Developing a Strategic Plan I. LOOKING AHEAD: PREVIEWING THE CONCEPTS The hard task of selecting an overall company strategy for long-run survival and growth is called strategic planning. II. STRATEGIC PLANNING Each company must find the game plan that makes the most sense given its specific situation, opportunities, objectives, and resources. Strategic planning: The process of developing and maintaining a strategic fit between the organization’s goal and capabilities and its changing marketing opportunities.
Strategic planning is a management tool. It serves one of the main purpose as a management tool i.e., to help an organiz... ... middle of paper ... ...al and the dynamic approaches are equally important. The organizations will prove to be more successful when they apply both these strategic approaches. The organization should know where it is heading to and must also be quick enough to grab the new opportunities and welcoming changes in the competitive market to gain a competitive advantage. BIBLIOGRAPHY : Strategic Management - An Integrated Approach Charles W. L. Hill / Gareth R. Jones (Third and Sixth Edition ) Strategic Management - Issues and Cases Paul Dobson, Kenneth Starkey and John Richards Competitive Strategy - Techniques for analyzing industries and competitors Michael E .
Therefore, there are two kinds of planning Business SWOT Analysis and Communication planning that leads to the success of any company. Business SWOT Analysis is a way to uncover opportunities and a great way to prioritize the company’s expectations to achieve their goals. What is Business SWOT Analysis? “S” stands for strengths, “W” stands for weaknesses, “O” stands for opportunities and “T” stands for threats.
Depending on each business’ unique characteristics and, importantly, their preferred outcomes, business strategies are of different types. Similarly, business strategies are also dependent on the structure and function of an organization. An influencing strategic planning process involves defining organizations strategies, long term aims and objectives and allocating resources in order to achieve the ultimate goal of an organization. Before making the strategies of an organization one should know the current position of an organization. The current position of an organization shows where we are now and what kind of strategies we need to formulate in order to gain the competitive advantages in the future.
Effects of Innovation Management in Project-based Firms 3.1. Innovation Strategy An innovation strategy should be consistent to mission, vision, goals and strategies of a firm. Firms should be dedicated to invest in research and development, manufacture innovative products and achieve substantial performance to be competitive. Innovation strategy consists of financial goals and growth areas related to new products or services. The innovation strategy determines the strategies, which determine the aspects of methods and approach roads for a better and improved innovative potential of a company.
This enables an organization to assess its strategies and formulate new ones hence meet the customers’ demands. Since employees implement strategies, they have to be informed of the strategic missions of an organization. Strategic plans by an organization are always aimed at gaining competitive advantage, as such; human resource practices should be aimed at focusing the employees’ attention to the organization’s major strategies (JobsD.com, 2011). Human Resource as a Competitive Advantage for Organizations From the recent research, it is evident that the human resources are very essential for the competitiveness of organizations. An organization can define its strategic human resource roadmap by availing framework in which to plot a course to its future.
What I benefit from this course strategy management class is knowing. The strategic management is consisting of the analysis, decisions, and actions an organization undertakes to create and sustain competitive advantages. strategic management analyses. concern with overall objectives, involves multiple stakeholders, incorporates short and long term perspectives, recognizes tradeoffs between effectiveness and efficiency. The strategic management analysis, formulation, and implementation the challenge managers face of both aligning resources to take advantage of existing product markets as well as proactively exploring new opportunities.
Moreover, it is aimed at defining the global public relations infrastructure, enhance corporate image through clear communication and investor relations, create efficient advertising strategies for the products and synchronize the supply chain with the aim of sustaining the market (Saini & Krush, 2008). Strategic marketing function, on the other hand, aims at developing and implementing growth strategies. This is through market assessment, analysis of the performance gap, managing of partner programs and enhancing crucial relationships such as those involving technical support as well as addressing marketing strategic needs. The aim of product marketing involves defining the organization’s innovation needs to allow development and marketing of the same. It outlines the initial positioning of the innovation, pricing, marketing and the competitive level of the product.
Understanding the needed supply chain capabilities before one sets out to operate in a global market place is a good idea, before trying to find and fill the holes in the dike are needed. Implementing a strategic plan that can be rapidly duplicated throughout the organization, strengthen supplier relationships, set quality expectations for suppliers by using a supplier performance score card to measure compliance. Optimize logistics and manufacturing capabilities, synchronize business units using information technology, and in order to drive organizational efficiencies create a culture of action. Set goals for a sourcing strategy. This means internal, or possibly external, personnel who can build new capabilities seamlessly.
Project Management When planning a new project, how the project will be managed is one of the most important factors. The importance of a managers will determine the success of the project. The success of the project will be determined by how well it is managed. Project management is referred to as the discipline that entails the processes of carefully planning, organizing, controlling, and motivating the organization resources so as to foster and facilitate the achievement of specific established and desired goals and meet the specific criteria of success required in the organization (Larson, 2014). Over the course of this paper I will be discussing and analyzing the importance of project management.