Strategic Planning: The Managerial Agenda
If asked what strategic planning is one could interpret it as simply a road map that can guide the organization in the right direction. It is very unlikely that an organization would know which direction to take without a sense of direction. Managers are faced every day with decisions that have a major impact on the direction the organization must take, therefore, strategic planning can play an important role in guiding managers in the right direction. In other words strategic planning is a tool that management can use to give them a sense of direction that will guide them in doing a better job and to ensure that all the members of the organization are working toward the same goals
"An article by Beecroft (1999) entitled "The role of quality in strategic management" discusses the significance of quality considerations in the development of effective strategic plan. One primary concern the author saw was the relationship between quality, short and long-term objectives, and bottom line profits. According to the author, "Conformance to design and customer requirements translates to quality, therefore higher conformance is higher quality. Higher quality results in lower costs and increases competitiveness, leading to an increase in sales and market share, more jobs and improved profitability" (p.
Background Information In implementing a strategic plan for Coastal Medical Center, our consulting team has conducted many analyses and formed numerous strategies in order for Coastal Medical Center to be successful. Such assessments include an internal analysis, external analysis, gap analysis, and SWOT analysis. In conducting these analyses, our consulting team was able to better understand the internal environment, external environment, where the organization currently stands in terms of performance, and the major strengths, weaknesses, opportunities and threats that oppose the Coastal Medical Center. From our inquiry, we will be able to establish a strategic plan that best fits the organization’s needs.
After analyzing the Coastal Medical Center, it is apparent that the employees and staff have no conception of the mission, vision, and values of this health care facility. In addition to this lack of structure, CMC has many projects in the midst of production that lack support of a common goal, employees are unsatisfied with their jobs, the two boards lack ability to agree on strategic decisions for the organization,, and the medical center has a dismal reputation when it comes to quality care.
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.
Every organization uses different business strategies in order to remain in business. Some adopt customer- centric strategies; some uses strategies to maximize their profit. For a long time, many organizations have made quality as their selling point.
Generally, strategic management is a set of managerial decisions and actions that determines the long-term performance of a company, involving both internal and external environmental scanning, strategy formulation, strategy implementation, and evaluation and control. According to the study of strategic management, the corporation should concentrate on monitoring and appraising outside opportunities and threats based on an organization’s strengths and weaknesses (Thomas Wheelen and David Hunger, 2012).
Every day great minds around the globe plan strategically to better themselves or our society. Are you one of those people? To be able to determine this one must first define what strategic planning is. Strategic planning is a process that defines the manner in which people think about, assess, view, and create the future for themselves and others. With the analysis of three claims, the reader may learn how to strategically think themselves.
Here’s why – strategic planning is an important key to success, not only in business, but also in one’s personal life. A strategic plan outlines where you are, where you want to go, and how you intend to get there. A strategic plan helps you focus; co-create the life of your dreams; take advantage of your opportunities; use your time, energy, and other resources
Strategy is known as in which ways firms manage with the external and internal situations which is going around with the corporate world, which are vibrant and promising. Corporate rivals, new trends and technologies all transform time to time. Companies ought to exploit their entire strategic assets which conclude specially their workers, manage with stakeholders like financial contributor and providers in order to meet customer expectation and satisfaction. At times it is compulsory that they deal with governmental and more bounds and most of the times they need to outsmart their rivals. The strategic management procedure is the mixture of various things such as refining the anticipated ends, by innovating strategies figuring out a way in order to accomplish them, applying those tactics in to reality by implementing them, varying what the firms have been doing strategically in terms of facing competition along with unpredictable matters that appears and eventually assessing growth and accomplishment. For making it happen effectively, companies require a explicit, if possible extensive, vision and desire for being amenable in its own quest (Thompson & Martin, 2010). To grow well firms needs to experience the customer’s aspiration and if possible outdo their competitors. Hence we might assume strategies in three various aspects such as competitiveness, ability and opportunity. Strategies are all about innovation and thoughts and deliverance – putting it in to practice and this implementation is entirely rely on people working cohesively and effectively in companies or they are unconnected. In order to remain one step ahead from their competitors firms should respond what is going around and react preventively to that. The capabil...
Management plays a significant role in how business operates. Strategic management has improved tremendously the last forty years. The diversity of approaches to the theoretical and practical background of management has come up with versions of what is meant by such key words as management and organization. The academia views expressed in relation to management theories take a different role than that prescribed to managers. Though there are several schools of thought ten dictate the current thinking on strategy. It ranges from the early stage of design and planning schools to the current cultural, learning and environmental Schools.
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.
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 an organizational management action that is utilized to set needs, focus energy and resources, reinforce operations, guarantee that employees and stakeholders are moving in the direction of common objectives by setting up a full understanding around intended results, and evaluating and conforming the organization 's direction in response to a changing environment. It is a disciplined effort that produces key decisions and activities that shape and guide what an organization is, who it serves, what it does, and why it does it, with an attention on what 's to come. Effective strategic planning explains not just where an organization is going and the activities expected to operate, but also how it will know whether it achieves success. Having said that, many of the strategic plans cannot accomplish their goal, and there are many reasons; however, in this paper I will discuss three major issues that lead any strategic plan to failure, which are the lack of consensus, having too ambitious plan and the failure to integrate the plan into the culture, operations, and budget.
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.
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 concept of quality has existed for many years, though its meaning has changed and evolved over time. During the twentieth century, quality management referred to meeting the needs of the specifications. After World War 2, quality management took a more statistical definition of quality charts being established and carefully monitoring the processes. The meaning of quality changed drastically in the late 1970s where many US industries lost market share to foreign competition and in order to survive, the companies started to make major changes in their quality programs. And since 1970s competition based on quality started to take importance and companies in every line of business are focusing on improving quality in order to be more competitive.