Important Aspects of Business Management: A Team Discussion

1098 Words4 Pages
Strategic planning, evaluation and feedback are essential components to any business function. As businesses continue to expand their reach in emerging markets, strategic planning will have a more profound role in the daily operations of these firms. Those based in developed nations, such as America or Europe, will have a strong foundation in which to evaluate strategic business initiatives as they attempt to gain international market share. As such, it is very important for individuals to accumulate a basic understanding of strategic planning, the merits behind such planning, and how to appropriately evaluate performance. During team discussion, it became blatantly apparent that I had a strong understanding in various areas regarding feedback and evaluation, while lacking in the overall planning process. Through these team interactions, I now have a better grasp of areas of opportunity in regards to the strategic planning process and how to appropriately implement this process in my working environment. To begin, one objective of our team during discussion was to identify areas of strength and weakness in regards to the material. I feel quite comfortable with the overall performance measures, and feedback mechanisms used within the strategic planning process. Feedback is a very important component as it allows for continuous improvement within the organization. Feedback also serves as a means of balance to ensure the strategic initiatives of the firm are aligned with that
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