Scenario planning is a practice of predicting many, reasonable and uncertain futures (Hiejden et al., 2002).Scenario planning, which is often otherwise called scenario thinking or scenario analysis, is a strategic planning method that organizations use to make supple, durable and continuing strategies (Schoemaker, 1995) Pierre (1985) revealed that scenario planning is about determining what could possibly happen in the future. Mercer (1995) identifies that the basic concepts of Scenario planning are relatively very simple when compared to other management topics of study. Schoemaker (2002) defines that companies need to opt scenario planning to pick the gear on changing circumstances, and to have a right strategy in time. Scenario planning helps to test the consistency in business. It is very much needed to make sure that the companies have right contents that are viable and make necessary changes to ensure the feasibility (Schoemaker, 2002). Capon (2008) reckons that “strategy is to provide organizations with directions” to have a clear idea of the paths that a company choose to achieve its aim is very much necessary, and thereby success which is considered as the ultimate goal of any company. Strategy provides focus and overview for managers and other workers in an organization, includes management of internal as well as external stakeholders, creates competitive advantages and allows organizations to foresee the challenges to be dealt with in future regarding competitiveness and sustainability (Capon, 2008). Strategy is originally a term used in military, which has been adopted by managers to define boundaries for their business (Nickols, 2010). Nickols (2010) states “Strategy is about means and the attainment of ends... ... middle of paper ... ...ecember, 2004 Tourism and Hospitality Research Volume 5 Number 3 12. Kotler, 2003 13. Kippenberger, 1999). Kippenberger, T 1999, 'Pitfalls in scenario planning', The Antidote, vol. 4, no. 4, pp. 32-33. 14. Khan (2008) Exploring the External Environment: Macro and Industry Dynamics –thesis- Indian uni 15. M.E. Porter, Competition in Global industries (Boston: Harvard Business School Press, 1986) 16. G. Yip, “Global Strategy in a World of Nations, “ Sloan Management review 31:1 (1989), 29-40 17. JISC, 2008 http://www.jiscinfonet.ac.uk/tools/scenario-planning/scenario-planning.pdf 18. Chipotle, 2011 http://www.chipotle.com/en-US/restaurants/sustainable_design/sustainable_design.aspx 19. Yahoo! Finance, 2011 http://finance.yahoo.com/q/co?s=CMG+Competitors 20. The Beat, 2011, http://beatmag.com/latest-news/japanese-tourists-decrease-singaporean-increase.html
Strategy is a clear vision of the outcomes to be reached, resources necessary to reach those outcomes, and relationships with clients, competitors and other participants of the external environment. Operations strategy, as the main part of corporate strategy has to develop common policies and plans for the most efficient use of company resources.
Wit, BD & Meyer, R 2010, Strategy: process, content, context : an international perspective, Cengage Learning EMEA, London.
De Wit, B., & Meyer, R. (2010). Strategy: Process, Content, Context, An International Perspective. Cengage Learning.
Facing to more complex business environment, systematically marketing plans are important to organizations in terms of maintaining a high level of operating efficiency and achieving goals fully. According to Sally and John (1996:3), marketing plans are “the written document or blueprint for implementing and controlling an organization’s marketing activities related to a particular marketing strategy” (Sally, D., Lyndon S., & John, B., 1996: 3). A successful marketing plan is able to improve organizations’ profits and growth, uses in objective setting and monitors results (Subash Jain, Michael D. Clemes, Gregory Brush, 2008: 5)
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 is a critical process for any successful business. It outlines the framework in which the organization operates. Therefore, each area of the process should be carefully considered and developed, with the understanding that some areas are relatively static, whereas other areas change and grow depending upon the environment. By far, the most important part of the strategic planning process is its implementation. If the process is never implemented, its development is just wasted energy.
According to Reed and Bogardus (2012), strategic planning is “the systematic way of setting the direction for an organization and developing tactics and operational plans to ensure its success” (pg. 111). Strategic planning is a behavioral science and can be described as an organization’s process of forecasting organizational strategies for what it hopes to achieve and how to g o about achieving their desired outcomes (Darvish and Zahra, 2014) . It is an effective process for determining goals and helping the organization’s management team to focus on what it is they ultimately want to achieve. Organizations use strategic planning as a control mechanism as well, for the purpose of deciding and the implementation of its strategies. Additionally, strategic planning identifies with the organization strategies to improve the bottom line. There are no set ways to plan because planning depends on the organization’s objectives, culture, and current situation/s....
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.
The scope of this essay is to address coherently with examples a number of key areas of strategy; strategy and its importance, challenges in relation to development and implementation of strategies, and a discussion of the relevance of strategy in the modern
The researcher has to put the plan in action mode. For example, if someone interested in pursuing his/her doctoral thesis work, he/she has to develop an action plan and implement the action plan. Though it is a miniscule approach, it will throw some light on the research topic and offer insights. This approach is not only restricted in science but also in commerce and management streams.
Rees, J. (2012). Prescriptive strategic planning in the current economic climate and possible alternative approaches. 1-6.
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.
Strategy formulation is the process of establishing the firm's mission, goals, and choosing among alternative strategies or plans; it involves and implies that preparing the best approach to respond to the circumstances of a firm's environment, whether or not its conditions are known in advance; being strategic and tactical, then, means being clear about the management's aims; being aware of the company's resources, and incorporating both into being consciously responsive to a dynamic environment (SM, 2010). As nearly all businesses have limited resources, top leaders and management must determine which alternative plans or strategies will do well to the organization most; strategic management requires attention to the big picture and the motivation to adapt to circumstances, and consists of the following aspects:
...scenario planning (Mclean, 2006). This intervention helps the company create or develop tactical plans for an individual case or a story without knowing how the work environments will be altered.
A strategy, according to Robbins and Barnwell (2002, p. 139) is “the adoption of courses of action and the allocation of resources necessary to achieve the organisation’s goals”.