The importance of strategic plan is obvious in improving and maintaining the business performance, especially in financial performance. The financial performance is essential in the business, which is can gain a lot of profit to the business and can buy the asset for the business. So that, the best of the strategy are used in the organization, the better performance will get to achieve in the order to ensure the organization goal. So that, the organization should consider the strategy that will use in the organization before decide the best strategy for their
A successful business strategy will identify changes in the external trends in the market place. Plan out what the company’s future direction is. Set out the goals for the management team. It will identify a vision of where the company wants to be in the future. Keep all employees informed of the direction of the company.
Strategic planning implies establishing in advance what an individual or organization wants to achieve within a specified timeframe and deriving ways on how to achieve that. A strategic plan is basically a course of action that is used to attain desired results. It means anticipating the future and having measures on how to grow into the future. Technology is a macroeconomic factor that is rapidly growing and changing. Technology has had positive effects all over across the globe to business organization and to individuals.
The application of developing a strategic plan and goals is by asking the right questions and having mutual engagement. The strategy involved in creating a plan is the best way to create a vision to share with others.
Strategic planning is an organizational process in which it looks towards developing and sustaining success or balance in its ever changing environment.
Strategic Planning is looking at where you are now, knowing where you want to be in the future and planning the steps to get you there.