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Importance of strategic decision making
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“There is nothing worse than a sharp picture of a fuzzy concept,” states Adam Ansel. In this book, Strategic Thinking: A Four Piece Puzzle, it describes focus as a requirement for success. Focus is not an easy concept; it is a learnt concept, just like success. This book illustrates ways to enhance focus and achieve business success. Incorporating some of these techniques, would be beneficial for me to integrate into my organization one day. Specifically setting key success factors, and only a few, is key to every stage in a business. With an entrepreneurial spirit, it would be expected that I would have to create a set of key success factors for my company. Determining key factors involves a series of questions, such as “What must we be really good at in order to be successful?” It is difficult to not have several key success factors to want to focus on, as stated in the book. Multiple key success factors will cause a lack of focus. When I think about the big picture of my organization, I focus on providing a loving home for my animals, and healthy work environment for my employees. In order to do that, I must consider all aspects of my business, but for my organization to be successful, I must be especially good at the following: (1) marketing, (2) management/organization and (3) employee hiring.
Key objectives when focusing on marketing, include profitability, finding and maintaining consistent employees or volunteers, and community involvement. Since objectives, are the measurements I will use to track my success, it is imperative I narrow those down as well. The plan to fulfill my objectives, or how I would measure these is by hosting events, adoption services and various other tactics advertising through the use of multiple marketing avenues and the return. Once action is put forth towards this key success factor, it will determine the strengths and weaknesses of the marketing plan designed to meet the
In this life it is essential to base your work around your beliefs and to feel passionate about what you do. Then spreading your passion for your work onto others is how you grow as an individual and as a company. Which is what I felt after reading the #1 core value.
(Yoder-Wise, 2015) During the process of planning you need to assess your internal and external environment, identify any opportunities and threats. Then you want to create your plan and identify your goals and objectives, implement the plan and lastly you evaluate and make any necessary changes. In strategic marketing, you want to identify your target market and research it. When planning you identify your strategies and objectives you identify what services you will provide and at what cost an how you’re going to market your plan. You can evaluate by getting feedback from consumers through different
Companies utilize various strategies to maintain their relevancy and profitability in a competitive marketplace. However, the initial strategies are crucial for businesses seeking success and longevity by allowing the company to create the framework for what the company looks to achieve. The desired outcome or company’s vision is only one aspect of planning, which requires coordination through other means such as missions, goals, and objectives to allow for the best probability of achieving the company’s apparitions.
The strategy book by Max McKeown is an excellent book for managers or leaders in general to read and follow in order to create a unique strategy for their business. The strategy book includes examples of strategies that were previously constructed and followed by small, medium and large companies. The book gives readers the chance to know the strategies that were employed by different types and sizes of business and how successful they were. These real life cases are what make the book so interesting and informative. The book is divided into different parts that inform the readers about formulating and then following the appropriate strategy.
To transform a good company to great company is all manages’ dream, but only few of them make it. To find out the core factors which lead to a good company became a great company is very difficult, because in different era, different industry companies face different opportunities and threats. To begin the research for the Good-to-Great study, Jim Collins and his research team searched for companies that: performed at or below the general stock market for at least fifteen years; then at a transition point began to pull away from the competition, and sustained returns of at least 3 times the general market for the next fifteen years. He started with a list of 1,435 companies and found eleven that met his criteria. These eleven companies produced, on average, a return of 6.9 times the general stock market during the 15 years following the transition points. Collins chose a 15-year span to avoid "one-hit wonders" and lucky breaks. In the book, Collins highlights some important factors which are the result of the research. They are level 5 leadership, fist who … then what, confront the brutal facts, the hedgehog concept, culture of discipline, and technology accelerators, (Collins, 2001, p.12).
Facing to more complex business environment, systematically marketing plans are important to organizations in terms of maintaining a high level of operating efficiency and achieving goals fully. According to Sally and John (1996:3), marketing plans are “the written document or blueprint for implementing and controlling an organization’s marketing activities related to a particular marketing strategy” (Sally, D., Lyndon S., & John, B., 1996: 3). A successful marketing plan is able to improve organizations’ profits and growth, uses in objective setting and monitors results (Subash Jain, Michael D. Clemes, Gregory Brush, 2008: 5)
In Good to Great, Jim Collins discusses major key points companies have used to go from a good company to a great one. He did this by discussing seven characteristics companies should listen and absorb to transition from being good to becoming great. These characteristics included: level 5 leadership, first who…then what, confront the brutal facts, the hedgehog concept, a culture of discipline and the flywheel. Companies who can approach these successfully are the ones who enable themselves to separate from other competing companies. Furthermore, the statement Jim Collins said, which caught my attention immediately, was not in these seven characteristics, but in the first chapter of the book.
Kotler, P., & Keller, K. L. (2014, January 4). 2 - Developing Marketing Strategies and Plans. Retrieved from University of Saint Mary - Engage: https://engage.stmary.edu/learn/mod/page/view.php?id=45535
“Marketing plan designs specific action programs that implement the desired strategy” (Walter & Dana, 2007,pp. 50). This marketing plan will look after the company’s vision, mission and values. Then, it will go on to the situation analysis where in it will discuss the competitiveness of the company among the others using the SWOT, PESTEL and Porter’s analysis. Next, it will move on to the objective of the company that will be presented and it will go on to the marketing mix strategies that need to be applied by the company in order to achieve the desired outcomes. Finally, it will present the budget to complete the effectiveness
Companies should have only enough workers to perform essential operational functions. Hire employees who are well trained and able to pro-vide results. Moreover, employees should be happy, keep them motivated. Remember that just being good at one thing doesn't mean it's enough for the business to be successful. The owner should be adept at several things such as hiring, accounting, marketing, public relations, etc. And, although initia...
Home » Business » Leadership Smart Objectives - 10 Secrets to Achieve Your Smart Goal By Carla Baldock Jul 22, 2011 Any successful entrepreneur willing to share their top success strategies will share with you the importance of setting smart objectives and acting upon them. To get from where we are today to where we want to be in the future, we need a plan. Without a target, you miss 100% of your shots. We all have more capacity than we believe we do.
The history of strategic planning begins in the military. According to Webster's New World Dictionary, strategy is "the science of planning and directing large-scale military operations, of maneuvering forces into the most advantageous position prior to actual engagement with the enemy" (Guralnic, 1986). Although our understanding of strategy and applying strategic planning in management has been transformed from a point of military maneuvering to one that aim’s to achieve and gives a structured framework to reach a competitive advantage.
Guarantee your business success: What does your business do? What do your customers want? Who is your competition? Where is your business heading?
Strategic marketing planning contains vision, mission and objectives, which principally should be realistic and logical in terms of organizational goals and individual goals. In reality, vision, mission and goals are the cornerstone of the whole planning.
The path to achieving great success is not easy. Whereas there are many shortcuts, the long and patient walk is what takes a person many miles ahead. This concept applies to any individual who aims at becoming a successful businessman. The process of becoming a successful businessman requires a person to attain several accomplishment levels. Each of the level takes energy and time, as well as the ability to recognize the things that make a person truly successful in the business world and life. Becoming a successful businessman requires measurements that take into account not only the monetary and material gains but also the greater scheme of things. Therefore, true success measure achieves in light of creating wealth and value. These factors are vital in the lifetime of success as they present an intangible worth and measurable profit. This essay discusses the way a person can become successful as a businessman.