Strategic Planning and Control - Assignment Example

Strategic Planning and Control Table of Contents Reflective Learning Log 4 Introduction 4 What I Learnt? 4 How Research and Learning Took Place and Why? 5 Application of Theory in Practice 6 Impact of Team Work on Learning 7 Anticipated Future Change 7 Using Knowledge Gained in Future Profession 8 Conclusion 8 Action Plan 10 Appendices 11 Reflective Log 1: Technical Skills 11 Reflective Log 2: Way of Use of the Technical Skills and the Outcome 11 Reflective Log 3: Advantages of Technical Skills 12 Reflective Log 4: Disadvantages of Technical Skills 12 Reflective Log 5: Additional strategies That May Have Been Applied In Order To Accomplish the Task 12 Reflective Log 6: Future Initiatives That Would Be Taken For Doing Similar Task 13 Reflective Log 7: Learning Outcomes from the Overall Project 13 Reflective Log 8: Developmental Needs 14 References 15 Bibliography 17 Reflective Learning Log Introduction Undoubtedly, the task helped me to obtain an in-depth understanding to the functions of an organisation, while making me identify my personal developmental needs when conducting similar studies. Based on these developmental needs that I could identify, I intend to provide a brief description of my technical skills that were used in accomplishing the tasks as well as the outcomes of using those skills along with the advantages and disadvantages, which would further justify my learning needs for the short run. The discussion also emphasised the additional skills and different techniques that might have been applied for conducting a similar task in future. Finally, an action plan will be provided, which will reflect my way of enhancing mu abilities for accomplishing the task objectives in future. What I Learnt? From the overall project, I have developed an in-depth idea about Mobile Inc. By means of conducting the market research, the position of the company among the competitors as well as in the global economy was also understood. As per my understanding, it was necessary to conduct a SWOT analysis of the company in order to identify the external opportunities and threats to the entity as well as recognise its internal strengths and weaknesses. There are many external threats to the organization including fear of the competitors and various economical factors that might have further increased risks for the company in the global context. Moreover, various opportunities were also identified that would have helped the company to prosper and develop a competitive advantage over the competitors. However, the internal strength of the company revealed the efficiency of its human resource management and the workforce that led the company further to run effectively. Certain strategies were also recommended in order to achieve the long-term objectives of the company and an estimated cost was provided for the implementation of recommended strategies in the projected year. Moreover, in order to prepare the forecasted ratios and group financial statements, I had to analyze the financial report of the company as well as conduct a thorough market research in order to collect the relevant data. How Research and Learning Took Place and Why? An in-depth research was conducted as well as the lecture notes were followed in order to prepare the project. Accordingly, I had to conduct a SWOT analysis of the company i.e. of Mobile Inc. in order to find out the external opportunities and threats as well as relate those with its internal strengths and weaknesses. In subsequence, detailed information regarding the market environment, competitors and other related factors were required. While this information was available online, I individually required in-depth knowledge regarding the subject matter and certain technical skills in order to identify and implement the strategies that suited best with the organization (Monash University, 2015; Conjecture Corporation, 2015; Chartered Institute of Personnel and Development, 2014). Knowledge regarding certain accounting techniques and financial accounting systems was also necessary in order to prepare the forecasted ratios as well as the financial statements of the company, which included Cash flow statements and Statement of financial positions among others. In order to collect relevant data regarding the organization, the annual financial reports served as a best source of reference. In addition, the lecture notes served as a best means as a base for carrying out the overall research. By studying the lecture notes, I was able to compare them with the strategies of Mobile Inc., on the basis of which further research were carried. The information required for preparing the project were obtained through a vast research from online sources, journals as well as articles that were relevant to the subject. Application of Theory in Practice Certain theories have been applied in order to accomplish the given tasks related to Mobile Inc. in an effective way. These theories included “Porter’s five forces model”, “Johnson, Scholes & Whittington model” and “PEST analysis.” All these theories helped me to conduct the research in an in-depth manner in the form of acquiring necessary information about the internal as well as external environment of the organization. In this similar context, the theory concerning Porter’s five forces model helped me to obtain about the industry trend wherein Mobile Inc. mainly operates. The application of this theory certainly assisted me to analyze the competitive position of Mobile Inc. Similarly, the execution of the theory of Johnson, Scholes and Whittington model helped me to understand the strategic analyses made by the company towards the attainment of future long-term objectives. On the other hand, by applying the theory of PEST analysis, I was able to understand the exact position of Mobile Inc. in the respective markets where it operates and therefore determined the reasons for the growth or decline in its market share. Therefore, applying all the above stated theories, a detailed can be gained about how Mobile Inc. can plan effective strategies in order to attain its predetermined objectives in long run. Impact of Team Work on Learning In order to accomplish the project, I had to coordinate with many individuals that included my peer groups, professors and other professionals that provided me support in gathering the relevant information as well as completing the task effectively. The professors helped out in solving some critical financial statements that proved difficult for me to interpret. Moreover, according to the feedback from my peer groups, I was able to identify the shortcomings in the project and take necessary measures to solve the problem. Interacting with the team members also helped me to gather more knowledge and information that helped me to complete the task effectively. Anticipated Future Change However, there are certain changes that I am planning to imbibe within me that will further help me to conduct the project more effectively. Some important skills have been identified that includes project management, handling budgets, coordinating skills and handling data. Project management refers to the effective planning of every step related with the completion of the task objectives. The research should be defined with respect to the achievable aims as well as the resources and time required to complete the project. A step-by-step planning should also be made regarding, as to how I will carry out the project. This stage is very essential as it outlines the entire process involved in carrying out the research and writing the project. Coordinating skills, in this context, refers to taking assistance from others for completing the project. Generally, for conducting the project, assistance is required from the teachers, professors as well as the peers in order to conduct the project more effectively and efficiently. Taking feedbacks and suggestions regarding the information and research data is also quite likely to help in conducting the tasks with limited hurdles. Similarly, handling the data is also considered very essential for organizing the data in a structured way so that the loss of information can be avoided and the project can be carried out effectively (Jobs.Ac.Uk, 2015; American Society of Clinical Oncology, 2015). Using Knowledge Gained in Future Profession In order to complete this project, I had to conduct a vast and in-depth research of the market as well as the related sector. This helped me gain extensive knowledge regarding the market scenario as well as the related industries which will enable me to complete any other projects that would be allotted to me in a more effective and efficient manner. Moreover, the market knowledge that I have gained from the survey will also help me in my future profession. There are also some skills that I have developed within myself that include communication skills, time management and some other skills that will help me to improve my interpersonal skills, which will help me in my professional workplace. Conclusion The theme of the project was based on exploring a research on Mobile Inc that would have helped in relating the organisation’s internal competencies as well as external environmental factors with its success potentials. In order to accomplish various tasks related with the project, an in-depth idea about the company and various concepts and principles of corporate strategy was required. Market knowledge was also very essential in order to understand the position of the company in the global market. Thus, from the above discussion it can be concluded that by conducting the research for completing the project has helped in gathering various information related with the market as well as the related industrial sectors. Moreover, there are also certain skills that were nurtured during completion of the project and even there are some skills I identified that needs to be developed within myself in order to complete the similar tasks further. Action Plan OBJECTIVES TASKS SUCCESS CRITERIA TIME FRAME RESOURCES Development of Communication Skills Interact with more people through social websites and over telephone from different cultural and social backgrounds I will be able to communicate with the people without any hesitation. My confidence to interact with people from different social and cultural backgrounds will also enhance. 2-4 months Internet connection; mobile connection Improve Time Management Skills Conduct demo projects and practice tasks on other organisations I will be able to complete the project within the established time, eradicating mistakes identified in this task. 3-5 months Internet connection and access to scholarly articles Improve writing skills Involve more in writing and gather more knowledge regarding English grammar and sentence construction There will be improvements in the quality of my writing with minimised grammatical mistakes and better sentence construction. 4-6 months Demo projects, books, journals Improvement in my research skills Gathering idea regarding how to conduct an in-depth research effectively and efficiently I will be able to collect relevant information required to prepare the project at ease, being able to identify the relevant and the irrelevant information therein 2-3 months Internet, books, journals Appendices Reflective Log 1: Technical Skills There are certain technical skills that I have used in accomplishing the given task that includes, Research skills, Creative thinking, Interpreting skills, Organizational skills, Judgmental skills, Presentation skills and Writing skills. Apart from this there are also some other skills and abilities that I have imbibed within myself in order to accomplish the task more easily and effectively. These include critical thinking, the ability to differentiate between the facts and opinions, evaluating new ideas, ability to analyze and identify the problems, synthesize and solve the problems, ability to analyze others arguments and compare those with mine (Showman & et. al., 2013). Reflective Log 2: Way of Use of the Technical Skills and the Outcome I have used the research skills to collect various types of information that are relevant to the company from various sources like internet, interacting with the employees of the company and various journals as well as news articles. I have used my creative thinking ability to outline the overall foundation of the project and in implementing the collected information in making the project. Moreover, my interpretation skills helped in determining and understanding the precise and in-depth meaning of the data that had been collected for the preparation of the project (Showman & et.al, 2013). Reflective Log 3: Advantages of Technical Skills The application of technical skills in the preparation of project has benefited in maintaining the relevancy of the information that had been collected for the project as well as helped in preparing the project easily and effectively. Using the research skills has benefited in getting relevant and detailed data regarding the company, which has helped in preparing the project more easily. Creative skills has benefited in preparing the project with the help of innovative ideas and techniques that has helped to deliver the project more effectively. Judgmental skills have benefited me to sort out the correct and relevant data that is necessary for writing the project. Similarly, presentation skills and the writing skills have helped in representing the project more attractive and error free (NaldzGraphics.net, 2014). Reflective Log 4: Disadvantages of Technical Skills Due to irrelevant information, I had to rewrite certain parts of the project that consumed a lot of time. While conducting the primary research, I faced problem in getting the relevant information from the company. There also aroused problem in interpreting the financial statements of the company as a result of which I faced difficulty in preparing the cash flow statement of the company as well as preparing the group financial statements and forecasted ratios (NaldzGraphics.net, 2014). Reflective Log 5: Additional strategies That May Have Been Applied In Order To Accomplish the Task Some other additional skills that might be applied which includes Networking skills, Time management and Good management skills in order to complete the project more effectively. Networking skills will help in expanding the number of professional contacts as well as sources of people that might be helpful in accomplishing the project. In order to conduct the project efficiently and effectively, it is very essential to complete every step of the project according to their priority in time and thus the skill of time management is very essential. Finally, Time management is also an essential factor that will help in accomplishing the given task in an effective way (The University of Manchester, 2014). Reflective Log 6: Future Initiatives That Would Be Taken For Doing Similar Task There are certain skills that I may need to implement for doing a similar task in future. These skills are: Project management, handling budgets, Coordinating skills and handling data. Project management refers to well planning every step related with preparing the project. Handling the budget refers to the ways of managing the budget effectively. Coordinating skills refers to taking assistance from others for completing the project. Similarly, handling the data is also considered very essential for organizing the data in a structured way so that the loss of information can be avoided and the project can be carried out effectively (Jobs.Ac.Uk, 2015). Reflective Log 7: Learning Outcomes from the Overall Project From the overall project, I have developed an in-depth idea about Mobile Inc. By means of conducting the market research, the position of the company among the competitors as well as in the global economy has been understood. The SWOT analysis that was conducted helped to identify the external threats as well as the internal opportunities of Mobile Inc. Certain strategies were recommended in order to achieve the long term objectives of the company and an estimated cost is provided for the implementation of recommendations in the projected year. Reflective Log 8: Developmental Needs However, there are certain areas where there is a need for development in order to improve the skills within me that will help me to accomplish the project in a more effective and efficient manner. I am planning to develop certain skills within myself that includes Communication skills, research skills, writing skills and time management skills. By improving these skills will help me to overcome the difficulties that I have faced while conducting the research as well as writing the project. Moreover, development is also necessary in order to accomplish the similar tasks that would be given to me in a more effective manner. References American Society of Clinical Oncology, 2015. Developing Effective Communication Skills. Journal. [Online] Available at: http://jop.ascopubs.org/content/3/6/314.full [Accessed December 31, 2014]. ArticleSnatch, LLC, 2014. Gaining Good Judgement Skills. Article. [Online] Available at: http://www.articlesnatch.com/Article/Gaining-Good-Judgement-Skills/996108#.VKpGFiuUe90 [Accessed December 31, 2014]. Chartered Institute of Personnel and Development, 2014. What is reflective learning? About CPD. [Online] Available at: http://www.cipd.co.uk/cpd/about/reflective-learning.aspx [Accessed December 31, 2014]. Conjecture Corporation, 2015. What Are the Best Tips for Improving Conceptual Skills?. Article. [Online] Available at: http://www.wisegeekedu.com/what-are-the-best-tips-for-improving-conceptual-skills.htm [Accessed December 31, 2014]. Jobs.Ac.Uk, 2015. 5 Skills You Need to Become a Researcher. Article. [Online] Available at: http://www.jobs.ac.uk/careers-advice/working-in-higher-education/1203/5-skills-you-need-to-become-a-researcher [Accessed December 31, 2014]. Monash University, 2015. What is the role of reflection in the learning process?. The reflective learning process. [Online] Available at: http://www.monash.edu.au/lls/llonline/writing/medicine/reflective/3.xml [Accessed December 31, 2014]. NaldzGraphics.net, 2014. Reasons Why You Need To Develop Your Technical Skills. Article. [Online] Available at: http://naldzgraphics.net/tips/develop-your-technical-skills/ [Accessed December 31, 2014]. Seneca College, 2012. LNI104 - Simultaneous Interpreting (Skills Development). Article. [Online] Available at: http://www.senecacollege.ca/ce/classes/LNI104.html [Accessed December 31, 2014]. Showman, A. & et. al., 2013. Five Essential Skills for Every Undergraduate Researcher. Journal, Vol. 33, No. 3, pp. 16-20. The University of Manchester, 2014. Essential Skills and Qualities of a Successful Academic. An Academic Career. [Online] Available at: http://www.academiccareer.manchester.ac.uk/about/do/skills/ [Accessed December 31, 2014]. Bibliography Barron, B., 2006. Interest and Self-Sustained Learning as Catalysts of Development: A Learning Ecology Perspective. Human Development, Vol. 49, pp. 193–224. Digital Education Resource Archive (DERA), 2000. Skills for all: Research Report from the National Skills Task Force. Research Paper. [Online] Available at: http://dera.ioe.ac.uk/15164/1/Skills%20for%20all%20-%20research%20report.pdf [Accessed January 1, 2015]. Dostoevsky, F., 2014. What Every Leader Must Know About Personal Development. Forbes. [Online] Available at: http://www.forbes.com/sites/augustturak/2014/01/10/what-every-leader-must-know-about-personal-development/ [Accessed January 1, 2015]. Jain, S. & Martindale, T., 2011. Facilitating Continuous Learning: A Review of Research and Practice on Individual Learning Capabilities and Organizational Learning Environments. The University of Memphis. Masters, A. & Wallace, H. R., 2010. Personal Development for Life and Work. Cengage Learning. Read More