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Strategic Planning Process – Case Analysis

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Strategic Planning Process – Case Analysis The Strategic Planning Process: The Strategic Planning Process involves numerous steps in evaluating the effectiveness of a firm’s performance relative to its competitors. To assess each of the components of a business, selected evaluative tools must be used. The tools are meant to serve as guidelines and not specific decision points. Management must decide upon the most appropriate pathway for the firm to follow given the input from both the internal and external environment. The I/O Model [Industrial Organization] advances the notion that the external environment plays the major role in deciding the firm’s strategic actions. The Resource-Based Model states that the internal …show more content…

In this environment, we find several ways to define our understanding: Two Types of Knowledge: Tacit That knowledge that is most difficult to duplicate. We acquire Tacit knowledge over time via our life experiences and via our ways of learning. Often called Implied knowledge because it is not expressed openly in the normal course of doing business. Tacit knowledge is costly to acquire and more difficult to maintain. Ask a child why he or she is doing something and the reply may be ‘because’. This is not to mean that there was a random act being conducted but rather there was learning through observation or direct instruction by a more informed person (a parent). Explicit That knowledge that is written and specifically expressed. Rules, regulations, and standards of behavior are examples. It is knowledge that is more easily transferred because of its portability. It also cost less to acquire and maintain. Ask a sales clerk in a store a question about why the business performs a selected task in the manner being exhibited by the individual and the response may be ‘it 's our policy’. Two Types of Sources of Data: Primary Data that we produce or create on our own. Information procured from raw data derived from sources such as surveys, observations, questionnaires and interviews. Primary data is more timely and under the

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