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Crafting and Executing Strategy Quizlet
The importance of having a strategic plan as an organization
Importance of strategic planning
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Question 8
Answer:
Planning:
Planning is the conscious, systematic process of making decisions about goals and activities that an individual, group, work unit, or organization will pursue in the future.
Strategic Plan:
Strategic plan is a complete packege of statements which describes the purpose and ethical conduct for a company together with the focused strategies designed to reach the targets. It is normally have conduct for few years. The main objectives of strategic plan is to take the company towards the expected vision.
It can be defined as,
1. A set of procedures for making decisions about the organization’s long-term goals and strategies
2. Strategic goals are major targets or end results relating to the organization’s long-term survival, value, and growth
3. Strategy is a pattern of actions and resource allocations designed to achieve the organization’s goals
McCain Foods try to achieve their vision by using the strategic plan. Some points can clearify how strategic plan can be useful for achieving the vision of McCain Foods. One line global organization:
They have the best specialists who are the complete self of their method. Mccains Foods train individuals as pioneers at each one levels of the association and help them as they persue the conceivable outcomes that will convey on their vision. They never lose uniqueness
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Our worldwide inventory network is changing to turn into a model of strength with the ability to serve our clients from anyplace we work. Emerging from the pack is no simple deed, yet Mccain means to do only that by putting like never before in science, engineering and business sector bits of knowledge to create imaginative items that serve a specific need in the public arena or that basically fulfill a desire for good
Since its inception in 1958 as convenience store chain Pronto Markets, Trader Joe’s has definitely made a creative mark on the grocery industry. Today, Trader Joe’s has over 365 locations throughout the United States. Often referred to as a “gourmet, specialty, and natural-foods” mecca, Trader Joe’s offers customers a different experience that most (Trader Joe's: Keeping). Customers visits to TJ’s are feeling less like a household chore and more like a cultural experience. “Driven by gourmet tastes but hungering for deals, [customers] are led by cheerful guides in Hawaiian shirts who point them to culinary discoveries such as ahi [tuna] jerky, ginger granola, and baked jalapeño cheese crunchies” (Trader Joe's: Keeping). There is not better management decision than to turn a chore into a vacation of sorts. TJ’s is a constantly evolving organization fueled by the utmost secrecy of all employees that is focused on providing its customers with great quality products for low prices. With a mission “to bring you the best quality products at the best prices,” it is obvious that Trader Joe’s has an idea as to what it takes to keep its customers happy and spending money at one of its locations. Trader Joe’s is a successful organization because of a unique application of management in today’s working environment, the incomparable organization of the management system, a talented management staff, and a creative management process.
With their rapid growth and success is primarily due to being highly selective about what they sell, as well as being dedicated quality standards and core values. Whole Foods states a mission that was to “promote vitality and well-being for all individuals by offering the highest quality, least processed,
Planning is a way to respond to the changes occurring in the environment around a person systematically. Planning is an approach towards the problem solving rationally. It can be taken as a remedial tool for creating change in the current situation in systematic and efficient way.
A strategic plan is a tool that delivers guidance in achieving a mission or goal with maximum proficiency and control for an organization. Strategic planning is used to transform and revitalize organizations. The plan helps provide an inclusive understanding of opportunities and challenges both internally and externally for the organization. The plan delivers an assessment of the strengths and limitations that are realistic within the company. A well-developed strategic plan will offer a comprehensive approach and empowerment for the stakeholders involved. It is an opportunity for learning and understanding priorities that will drive the business to succeed. Jones (2010), describes how in health care organizations, strategic plans characteristically concentrate on operational and organizational goals such as when to obtain new technology, how to meet competitive challenges, and what staffing, tools, or facilities are needed to ensure organizational survival. The mission and value statements are significant in determining the quality of a strategic initiative. Forcing the organization to look toward the future creates proactive objectives in which both short-term and long-terms plans and goals are necessary in order to succeed.
Planning is defined as setting goals and deciding the course of actions we need to take to be successful, putting together the ...
Strategic planning consist of four steps starting from defining the company’s mission. When talking about a mission were talking about a certain phrase or slogan for say, that is intended to draw attention to customers and make them want to be even more loyal to the company. For example Walmart says, “Save money. Live Better”. Therefore, Walmart’s mission would be to let people know that they have low prices all day every day, insinuating that their products are affordable for everyone. This is a good mission because it gets the majority of the people in this world to want to go out and save money on their everyday necessities and even luxuries. The second step would be to set certain objectives and goals for the company as well. For example, CVS did use “Health is everything” as their mission and this didn’t just set out for a name it became a goal as well. Sooner or later you must set goals on your mission to understand the level that you need to get to and reach. Another example of a goal that I believe CVS set was to start selling healthier products. In the chapter it says that CVS stopped selling tobacco and other products that
One element of strategic planning is developing a company 's mission statement. While companies have slogans and vision statements, the mission statement is not the same. The mission statement formally declares the purpose and reason for the company 's existence. This is the foundation for the company’s strategic plan. Helping guide the company along the way during the decision making process. As a company evolve the mission statement should too.
Strategic Planning is looking at where you are now, knowing where you want to be in the future and planning the steps to get you there.
“Planning: is specifying the goals to be achieved and deciding in advance the appropriate actions needed to achieve those goals” (Bateman & Snell, 2004, p. 16).
Strategic planning is the continuous and systematic process of guiding members of an organization to make decisions about its future, develop the necessary procedures and operations to achieve that future, and determine how success will be achieved.
If asked what strategic planning is one could interpret it as simply a road map that can guide the organization in the right direction. It is very unlikely that an organization would know which direction to take without a sense of direction. Managers are faced every day with decisions that have a major impact on the direction the organization must take, therefore, strategic planning can play an important role in guiding managers in the right direction. In other words strategic planning is a tool that management can use to give them a sense of direction that will guide them in doing a better job and to ensure that all the members of the organization are working toward the same goals
Strategic planning has a focus on stabilizing the current environment, and it also support the organization's business plans and goals. Strategic planning helps to implement new projects, new technology, consolidation of data centers, data warehouses, exponential data growth, cost of ownership, and resources available in an organization to assess the future requirements. Strategic planning analyzes the business plan, potential blockage or other issues in the current architecture, processes and their implementation in new initiatives, and processes. Strategic planning helps to formulate the ideas about the key factors that are affecting the present and future development of the organization and the opportunities offered by the environment and the competence of the organization.
Strategic management is a process to enhance the goals of your business. This gives managers a strategic awareness and value of the company when strategic management is implemented. Having a strategic plan in a company makes the business successful. When a manager takes lead in the change of the environment it allows the company to improve on their short and long term goals. Managers
Strategic planning is an organizational process in which it looks towards developing and sustaining success or balance in its ever changing environment.
Strategic planning implies establishing in advance what an individual or organization wants to achieve within a specified timeframe and deriving ways on how to achieve that. A strategic plan is basically a course of action that is used to attain desired results. It means anticipating the future and having measures on how to grow into the future. Technology is a macroeconomic factor that is rapidly growing and changing. Technology has had positive effects all over across the globe to business organization and to individuals.