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On Strategic Planning - Essay Example

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On Strategic Planning

Strategic planning helps the management team to properly understand the current situation. Thus the present times requires a continuous strategic planning because the escalating rate of change of business world. Firm are hiring people who can foresee the implication of a certain newly employed process or concept. This has led to the development of predictive models which simulate what might happen in future. Managers of various companies and organizations are forced to think of the future. To achieve this they need to think out of the box and remain focused. Studies previously done, show organizations that have had long-term strategic plans have survived and thrived in times of crisis compared to the ones which had short-term strategic plans. Growth in terms of customer base and general organizations’ catchment is seen if long-term strategic planning is employed. Strategic planning acts as a form of communication that the firm is planned for the future and basically the good intent of the organizations’ management team. Though all these occur, the flip side of such kind of planning cannot be assumed. Strategic planning does not form the organization’s futures blue print, while it might focus on solving a specific problem, a different predicament can come by and catastrophically affect the organization. Strategic planning is not an effective method of formulating future decisions of an organization, otherwise the future is unknown. It will not identify all the critical factors which need to be solved in an organization, it require a thorough investigation of with different viewpoints which is laborious and time consuming. (Vander, 2004) Below is a structure of how a strategic decision is arrived at This calls for planned and emergent approaches to strategy where in planned approach; the organization objectives and purpose are clearly stated and directly translated into actions. In the emergent scene decisions are made on the basis of bargain, chance of occurrence and a positive feedback. Corporation are always accountable to employees, customers, suppliers and state laws, in contrast to mere objective focusing of the company emergent approach handles forces external to an organization but which are of value to it. Emergent approaches go beyond short run profitability, mere meeting minimum legal and market directives. Planned approach may be meant for short-term profitability but might lead to failure of processes meeting customer needs and customer satisfaction. The emergent approach bridges the gap between strategic decisions made in the boardroom and day to day practice of the business. The tradeoff between planned and emergent approach looks at Strengths, Weaknesses, Opportunities and Threats (SWOT) an organization might face. This is to maintain good fit with all the elements for effectiveness and efficiency. ( Chandler, 1962) The two way approach will achieve best use of resources, because at times past performance can be the best indicator of capabilities for the firm. Solving a problem at hand will help the management team deal better with the predicament much more appropriate if it reemerges. A two way approach is much more realistic and achievable, if one approach is employed it might not properly phase off competition with other organizations. In the planned approach to ...Show more

Summary

STRATEGIC PLANNING Author: Class Name: Name of the School: City: Date: Strategy Strategic planning is the decision making process that aligns the internal capability of an organization with the chances and threats it faces in its immediate market place, geared towards achievement of good results…
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