Organizations Performance

Planning consists of competitive moves and business approaches developed to attract, please customers, conduct operations, grow the business, gain competitive advantage, and achieve performance objectives (Huidan, 2011). There are three steps to planning. A manager must be able to decide what goals to pursue, the best strategy to achieve those goals, and how to use their available resources to achieve those goals as efficient as possible (Bethel University,

Strategy is a set of complicated tactics formulated by the executives of a company directed towards the achievement of company’s goal (Salmela, 2002). It is about all the path ways that a company would follow to reach its ultimate goal. It is a company’s strategy which helps to identify what it does better than the other companies in the industries, which may be different from what it does best. For successful strategy formulation and implementation, a company should know the needs of customers and should have knowledge of its competitors. Through a good strategy a company would identify that opportunity which makes it different from the others (Thompson, 2005).

The planning process begins with a situation analysis of the external and internal forces affecting the organization.  This examination helps identify and diagnose issues and problems and may bring to the surface alternative goals and plans for the firm.  Next, the advantages and disadvantages of these goals and plans should be evaluated against one another.  Once a set of goals and a plan have been selected, implementation involves communicating the plan to employees, allocating resources, and making certain that other systems such as rewards and budgets are supporting the plan.  Finally, planning requires instituting control systems to monitor progress toward the goals.

1.1. A strategy is a term used to describe the firm’s “overall efforts to gain and sustain competitive advantage” (Rothaermel, 2013, p. 9). The “translation of the strategy into action takes place in the firm’s business model, which details the firm’s competitive tactics and initiatives” (Rothaermel, p. 11). Basically, a strategy will explain how a firm will make money but the difference between a strategy and the business model is the business model explains how the firm intends to make the money AND puts it into action; the strategy just gives the theory. Business models put strategy into action. A strategy focuses on the company in

When a business forms a strategy they are producing a large scale plan with plans to achieve one or more goals set by the business. The factors that affect the plan, in both negative and positive ways, are uncertain. So when making a strategic plan a business will have to take into account all factors and plan for them. Strategy is imperative for a business as not only does it give them a sense of direction and some goals to achieve, but also resources are usually limited so you have to a strategy will help to guide the business and make the best use of the resources that they have. Strategy give the business direction, it helps them to see whether they are over achieving/under achieving and meeting the goals they have set themselves. If a

Harberber and Rieple (2008) define strategy as a set of intentional or inadvertent set of actions through which an organization develops the required set of resources, efficiently target valuable customers, meet financial targets and competes effectively. These strategic decisions drive the long-term direction of the organization, the scope of its activities, help gain advantage over competitors, and address changes in the business environment.

According to study.com strategy describes how the objective of a plan can be achieved, it’s the action plan (2014) Strategy Implementation: Plan, Process & Examples. “Strategic planning involves preparing for the strategic planning session, analyzing internal and external information, formulating or refining the organizations strategic intent and goals, deciding on a course of action likely to lead to the organization’s realizing its strategic intent and achieving its goals and taking other actions during the strategic planning session to increase the likelihood of the resulting plan being successfully executed, and assessing progress and the overall success of execution to determine how to improve the next strategic planning cycle and further position the organization for optimal success”(2011) Strategic planning: A practical guide to strategy formulation and execution. This is important because to strategically plan is to understand the goal and to think through all the steps of the process this is always important to have a strategic plan. None of the steps in the plan can be

The next step is to create an action plan. This is to establish roles, responsibilities and timelines for all goals and objectives. This lays the framework for short medium and long-term goals. It should also include how you will monitor the process.

Management enters the planning stage by deciding what objectives to pursue during a set time frame and along

What is a strategy and why is necessary to have one? A strategy can be simply defined as a long term action plan for achieving a goal (InvestorWords.com, n.d., n.p.). Strategies are an integral part in the success of any company and are key in a company 's overall ability to accelerate its sales, gain market leadership, and really power up its revenue growth (Rowe, 2010, n.p.). In other words without a strategically developed strategy a company can not attain its future goals and objectives.

Planning is the foundation of all the functions of management upon which the other three areas should be built. During planning, management must evaluate the company’s current situation and then developing strategies to achieve these goals, this is called strategic planning.

Concept of strategy was first introduced in fifties in organisational literature by faculty of Harvard Business School (Snow & Hambrick, 1980). According to the definition given in Oxford dictionary, “Organizational Strategy are the plans of a large organization about development and dealing with changing markets. These plans must originate from company’s main objective which represents key feature about business of the company. For a strategy to work, it should be divided into smaller achievable targets (Johnson, 2016). One more definition of describes organizational strategy as an expression of how an organization needs to evolve over time to meet its objectives along with a

Every organisation must plan every action it intends to take, in the short-term as well as in the long-term. The company, on the basis of the objectives set by the top management of the organisation should plan for growth, expansion, restructuring of business or otherwise. Every company needs to plan out its strategies according to its future plans in order to avoid surprises and to overcome any challenges they may have to face. Therefore, without planning, the organisation cannot achieve any of its goals.

Strategy can be defined in different ways. According to Morley (2014) “Strategy is the expression of how the company is to achieve its objectives and an expression of its intent to achieve those objectives”.

Strategy is plan action designed to achieve long term and overall goals. Strategy may also be defined as method or plan to bring about the desired future or solution to a problem.