More handpicked essays just for you.
strengths and weaknesses of strategic planning
company-wide strategic planning
company-wide strategic planning
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: strengths and weaknesses of strategic planning
Strategic Quality Management and Customer Satisfaction
Introduction
The Strategic Plan of an organization is the most efficient and resourceful plan an organization can implement. Riordan takes immense pride in the strategic plans in place for the manufacturing organization. Through the strategic plan, the organization could improve current business processes, measure the quality of their customer base, review quality assurance and improve their process improvement plan. Through these plans their process has a strategy and direction with the ability to allocate resources in order to generate capital and increase excellent customer satisfaction among their customer base.
Quality: Company Strategic Plan and Objectives
Riordan Manufacturing has been in business for many years; they have been the industry leader of plastic manufacturing for decades and want to ensure they continue to see increased success and revenue. To ensure continual growth, Riordan is constantly making process improvements, modifying their strategic plan and setting new objectives.
A strategic plan will maximize Riordan’s resources to achieve its business objectives and maximize its value. For Riordan to have a successful strategic plan it is best for the company to perform a SWOT analysis. The first step is to identify Riordan’s strengths. Riordan Manufacturing has three operating entities located in Georgia, Michigan and California, plus a joint venture in the People's Republic of China. This allows for them to expand their reach into new markets in both domestic and foreign markets. Riordan has secured fifteen major customers, twelve minor customers, and a government contract for fans. Riordan Manufacturing has weaknesses within the company. It needs to consolidate customer information within all of its locations in order to deliver better value to the customer. Riordan needs to consolidate the close of the general ledger and the income statement and balance sheet in a more efficient and timely manner than is currently being conducted. Riordan has weaknesses in finding an inexpensive and labor friendly way in which to conduct audits. Riordan manufacturing has great potential for opportunity and growth. Riordan can reduce operating expenses, which will lead t...
Strategic planning is defined as "an organization's process of defining its strategy, or direction, and making decisions on allocating its resour...
Strategic planning directs every movement in a business and is very essential to business performance (London 2002, pp.26-33). The strategic plan and operational plan are extracted from Best Buy Form 10K to better clarify the current situation and future direction of Best Buy.
"It was the summer of 1969: Man took his first walk on the moon. Nearly 450,000 people gathered in upstate New York to witness the historic Woodstock concert. And Doris and Don Fisher opened the first Gap store in San Francisco" (Gapinc.com 2007). Today, Gap Inc. is one of the world's largest specialty retailers, with more than 3,100 stores and fiscal 2006 revenues of $15.9 billion. Gap Inc. operates four of the most recognized apparel brands in the world Gap, Banana Republic, Old Navy and Piperlime. Every day, Gap Inc. looks for new ways to connect with customers around the world, providing value to their shareholders and to make a positive contribution in the communities where Gap Inc. does business. Gap Inc brands have a simple, common purpose: "to make it easy for people to express their personal style" (Gapinc.com 2007). Gap Inc. constantly evolves each brand to better meet their customers' needs through innovative and inspiring design; through convenient and engaging store experiences; and by communicating with people in a way that connects to how consumers live, work and play. Gap Inc. involves total quality management through out policies and procedures. In the following information explains how Gap Inc. uses TQM (total quality management), what made Gap Inc. the way it is today, and implementations on total quality management.
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.
There are many theories can be used to reduce all these gaps and improve service quality. Starting from Total Quality Management (TQM) and as define by Kelemen (1995), “TQM is a philosophy and practice of management which aims to satisfy the customers by means of employee involvement, consistent leadership and continuous improvement. In so doing, it brings together a number of hard and soft technologies of quality management.” TQM features include good leadership and commitment from top management, staffs participation, customer-driven quality, continuous improvement, rapid response, actions based on facts and a TQM culture.
A strategic plan is the official, restricted method intended to help a firm to make out and keep the best possible placement with the most important basics of its setting (Rowley, 1997). The following is a strategic plan meant for Horizon, a telecommunication company that has a global presence. In the US, Unilever has a centralized IT department led by the IT manager, who answers directly to the chief executive officer. The vision of the IT department of horizon is to be a world class department that offers practical solutions for the company and support to customers. Therefore, this plan is meant to aid the company offer reliable after sale support to customers, answer to customer complaints, and helps the company employees
Strategic planning is the continuous and systematic process of guiding members of an organization to make decisions about its future, develop the necessary procedures and operations to achieve that future, and determine how success will be achieved.
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.
As stated above, supported by Mathis R.L and Jackson, J.H (2012), the strategic plan of an organization emanates from its vision and mission. Such plans are reached after due consideration of the factors which affect the success or otherwise of the processes and outcomes of such plans. These factors are both internal (the strengths and weaknesses available in the resources; both human and material within the organization) and external (the threats and opportunities available outside the organization; dynamism of the business world, globalization trend, the impact of information and communication technologies on world business). As mentioned by Whittington (2001) cited by Pilbeam & Corbridge (2010), senior managers who come up with strategies for their organization should do so considering two dimension; the processes of such strategies and the outcomes. According to him, the processes are either deliberate or emergent while the outcomes are either profit maximization or pluralist in nature (including other goals and interests of the organization). In my under...
There are mixed opinions on the importance of spending time on strategic planning. The strategic planning process for entrepreneurial ventures and small businesses is a less formal approach. A lot of time shouldn’t be spent on developing elaborate business plans. A business plan is useless without customers. Researchers generally agree that the strategic planning process in small organizations versus large organizations should be less formal. Flexibility is crucial to an organization’s competitive success and should be aware of and open to environmental change. If the process is too formal, rigid or cumbersome, flexibility may be lost which is a crucial part of its success. Value is more in “doing the process” itself,
Undergoing the process of strategic planning can go a long way in helping to ensure the survival and growth of an organization it seeks to eliminate the weaknesses of an organization and to confirm its strengths. It also analyses the environment and other factors that might affect the smooth running of an org and tries to rectify them accordingly and also to give the organization competitive advantage.
Strategic planning is an organizational process in which it looks towards developing and sustaining success or balance in its ever changing environment.
Planning is the process of setting performance objectives and determining what actions should be taken to accomplish them. (Schermerhorn et al., 2011, p. 20). A strategic plan is a major factor in declaring all tasks are completed to standards, thus everyone works together to achieve satisfying results.
Strategic planning has a focus on stabilizing the current environment, and it also support the organization's business plans and goals. Strategic planning helps to implement new projects, new technology, consolidation of data centers, data warehouses, exponential data growth, cost of ownership, and resources available in an organization to assess the future requirements. Strategic planning analyzes the business plan, potential blockage or other issues in the current architecture, processes and their implementation in new initiatives, and processes. Strategic planning helps to formulate the ideas about the key factors that are affecting the present and future development of the organization and the opportunities offered by the environment and the competence of the organization.