Get Full Essay Get access to this section to get all help you need with your essay and educational issues. The planning function is a six step process.
Some frequently asked exam questions on strategic planning are as follows: Give the meaning and definition of strategic planning. Strategic Planning is basically a policy-making function. It is concerned with: In the years after World War II, many of the factors on which earlier planners counted could no longer be taken for granted.
Uncertainly, instability, and changing environments became the rule rather than the exception. The managers of business organisations faced increased inflation and intensifying foreign competition, technological obsolescence and changing market and population characteristics. These changes were so rapid that they exerted an increased pressure on top management to respond.
In order to respond more accurately, on a more timely schedule, and with a direction or course of action in mind, the managers are increasingly turning to the use of strategic planning.
Some of them are: Strategic Planning refers to the development of strategic plans that involve taking information from the environment and deciding upon an organisational mission, and upon objectives, strategies, and a portfolio plan Rosenberg and Schewe, Business Horizons, Strategic Planning involves establishing the overall identity of the company, deciding on the strategic alternatives the company will follow, and choosing the tactics or weapons which the company will emphasize Galkrevth, Jay.
Simply put, strategic planning involves identifying the long-term objectives and determining the action plans for the company.
The objectives and action plans should be established only after careful assessment and prediction of the future states of relevant environmental factors.
It also decided to rely on outside suppliers for most component parts and on another manufacturer for final assembly. Funds were to come from three sources: The preceding statement delineates the basic strategic plan for ABC Co. The plan, here, was a high-risk one since the company knew that other larger companies were developing competing technologies.
It was, therefore, a race to see who made it to the market first. Its basic strategic plan is as follows: The above two case examples reflect two strategic descriptions for two different companies. Yet, they fulfil the basic issues given in the definitions of strategic planning.
What are the advantages of strategic planning? A formal strategic planning offers the following advantages: A spirit of creativity and initiative in the managerial personnel.
An awareness about the external environmental variables particularly the areas of risk and uncertainty, and opportunities and threats.
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A guide for existing and future parameter for functional and project managers to direct their actions on the courses of action charted by the top executive. An in-built benchmark to compare the actual performance with projections.
A basis for review and replacement of old paradigms by new ones and new skills to be adopted by a forward-looking organisation. A strategy is similar to the concept of a game plan in the sense that both are concerned with using and optimising the resources available with each.
But a game plan or theory is not exactly a strategy or vice-versa. A game plan is oriented against a particular competitor — player or a series of players in succession; that is, series of games. But a strategy of a firm is a long-term plan and has to consider a number of competitors.
Even if a strategy of a firm is compared with a football game plan where the number of players are many like that of competitors to a firm, we find the analogy incomplete.
Such game-plan has no external constraints like the constraints with respect to government control, suppliers and others found with a business firm. A coach may have an excellent game plan but the game is played on the field by the players.
For successful performance of a firm, a unified and an integrated plan assumes the roles of operational executives.
As a tool for solution of business problems, game theory has achieved limited success. To conclude, we can say that if any of the product-market scope alternatives do pose major competitive implications, they should be examined from the viewpoint of game theory.
This helps to define and recognise the counter-strategies which the competition may call for. As a result of such study, the respective ratings and hence the ranks of the product-market alternatives should be adjusted.
What is strategic planning? The definitions given hereinbefore clearly indicate that strategic planning is a process. It is a process of deciding in advance what is to be done, when it is to be done, how it is to be done, and who is going to do.This paper will also review the three factors which influence the company’s strategic, tactical, operational and contingency planning.
In conclusion, the reader will be more aware of Words: - . 1) What are some factors that influence strategic, tactical, operational, and contingency planning?
2) What is management's function in strategic planning? Marriott A & W Root beer stand Agenda • Analyze the company's strategic planning, tactical planning, operational planning, and contingency planning. • Analyze the influence that legal issues, ethics, and corporate social responsibility have had on management planning.
Analyze the influence that legal issues, ethics, and corporate social responsibility have had on management planning at BP. Provide at least one example for each. Analyze at least three factors that influence the company’s strategic, tactical, operational, and contingency planning.
3 Three Factors That Influence a Company's Operational Planning 4 Factors That Affect Planning in an Organization A small business can be negatively impacted by all sorts of changes or events, from natural disasters to entrance of new competitors into a market.
Looking at the impact that legal issues, ethics, and corporate social responsibility have had on management planning as well as three factors that influence the company's strategic, tactical, operational, and contingency planning, we will look into the workings of United Parcel Service planning and their management.