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Benefits and limitations of strategic planning
Key drivers of strategic implementation
An overview of a strategic planning project
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Recommended: Benefits and limitations of strategic planning
NAIT Strategic Plan
The STR/581 Strategic Planning and Implementation week five individual assignment is to provide a strategic plan for the Northern Alberta Institute of Technology (NAIT). The paper includes implementation plan, strategic controls, and contingency plans.
Grand Strategy
The grand strategy for NAIT as recommended in the STR/581 Strategic Planning and Implementation week four individual assignment: Strategic Choice and Evaluation is to focus on product development. The product that NAIT delivers are the educational programs that are custom designed to provide and educational background for NAITs customers, students, to enable them to enter industry with an education that will allow them to flourish.
In support of this grand strategy are the generic strategy of differentiation and the value proposition of customer intimacy. To this end, it is the intent of NAIT to implement a strategic plan that will focus the organization energies on the development and presentation of innovative world class custom programs to prepare students for the requirements of modern industry.
Implementation Plan
Once the strategy for the organization is clear, the next step in the strategic plan is to begin implementation of the plan. Implementation has five parts that include identification of the short-term objectives, initiation of specific functional tactics, outsourcing of nonessential functions, communication of policies that will empower the organizations individuals, and effective system of rewards.
Objectives
The objectives within an implementation plan are a redefinition of long-term strategy of product development into a series of short-term objectives that over the coming year will provide clarity of the long-term objectives...
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...at support the grand strategy then the development of short-term objectives that in turn support the long-term objectives.
Change management in the form of policy that empowers employees to make decisions about product development and ensures the decision focus aligns with the grand strategy. The key success factors lie in maintaining high product quality, high product performance, and keeping track of what the competitions is doing. Risk is quite low and manageable through practices that include ensuring the market needs and wants are met and that quality control is applied during program development and delivery.
Following the implementation as presented in this paper will ensure NAIT will successfully implement the product development grand strategy. Successful implementation will strengthen the position of NAIT as the leading polytechnic in Western Canada.
The starting point of the strategic management is said to be the DESIGN SCHOOL with an emphasis on process. However this system is entirely based on the SWOT analysis. Swot stands for strength, weakness, Opportunities and Threats. Strength is a show...
The strategic recommendations provided will improve and enable the business to cope with the competitors, while the implementation of the strategy section will outline the way to go about achieving these alternatives in the business setting. Lastly, we put up a discussion on the evaluation procedures and necessary controls for the business. In the case study, it was discovered that there were sources of opportunities in which the company would invest.
Once an organization develops a mission statement, the next step in strategic planning is to align the company’s goals. The goals for a business should reflect the vision and mission of an organization, as well as assist in achieving the overall purpose of the company. Establishing organizational goals promotes the business’ mission and specifies the focus in which staff members should implement in day to day operations.
Arthur, A., Thompson, Margaret, A., Peteraf, John, E. Gamble, A., J., Strickland III. (2014). Crafting & Executing Strategy: The Quest for Competitive Advantage 19e: Concepts & Cases. C6-C25.
Fast Company,(139), 69-70,73,16. Retrieved from Research Library. Document ID: 1870795761. Wheelen, Thomas L. & Hunger, J. David, (2010). Strategic management and business policy.
The first process is executing, which is noted as being repetitious, completing reports, organizing documents and the implementation of strategy tools, (Paroutis, et al., and 2013). The next category is reflecting, which analyzes past practices, develops modifications and conducts experimentation, (Paroutis, et al., 2013). This task appears to concentrate on what is good and bad, regarding current practices and the effectiveness of implementation. Initiating begins the process of developing new ideas by shaping and modifying new strategies, (Paroutis, et al., 2013). According to the authors, initiating usually takes place in the beginning phase of strategizing, (Paroutis, et al., 2013). Coordinating concentrates on team interaction, this takes place within the organization working with other strategy teams and management, during interviews and implementation of strategy tools, (Paroutis, et al., 2013). Through coordination, the actions of one team influence the actions of other teams regarding strategic tools that have been implemented, (Paroutis, et al., 2013). The last three categories are supporting, collaborating and shaping, (Paroutis, et al., 2013). During the supportive phase, the strategy teams are providing knowledge and support to other teams by initiated the strategy tool kit, (Paroutis, et al., 2013). They are also analyzing data
In other words, strategic objectives differ from goals/visions in terms of feasibility, practicality, and ultimately implementation. This theme makes its way into essentially every portion of the book, as it is vital to strategy. Often times, strategic planning and strategic thinking is thought to be any action performed by upper management. Rumelt debunks this myth and inserts that these executives are motivating and energizing their employees at best through vague visions and mission statements. Instead, upper-level management should actually focus on opportunities and detail orientated actions to avoid bad strategy. The same logic can be applied to hopeful wishes (over ambitious goals). These goals contain a great deal of uncertainty, as they lack a level of reality and planning. In fact, good strategy should be based off of an educated guess, even if that means you take a stance on an uncertain issue. Rumelt explains, “A new strategy is, in the language of science, a hypothesis, and its implementation is an experiment. As results appear, good leaders learn more about what does and doesn’t work and adjust their strategies accordingly” (Rumelt, 2011, pg. 241). In other words, successful strategists are constantly evaluating and adjusting their original hypothesis to perfect their strategy. This hypothesis allows them to
Once the action plan is in effect, the plan then relies on the implementation and the communication strategy for the idea to work. Communication objectives are obtained and the strategic tactics on how to communicate and disseminate the communication objectives formally and informally.
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
The strategic planning process is the formulation of the company’s major objectives and execution plans. This process is of particular interest in GE. Strategy formulation is the process of choosing the best methods for a company where customer needs; competitive position and internal capability are the three factors that play the main role in strategic planning. Every manager needs to have at least a simple notion of strategic planning to formulate his strategic plans. Strategic Planning is a wide and complex subject. Strategic Management background is an essential basis of any organization.
Strategic implementation entails the application of deliberate management processes to achieve the desired results. Predominantly, the process is achieved through the selection of implementation approaches that are related to an organization’s structure, management of human resources, developing, decision-making and information processes, allocating resources, determining desirable ...
Long term planning is essential in a successful organization. This long term planning is known as strategic planning. “During the strategic planning process, organizations usually
...epends on a disciplined strategy customized to the needs, size and culture of an organization. First, determine what type of innovation I hope to achieve with my organization. Understanding what my organization needs are very important in developing the new product development process. I must set specific for ideas that should be continued or dropped. I have to develop multiple versions of my road map scaled to suit different types and risk levels of projects.
The basic strategic planning process includes: 1. Identify your purpose (articulate mission and vision); 2. Assess the Situation; 3. Develop Strategies, Goals, and Objectives; 4. Identify specific approaches or strategies that must be implemented to reach each goal; 5. Identify specific action plans to implement each strategy, and 6. Monitor and update the plan.
Strategic management is a disciplined effort or control to make necessary decisions that have an effect on a business or an organization; the aim of strategic management is mainly to develop new, innovative or diverse ideas and opportunities for potential or development, and facilitates or assists an organization to achieve its goals (SM, 2010). In reality, strategic management not only can be used or applied to determine mission, vision and values or objectives, but it also establishes roles and responsibilities or timelines in a business (David, 2009). In the following sections, this study will focus on and examine the nature of strategy formulation, implementation, and evaluation activities, and analyze the potential pitfalls or risks in using a strategic-management approach to decision making.