Developing a Strategic Plan Essay

Strategic planning is a critical element of an organization’s annual business plan. A strategic plan consists of a number of components. In addition to analyzing a company’s strengths and weaknesses, a strategic plan also includes implementation and control techniques. While this may seem easy enough, implementing a strategic plan into an organization can be challenging. Barnes and Noble, like a number of corporations are seeking ways to improve productivity and profitability. This essay will identify business alternatives for the bookseller which will enable them to diversify their product offerings.

Profit is the money that a business earns in revenue, minus investments, and the cost of salaries.

We celebrate the special way we treat and relate to our customers. We think retailing is all about customer experience, and that is what really differentiates us.

Dissimilar sources plan altered steps involved in the planning process, but in this case I will discuss on seven steps that are involved in the entire process. The first step is goal setting. This basically involves coming up with the main objectives and goals that the company wishes to establish within a particular period of time. It is a very important section because the company will operate with a view of the goal in mind, if it is not clearly established, and then the business could lose direction along the way. After goal setting, we have development of the planning premises, where the plans are prepared and any underlying conditions defined. This is where there is an assessment of the environment and any constraints or

Every organization should have a strategic plan to achieve its goals in a limited time period, the strategic plan has many variable models. The strategic planning process that we studied needs a collaboration between the organization’s staff, board members, and strategic plan committee. This strategic planning process has ten guide steps.

Doll, S. (2002). Creating your project budget: Where to begin? Retrieved September 08, 2014, from TechRepublic: http://www.techrepublic.com/article/creating-your-project-budget-where

The decision to begin, enter, or continue with a business venture has a specific amount of risk associated with the undertaking and once begun specific goals and objectives need outlining and measurement devises put in place to confirm the future success of the entity. In a simple form, a strategic plan determines where an organization is going during the year to two years, how it will get there, and if it can reach the objective desired. There is a variety of approaches in a strategic plan but what need the most consideration is the leadership in an organization, organizational culture, and the organizational environment. One manner of ensuring the continuity and attainment of a

A company is known for the product or service that it provides to its customers. To ensure the customer receives a quality product or service a company must create a mission statement that identifies the product and market. A vision statement for the company is also created to express what the company is striving for in the

Organizations incorporate strategic plans to effectively execute goals. The fundamentals of strategic planning entail elements such as, researching, analyzing, implementing, and evaluating. Jay Pritzker founded Hyatt Hotel Corporation in 1957. Hyatt

Strategic planning involves making decisions about the organization’s long-term goals and strategies and how the organization decides to implement their goals (Bateman, Snell, Konopaske, pg. 113). Strategies help organizations to have a clear perspective on how to go about accomplishing the goals they have in place. All organizations have a clear vision of what their mission and purpose as a company is, they know how to fulfill the mission, vision, and purpose and they know how to ensure that they accomplish all their goals. However, the route the organization takes to define these things determines how effective they will be.

Basically SBU is part of portfolio technique (in which company operates multiple products), SBU plans itself and operate itself to separate some product or unit to stand alone but it remains in the company or boundaries of the company also separates business mission statement or objectives that can be planned separately from other company businesses. They themselves are responsible for their profit and loss also for their objectives. They plan strategies for achieving their goals.

A business unit can be defined by a set of operating divisions that are organized by market, customer, product, or other means, which essentially act as self-sufficient businesses with separate profits. (Thompson et al 2015).

Strategic business unit benefits include unit developing deep subject matter competency, the attention that sales force is able to give each product line, developing the next generation of company leaders and retaining nimbleness and an ability to respond to the market (via smaller units). In this way customers who were purchasing the product were able to easily locate a designated executive responsible for its sales who was also able to answer their specific questions, customize solutions or provide necessary support.

In this paper, I will select an organization and prepare a strategic plan to grow the business over the next three years. This strategic plan will include certain criteria. That criteria includes:

Starbucks needs to evaluate the best in it is production and services. It also needs to look at it is assets compared to the competitors and if they are worthy their capability.