Twenty One Aspects Of Strategic Planning

3463 words - 14 pages

INTRODUCTIONThis is a review of the 21 aspects presented by Brian Tracy as relevant for strategic planning. This review is based on what was presented by Tracy in the video, references on the different aspects and the writer reflections.1. REASONS FOR STRATEGY1.1 ROEReturn on equity refers to the profits earned per rupee invested by shareholders or owners of a business (explained in more detail in a later section). This is the primary reason for the existence of a business. In order to increase ROE in a competitive environment, strategy is required. Peter and Certo, 1991, state that organisations with good strategic management tend to increase their levels of profit and profitability.1.2 RepositioningBusinesses operate in a dynamic world. The markets, competition and other environments such as the political, economic, social and technological environments that affect business are all changing constantly. Thus, in order to succeed, businesses also need to change (or to reposition) in response. Strategic planning is essentially an activity lf aligning the organization with the environment. Thus it enables effective repositioning when required.1.3 Maximize Strengths and OpportunitiesIn the previous section it was noted that strategic planning is an alignment exercise. In this exercise, a SWOT analysis is carried out. The courses of action that are selected subsequently (the strategies) are the ones that can (ideally) best exploit the opportunities in the environment utilizing the organizational strengths while minimizing treats and weaknesses.1.4 Action : NowIn the absence of strategic planning and strategies, organizations stagnate. They habitually perform routine activities without clear purpose or rigour. Strategies compel organizations into action in order to achieve clearly defined, specific, time bound goals.2. STRATEGIC PLANNING SIMPLIFIEDThis section gives four steps to be followed in strategic planning.2.1 Where Are We Now?The first step in strategic planning is to identify the current position of the organization. It is difficult to plan your future courses of action without knowing one current position. This step involves a thorough investigation of the organization and its environment. This is also called a situational analysis.2.2 HistoryThis step is an analysis of what the organization had done in the past. It shows how the business came to its current position. This analysis reveals vital information about the success or failure of previous strategies. They formulate a good basis for developing future strategies. The historical analysis helps in part to identify what is known as the lanning gap?In identifying the lanning gap?the organisation needs to examine the strategies it has been using in the past up to the present. Then it needs to project where the organisation would go if the past and present strategies were continued into the future. Finally this destination is compared with the destination the company wishes to reach in...

Find Another Essay On Twenty One Aspects of Strategic Planning

Importance of Strategic Planning and Management in the Business Environment

904 words - 4 pages Strategic Planning and Management PAGE \* MERGEFORMAT 1 Importance of Strategic Planning and Management in the Business EnvironmentnameBUS/475: Integrated Business TopicsDecember 2009instructorImportance of Strategic Planning and Management in the Business EnvironmentThe decision to embark on a new business venture can be daunting. The fear of lost time, money, and resources on a failed venture will deter many individuals from pursuing a dream

Importance of Strategic Planning and Management in the Business Environment

589 words - 2 pages strategic plan will balance the use of resources, people, structures, and technologies in order to achieve company goals with the least amount of risk.Four Functions of ManagementPlanning is the first function of the management process, as without effective planning one cannot effectively organize, control or lead the organization. Planning is used as a tool to help identify potential opportunities and threats as well as to reduce long-term risks

Strategic Planning and Influential Factors of the Starbucks Corporation

1485 words - 6 pages and allow a company to expand beyond its normal boundary(TechTarget, 2003). Strategic planning involves making decisions about the organization'slong-term goals and strategies (Bateman-Snell, p.112). Starbucks Coffee Company strategic vision goes beyond meeting its customers' daily needs by being active in the community and has an environmentally safe operation. It is one of the fastest growing companies in the country. The more a company decides

Importance of Strategic Planning when Entering International Markets

2451 words - 10 pages Importance of Strategic Planning when Entering International Markets When a company decides to take their business international, there are many different factors that they need to take into account. There are differences in management styles, international laws and treaties that regulate international business, trade barriers, tariffs, taxes, exchange rates as well as cultural customs that come into play. Each of these is significant and

MNC Incorporation of Corporate Social Responsibility for Strategic Planning

2198 words - 9 pages of authors relating to corporate social responsibility but in the past two decades, the observation has been that the concept has utility and need to be implemented by the company seriously. The essay has shown that more and more companies now have started incorporating ethics and CSR in their strategic planning and objectives. Many companies have formed environmental policies with the objective of creating a sustainable business. For example

IS Strategic Planning for The Global Container Port Industry of Hong Kong

5454 words - 22 pages of the keys to success. The more information and knowledge a firm can obtain about its competitors, the more likely it can formulate and implement effective strategies. Major competitors' weaknesses can represent external opportunities; but major competitors' strengths may represent key threats.Part 4) Why need IS Strategic Planning?Planning is an ongoing process that provides the framework that determines the implementation detail. A IS strategy

Do you believe that the legal drinking age should remain twenty-one or be lowered to the age of eighteen?

853 words - 3 pages Do you believe that the legal drinking age should remain twenty-one or be lowered to the age of eighteen? I know that everyone has different viewpoints on this matter but learning the facts of both side is important and valuable to know in order to have an educated opinion. On one side of this issue, one's opinion would lean toward wanting to keep the legal drinking age of today's modern world at the age of twenty-one. On the other side of this

One of the main aspects in the novel Like Water for Chocolate is magical

1036 words - 4 pages One of the main aspects in the novel Like Water for Chocolate is magical realism. The author, Laura Esquivel, uses it to show the main themes Like Water for Chocolate Commentary One of the main aspects in the novel Like Water for Chocolate is magical realism. The author, Laura Esquivel, uses it to show the main themes in the novel, such as the power of food, and passion. It exaggerates the important points in the story so that they

Levels of Planning with Mc donald's (details the Strategic,strength,weakness and threats and trends with in Mcdonalds corporation)

1111 words - 4 pages new philosophy for the corporation focused on healthier meals and providing high quality customer service proved to be the most positive marketing strategies the company had ever implemented. The strength of this new plan which focused over $3million dollars in research and development included items such as drinkable yogurts and all-white-meat chicken nuggets, one of the corporations biggest selling food item. Thanks to the strategic planning by

A successful Enterprise Resource Planning (ERP) system implementation requires integration of technology with business strategy and assessing the impact of the system on all aspects of the business;

9755 words - 39 pages business process requirements for a large-scale ERP implementation in the United States. The example of implementing organizations quoted in the text that are investing in packaged software to integrate all aspects of their business processes will explain the impact, ERP system might have on strategies.Statement of the ProblemA literature review found that Enterprise Resource Planning (ERP) system (packaged software solutions) has offered variety of

Importance of Strategic Planning and Management in the Business Environment Explain why a strategic plan would be important to the success of this business. Explain the four functions of management.

953 words - 4 pages and external environment of their company. He or she must also consider outside socio-cultural factors and inside factors, including management style and workforce (Strategic Planning, 2007).One of the most important factors is having goals for your company. Make sure your goals are attainable and reasonable; follow the SMART rule - specific, measurable, attainable, realistic, and time-bound. By following this rule, it makes goals attainable.By

Similar Essays

Importance Of Strategic Planning Essay

1019 words - 4 pages IntroductionA small business seldom heard of in Fayetteville N.C. is a swapping/consignment store, the general idea behind a swapping/consignment store is to offer consumers a place where merchandise or services can be swapped for merchandise or services of equal value. This report will define strategic management and planning, explain the four functions of management relative to creating and implementing a strategic plan and examine the steps

Importance Of Strategic Planning Essay

787 words - 3 pages designed with the customer in mind. Southern Cab Service will be located in Lafayette, Louisiana and will employee 20-25 employees including 2 dispatchers. The organization will service customers in Lafayette and the surrounding areas. The company will be owned by myself and my husband James, who will take care of the financial side of the business. Strategic planning is important for Southern Cab Service to be a success. This paper is intended to

The Role Of Human Resources In Strategic Planning

1360 words - 5 pages Bogardus (2012), “strategic planning is a systematic way of setting the direction for an organization and developing tactics and operational plans to ensure its success” (p. 109). The strategic plan outlines specifically where the organization wants to go and what it will do to move the organization towards that desired outcome. However, it is important to note that strategic planning is an ongoing process, not a one-time plan (Reed & Bogardus, 2012

The Benefits And Limitations Of Strategic Planning For Organizations

2411 words - 10 pages The Benefits and Limitations of Strategic Planning for Organizations "It was August of 1914 and Germany had committed virtually its entire army to the invasion of Belgium and France. Few German troops remained to defend East Prussia against the invasion of two huge Russian armies. Despite the numerical inferiority, Colonel Hoffmann, chief of the German Eighth Army staff, created an audacious strategy to surround and