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pros and cons of strategic planning
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Conducting a Strategic Audit http://www.albany.edu/~pm157/audit.html http://faculty.uwstout.edu/adekolaa/STRAMGT/powerpoints/Wal-Mart%20-%202000.ppt#256,1,Wal-Mart – 2000
One purpose of this course is to train you to assess an organization’s strategy. Part of your skill development is utilizing knowledge to address the real problems of a business organization. At the same time, technology is increasing your ability to obtain information rapidly from multiple sources. Being able to gather and use such information will become a competitive necessity for anyone in business and management. To prepare you for this, we used information technologies to analyze, discuss, and present business issues throughout the semester.
To achieve these, you will form a group. While some information may be obtained from library research, field work, or direct interviews, it is expected that you will extensively use the Internet to integrate the diverse information from a top-management perspective. Each team will present its findings and recommendations to the class during the final sessions. They may then make changes for their final written report. Please consider these eight dimensions in formulating a unified, comprehensive, and integrated set of decisions that attains organization purpose.
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Step 1: Situation Assessment
• What is our purpose? What is our "strategic intent"?
• How do we rank in our business and why?
• What is our fiscal condition and why?
• What is the relationship between the business strategy, organization environment, and overall performance?
• What is our sustainable competitive advantage? What core competencies do we posess?
• What are our strengths? Do we use these fully?
• What are our weaknesses? How can we solve or mitigate these?
• What are our opportunities? How can we exploit these?
• What are the threats to us? What can we do about them?
Step 2: Strategic Managers
• What is our strategic vision?
• Do the executives possess the right leadership skills and abilities?
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...; What are the expected fiscal results?
• What are the feasible alternatives to these activities?
Step 7: Implementation
• What resources will this action plan require from finance, human resources, marketing, operations, and other functional areas and departments?
• What changes will have to occur for us to be successful in 2 to 5 years?
• Are there other organizations or individuals we might collaborate with?
• What training is necessary?
Step 8: Performance Evaluation and Control
• When and how will we evaluate performance?
• What are the desired quantitative and qualitative measurements of success?
• Will this strategy justify the needed time and resources?
• Can we afford it?
• Realistically, can we implement this action plan?
• Have we included all supporting programs?
• Can we clearly establish accountability?
New businesses will take longer to thrive with the United States falling economy. The faltering job market and the deepening slump in housing threaten to hurt consumer spending. Consumers are becoming more conscious of their spending and therefore using cash to pay for smaller necessary purchases. The cost of entertainment and other presumed luxuries may be pushed to the background by most families, when having to choose whether to pay for a bill or treat the family out. Thriving businesses will understand the need to provide a service or product at affordable prices.
In order to help me gather information for a presentation to the CEO and upper management, I would ask th...
The evolution of Information Technology acted like a thrust in boosting the business. Many organizations invested lot of money to build IT infrastructure and analysis also indicates a rise in the percentage of amount that companies are investing in IT. IT acts as a bridge between companies and the customer’s and also brings together all the branches of an organization. The way IT is viewed has change over the time, earlier executives of an organization believed that computers, typewriters etc are meant for the lower level staff; but the trend has changed completely, managers of an organization emphasize about the value of using information technology to gain an edge over their competitors and are supporting the idea of digitizing business models. Many companies started hiring chief information officers and some of them are relying on strategy consulting firms. IT is viewed as a resource which has the potential to influence the economy.
Blue Nile is one of the largest jewelry companies that sell jewelry products online. Blue Nile was formed in the year 1999 (Arthur, 2007). It is recognized as the company with the largest volume of sales in the world. It was recognized by internet retailer, a US magazine, as established in terms of size more than three largest jewelry retailers that conduct their businesses online. It has won several business awards in its historical times. It has also been ranked as the leading company in internet based customer service by consumers in 2002. It is the only jewelry company known to have received this award. Blue Nile has been selling wedding and engagement rings to more than 80,000 partners between the year 2000 and in the mid 2006. Internet retailer also recognized Blue Nile as the leading with the best web in 2007. In 2006 it also received an award from Kiplinger’s as leading best online jewelry retailer.
This summary report will provide an overview of the decisions we made as a team, the strategies we used and an evaluation of the final results. This report will also reflect on the learnings on how to successfully manage an organization.
Robbins, S.P., Decenzo, D.A., & Coulter, M. 2013. Fundamentals of Management 8e: Essential Concepts and Applications. Upper Saddle River, NJ. Pearson Education, Inc.
Haagen Dazs has differentiated its target group from the start of its growth. While the ice-cream industry was considered worldwide as a low price industry and mostly targeting in small ages, Haagen Dazs has from the start been focus on adults, who love the luxurious ice cream flavors. An important reason for taking this choice has been their premium price strategy, since only the financially independent adults could spend more money for high quality ice creams.
For the next six months, I will be immersed in understanding the weakness and strengths of our new corporate tool. I will participate in brain storming session, writing requirements, establishing best practices and working within the prototype. This assignment is critical for our organization and will allow our work to become more streamlined and will benefit our global partners around the globe. I get excited that I have this opportunity, but I am very conscious of the responsibility, therefore, I will collaborate with my team, my extended team in India, and with our global business units to ensure I am developing processes that will truly benefit them and not create bottle necks, which may increase costs or lower or expected level of quality. I will also direct my attention toward the adversity which currently exists within our small group because of downsizing. This will include approaching management providing them ideas to develop our team in a proactive manner, rather than allowing us to continue with goals which are not technically smart goals. The actions and results defined are not building confidence in our employees, but are causation for confusion and inaction. My recommendation would include teambuilding events and training courses to
Which of the three generic strategies (Cost leadership, Differentiation, and Focus) is JetBlue following? Discuss how information systems is used in JetBlue to support its strategy.
5. Robbins, S, Bergman, R, Stagg, I & Coulter, M 2009, Management, 5th edn, Pearson Education Australia, Australia.
Ford Motor Company Strategic Audit Abstract The purpose of this paper is to give a brief detail of the strategic audit of Ford Motor Company. The method of research used was Internet research by topic. In addition to the class textbook audit example used, other written references in the area of Ford Motor Company were used, in order to develop the subject more in detail.
I am currently serving as Area Chairman of Management and Legal Studies in the College of Business of Loyola University New Orleans. In Addition, I hold the Henry J. Engler Jr., Distinguished Professorship in Management. As such, I have been heavily involved in educating business executive while conducting business researches. My research interest include Quantitative Analysis, Quality Management, Cross-cultural Management, Technology Management, Forecasting and Project Management. I have published numerous articles in leading professional journals worldwide. I also conduct Six Sigma Green Belt Executive Training regularly. I f...
Information Technology (IT) is the most recent subfield of management science, often reflected in management information systems (Daft, 2015). IT has evolved to include intranets and extranets, and software programs that help Mr. Koh Boon Hwee to estimate costs, plan and track production, manage projects, and allocate resources or schedule employees. Yeo Hiap Seng (M) Bhd has departments of IT specialists to help them apply quantitative techniques to complex organizational
2. Propose method by which IS/IT strategies may be implemented in an organization to overcome challenges as were found from the analysis above.
Information Technology (IT) is a foundation for conducting business today. It plays a critical role in increasing productivity of firms and entire nation. It is proven that firms who invested in IT have experienced continued growth in productivity and efficiency. Many companies' survival and even existence without use of IT is unimaginable. IT has become the largest component of capital investment for companies in the United States and many other countries.