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Strategic Planning - Essay Example

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Running Head: Strategic Planning Strategic Planning Strategic Planning Introduction Strategic Planning and management is essential for every organization and business. Every organization has to plan its future strategy and mould it according to consumer trends, demand, expectations, and competitor’s strategies…
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Strategic Planning

Download file to see previous pages... Hence, strategic planning incorporates devising a strategy according to the future or present strategies of your competitors and customers and strategically placing yourself in a desirable position (Plesk, 1997). Strategic management is somewhat similar to strategic planning yet it is more present focused rather than only future oriented. It involves the proper allocation of resources and their utilization, setting of objectives and aims for the firm, and incorporating the firm’s vision, mission, and future goals. However, strategic management is not only based upon devising policies and objectives, but involves the implementation of these policies and objectives according to the needs of the external environment (Goldstein, 1993). Discussion While it is very important for any business to plan, strategize, and implement its goals, policies, and objectives, it is just as important for institutions such as schools. Education is a highly competitive business sector in current times and in order to succeed and survive in this sector, strategic management and planning is just as essential as any other market (Whittington, 2007). The educational sector also has to focus upon competitors’ strategies, efficiency of resources, maintaining costs, and providing a high quality service. One of the most important parts of strategic management for schools is maintaining personnel and qualified teaching staff as well as maintaining an appropriate curriculum according to the standards expected by their consumers and the standard maintained by their competitors (Rosenhead, 1998). Moreover, there are several other decisions to take such as appropriate and easily accessible location, safety standards, keeping costs to a minimum while providing a fully equipped infrastructure, proper curriculum, and fair/proper examination standards. While improving a defective product and maintaining quality standards may be difficult in tangible products, however they are even more difficult to maintain in intangible services such as education. Customer satisfaction is difficult to measure and change of policies or strategies relative to competition is not as quick as in other regular businesses (Kalpic, 2002). There are various approaches or theories to strategic management which include the structured approach in which a manager who is usually operating a large global organization takes into account the opinions and needs of its stakeholders. The second approach is the entrepreneurial approach which involves the business setting its own standards and objectives and following them throughout their operations instead of focusing upon the views of their stakeholders (Plesk, 1997). The structured approach is usually followed by large organizations which exist all over the world and are international entities. The entrepreneurial approach is followed by smaller organizations which exist in limited places and have access to limited or restricted means. Hence, they are not able to easily follow the needs of their stakeholders and constantly innovate to cater to their requirements. These firms simply set their own objectives by analyzing the competition and developing a fair view of what the consumers need or prefer. They then focus on strategy formation and implementation rather than constant survey and analysis of market needs (Raduan, 2009). ...Download file to see next pagesRead More
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