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Business plan assignment for University
Business plan assignment for University
Business plan assignment for University
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Teaching Strategy and Policy Using
Reading this article was as painful as getting teeth pulled. The article was a professor's review of a class he instructed at the University of Chicago on strategic planning. The class was not conducted in a typical class format, but instead had students actively involved in groups that gathered data, analyzed, critiqued, and prepared strategic plans for area businesses who volunteered their records time and employees for such scrutiny. Much of the article was focused on the first class session, which from the sounds of it was quite hectic. After reading the assigned text the class as a whole determined 8 steps of which their models would be based on.
The first was to Interview a sample of managers from all levels to determine degree of participation in the planning process. The second was to work with the relevant managers to determine what data were available in the company files regarding customers, customer satisfaction, product line, market niche, costs ect. The second steps also had parts A and B which were to determine which data was not available yet desired and determine secondary sources to obtain such data, and to establish as database and make it available for all group members. The third step dealt with the data on customer satisfaction and how responses, complaints, suggestions ect are managed. The fourth step was to track information flow in the company. What is collected, who it goes to and why. Step five, was to check database and determine which fields were most important for the company and to determine which areas to concentrate in in order to guarantee best outcome, and spread resources. The sixth step was to analyze the data and specify the strengths and weaknesses of the company. Step seven was to develop recommendations for the next year and the next three years regarding products, services, and markets as well as organization structures, and organizations processes. The final step was actually determined during the second class section, but it was to prepare a complete business overview as a first step for the final report and to provide a guideline for later data analysis and development of alternatives.
The remainder of the article summarized the class sessions of the following weeks and problems the groups encountered while conducting their research.
Finarelli, M. (2009). Intended consequences: How changes during strategic planning can make or break a plan. Retrieved on October 10, 2011, from http://www.hss-inc.com/documents/SHSMD-MariaNovSpectrum.pdf
At some point it becomes necessary for an organization to undergo changes. If embracing change is truly one of the organizations core beliefs than efforts should be taken to make the necessary transition. A strategic planning structure allows the organization to stay focused on plans, yet be flexible and adaptive and, therefore, able to deal with change effectively (Galbraith, et al., 2001, pg. 38).”
. Wheelen, T. L., & Hunger, J. D. (2012). Strategic management and business policy: Toward
Hill, C. & Jones, G. Strategic management: an integrated approach, 5th ed. Houghton Mifflin Company: Boston. 2001.
Dess, G. G., Lumpkin, G. T., Eisner, A. B., & McNamara, G. (2012). Strategic Management: Text & Cases (6th Ed.). New York, NY: McGraw-Hill.
Wheelen T.L., Hunger J.D., Strategic Management and Business Policy Prentice Hall, Upper Saddle River, NJ (2004)
Wheelen, Thomas L. and J. David Hunger. Strategic Management and Business Policy, 13th Ed. Upper Saddle River, NJ: Pearson Education, Inc., 2012. Print.
It is a step of defining the goals of the projects and the results are aimed at reaching certain levels of productivity of customer satisfaction. The second stage is measure, and it is the stage of collecting data and facts and evaluating current operational performance. The third stage is analyze with the purpose of developing methods and theories that will best suit the solving of the problem; it is also a stage of detecting cause-and-effect ties of the processes. The fourth stage is improve, it is aimed at generating ideas for reaching the desired process improvement. Finally, there is the control stage that is about monitoring the operations to find out whether the process of improvement is smooth and the problems were solved (Meredith & Shafer,
Strategic management is viewed as the set of decisions and actions that result in the formulation, implementation and control of plans designed to achieve an organization’s vision, mission, strategy and strategic objectives within the business environment in which it operates (Pearce and Robinson, 2007). Strategy formulation has for the past decades been widely regarded as the most important component of the strategic process – more important than strategy implementation or strategic control. Nonetheless, strategic planning has taken on new importance in today’s world of globalization, deregulation, advancing technology, and changing demographics, and lifestyles. At the same time, there is also discussion whether we can separate “execution” and “implementation” from strategy formulation. Roger Martin, a professor and author, has joined the discussion and argue
To conclude this assignment I already had the knowledge of these strategic management models but now I have developed and strengthened my understanding of them. It has ensured me of how each model bases its views on what has happened before, during and after events have taken place.
Strategic planning is a critical process for any successful business. It outlines the framework in which the organization operates. Therefore, each area of the process should be carefully considered and developed, with the understanding that some areas are relatively static, whereas other areas change and grow depending upon the environment. By far, the most important part of the strategic planning process is its implementation. If the process is never implemented, its development is just wasted energy.
• Hitt, Michael A; Hokisson, Robert E.; Ireland, RD. Strategic Management. 6th Ed., Masson, Ohio: Souht. Wester 2005.
Kaufman, Roger. Strategic Planning Plus: An Organizational Guide. Sage Publications, Inc.: Newbury Park, California, 1992.
Rees, J. (2012). Prescriptive strategic planning in the current economic climate and possible alternative approaches. 1-6.
There are different types of strategic planning that are currently in use, since this is a widely debated area of management. However, it is concluded that there are two main schools of thought, the prescriptive approach or the emergent approach (Lynch, 2012). As defined by Lynch, (2012) prescriptive strategic planning is the term given to a strategy whereby the objective of the strategy is defined in advance and the main elements are designed and develop...