Running Head: Strategic Planning Strategic Planning Strategic Planning Introduction Strategic Planning and management is essential for every organization and business. Every organization has to plan its future strategy and mould it according to consumer trends, demand, expectations, and competitor’s strategies…
Hence, strategic planning incorporates devising a strategy according to the future or present strategies of your competitors and customers and strategically placing yourself in a desirable position (Plesk, 1997). Strategic management is somewhat similar to strategic planning yet it is more present focused rather than only future oriented. It involves the proper allocation of resources and their utilization, setting of objectives and aims for the firm, and incorporating the firm’s vision, mission, and future goals. However, strategic management is not only based upon devising policies and objectives, but involves the implementation of these policies and objectives according to the needs of the external environment (Goldstein, 1993). Discussion While it is very important for any business to plan, strategize, and implement its goals, policies, and objectives, it is just as important for institutions such as schools. Education is a highly competitive business sector in current times and in order to succeed and survive in this sector, strategic management and planning is just as essential as any other market (Whittington, 2007). The educational sector also has to focus upon competitors’ strategies, efficiency of resources, maintaining costs, and providing a high quality service. One of the most important parts of strategic management for schools is maintaining personnel and qualified teaching staff as well as maintaining an appropriate curriculum according to the standards expected by their consumers and the standard maintained by their competitors (Rosenhead, 1998). Moreover, there are several other decisions to take such as appropriate and easily accessible location, safety standards, keeping costs to a minimum while providing a fully equipped infrastructure, proper curriculum, and fair/proper examination standards. While improving a defective product and maintaining quality standards may be difficult in tangible products, however they are even more difficult to maintain in intangible services such as education. Customer satisfaction is difficult to measure and change of policies or strategies relative to competition is not as quick as in other regular businesses (Kalpic, 2002). There are various approaches or theories to strategic management which include the structured approach in which a manager who is usually operating a large global organization takes into account the opinions and needs of its stakeholders. The second approach is the entrepreneurial approach which involves the business setting its own standards and objectives and following them throughout their operations instead of focusing upon the views of their stakeholders (Plesk, 1997). The structured approach is usually followed by large organizations which exist all over the world and are international entities. The entrepreneurial approach is followed by smaller organizations which exist in limited places and have access to limited or restricted means. Hence, they are not able to easily follow the needs of their stakeholders and constantly innovate to cater to their requirements. These firms simply set their own objectives by analyzing the competition and developing a fair view of what the consumers need or prefer. They then focus on strategy formation and implementation rather than constant survey and analysis of market needs (Raduan, 2009). ...
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The use of SWOT analysis is widespread and useful in this context. SWOT analysis helps in strategic planning process by analyzing the business’s success factors, its weaknesses and provides an insight to the opportunities and threats that are prevalent in the industry that it works in.
On the one hand, it has to be in an attractive industry; and on the other hand, it has to strive for maintaining a considerable position in the industry. According to Porter (as cited in Eldering, 2009, p. 6), competitive strategy is the search for a favorable competitive position in the industry; and a firm can improve it depending on a firm’s choice of strategy.
Strategic planning may also mean a directed approach which is deliberately created to satisfy the need of the audience. It encourages the sharing of ideas through participation and therefore results into right judgment. As a result efficient decision making can be achieved through thorough analysis and successful implementation of policies and promotion of learning between the stakeholders (Langford & 2001).
1.1. General Environment This environment entails the patterns in the wider society, which influences the banking industry, and especially Wells Fargo Bank. In this case, this environment has seven main segments, which include demographics, economic, political/legal, social cultural, technological, global, and physical environment patterns (Ireland el at, 2009).
r that the capital projects involve high levels of investments and these are mainly used for acquiring asses and also to assist the company increase the size of its operations. The investments that are made have a major affect on the company and the operations of the company.
determination of the long-term goals and objectives, determining the allocation of resources and course of action, Andrews finds that the patterns of decision taken by the company produces the plans and policies to achieve its goals. Hofer and Schendel define it as the pattern
acing failure in developing answers, facing failure in staff coordination, ineffective management, and failure in recognizing board’s limits (Liff, 1997).
Some of the success factors for Kaiser Permanente include overcoming challenges and difficulties, good partnership with
Rudd loses an estimated amount of $106,322.26 annually. The departments of the corporation are welding, painting and shipping.
In spite of Rudd Corporation being a small corporation, it has managed to employ an employee’s number of four
The three C’s i.e. collaboration, cooperation, and coordination play a very important role in the process of strategic planning. Strategic planning is based on consulting the right sources of information at the right time.
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