Reassessing and Revising Strategic Plans Essay

ASOS is an international fashion retailer, which offers an extensive line of products, varying from high street to

Her success has recently come in 2011. My plan is to open a second sleep study in San Antonio, Texas. Roxanne will continue to manage the center in Corpus Christ and will help me virtually manage the San Antonio location. Because Roxanne has the information needed to model her sleep center it will be much easier to open up my own sleep evaluation center based on her proposal.

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.

In order for companies to be successful in a constantly changing environment a strategic management plan will need to be developed which consists of four phases: basic financial planning, forecast planning, externally oriented (strategic) planning, and strategic management.

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

It is the execution of strategies and policies through programs, budgets and procedures to reach its goals. In this process plans are assigned, costs are allocated to tasks for better measurement of return on investment. The firm’s resources are used and a detailed system is given on how to perform specific jobs. This strategy turns strategies into concrete results and helps implement changes that are documented for future references. It also provides good measurements of projects with a time frame. It gives employees a clear step by step on how to perform their day-to-day tasks that will improve overall efficiency and sets the tone for quality work in all levels of management.

A strategic planning tool used to evaluate the impact Political, Economic, Social, and Technological factors might have on a project. It involves an organization

Chandler (1977) believes strategy is about using the necessary recourses so the organizations are able to carry out their long-term goals and aims. Which relates to Johnson (1987, pp. 4-5) who states, “Strategic decisions occur at many levels of managerial activity and will be concerned with the long-term direction”.

A: Well, the projects at ModMeters would be to rework the entire IT budget without sacrificing manufacturing’s money (department that brings in most money), they also need to prepare to expand globally with new equipment and expanding architecture, along with getting new programs that talk better with each other and a new website. They need to be prioritized by which makes the most money in the quickest amount of time. Businesses cannot afford to waste time because it is directly connected to their finances. And again, they need to be budgeted by what benefits the company most. If it’s the manufacturing department that is their huge moneymaker, than they need to continue to feed manufacturing with cash. The budget has to be built around what ModMeters successful.

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.

Strategic planning is "a disciplined effort to produce fundamental decision and actions that shape and guide what an organization (or other entity) is, what it does, and why it does it" (Herman, The Jossey-Bass Handbook of Nonprofit Leadership and Management, 155)

The strategic management process is based on the belief that businesses should continually monitor internal and external events so timely changes can be made. To survive, firms must be able to identify and adapt to change. This involves timely planning, directing, organizing and controlling of the strategy-related decisions and actions of the firm (Camerer, 195-219).

Per John M. Bryson, strategic planning, if properly conducted, can help the leaders and managers of public and non-profit organizations think, learn and act tactically. Strategic planning enables organizational leaders and managers to first identify their organization’s mission and/or purpose. Thereafter, the planning process permits these leaders to pinpoint the actions and activities that will enable the organization to achieve its mission. Finally, the planning process requires the organizational leaders to synthesize objectives and activities into a blueprint or concrete plan of action under which the organization will conduct its business.

37) Top-down planning that emphasizes formal strategy formulation and leaves the implementation issues to lower management levels is known as