Strategic Management Plan - Research Paper Example

The core competencies of the company have also been discussed so that measures can be adopted in order to enhance the core skills and expertise of the company. The basic business strategies of the company have also been discussed and the new strategies were designed keeping in mind the basic strategies. An organization chart has been shown to have a clear idea regarding the hierarchy of the company. The significant role played by Information Technology (IT) in the company has been discussed and the advantages of it have also been highlighted.

The study also throws light on the fact that the company actively uses the IT which makes the operations of the company much easier. It has also been seen regarding the advantages that can be derived from IT to help people access information about medicines and other related topics quite easily and that too without needing a prescription. The need for control systems in the company for quality check and the need for a crisis management plan have also been discussed. . Strategic planning is a tool of management which facilitates an organization to keep its energy focused, make sure that the employees and other members are working keeping in view the common goal of the organization and assist to evaluate and amend the course of the organization in reacting to the environmental changes.

Strategic planning is a closely controlled endeavor to generate basic actions and decisions that would help in shaping and directing an organization (Namac, 2009). Strategic planning is known to be a ‘game plan’ that helps in achieving competitive advantage and fetch in high profits. Therefore, it can be understood that strategic planning is an indispensable part of every business, irrespective of the size of business. Large businesses have more time and resources to dedicate to strategic planning whereas small businesses have the advantage to act quickly and be in close contact with the stakeholders (May, 2010).

Strategic plan of an organization is considered to be the base on which each and every activity of business can be linked and associated with (Lawlor, n.d). To get a proper understanding, a strategic plan will be designed for the organization, Pfizer and the vital elements of the particular strategic plan will be discussed. Overview of the Company Two cousins named Charles Erhart and Charles Pfizer established Pfizer in the year 1849. It is a pharmaceutical company that is devoted towards developing and finding out improved ways to treat and resist disease.

The company aims at improving well being and health of people across the globe. The company operates a website of medicine safety where all kind of queries related to medicines are answered and allows people to access information regarding important