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Strategic Planning - Essay Example

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Running Head: Strategic Planning Strategic Planning Strategic Planning Every organization or business requires strategic planning in which the managers or entrepreneurs of the venture decide how to coordinate their activities in order to achieve their goals…
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Strategic Planning

Download file to see previous pages... The company or venture is then responsible for devising strategies in order to implement these goals and fulfill these processes. Strategies include marketing, finances, management, administration, and other areas of business. Pre-planning and market research is essential in the planning process as slight imperfections or the onslaught of unforeseen events may cause a business plan to fail. Businesses devising strategies must consider the strategies of competitors and must mould their strategies in comparison to the competition. They must also plan for emergencies or unforeseen events that may affect their business strategy. Each business or venture is different and has various purposes for existence. Some organizations are nonprofit organizations which focus on community and social welfare instead of economical prosperity. Some ventures are service oriented will others are focused upon selling or manufacturing a product (Bryson, 1988, pp.73-74). A particular type of business that is prevalent in society today is the event management business, which focuses upon providing a service to people who want to organize an event which can range from a birthday party, to an exhibition, or a wedding. Some event management companies focus upon certain areas of specialty such as weddings or concerts while others may focus on business oriented events such as exhibitions or opening days. However, event management companies must engage in very precise and well structured strategic management processes in order to make their business successful, as the main focus of their business is based upon planning itself (Averrett and Swamidass, 1989, pp. 656-657). An event management company based in the United Kingdom is Penguins Event Production and Logistics. The company is located on the London outskirts in Windsor, Berkshire and is focused upon providing its customers with solutions to all their event management needs. The company seeks to not only provide customers with management services to handle their events but also provides a wide variety of extensive services such as audio visual services, logistics, and communication solutions for their customers. It has strategically positioned itself as a multi-tiered company in the service sector who can cater to multiple event management needs instead of only catering to one target market. The company aims to cater to the corporate management sector and provide solutions to all management needs and/or services. While it has strategically positioned itself as an event management company catering to the corporate sector, it targets several niche groups of customers pertaining to their individual needs whether they are audio visual aids, communication solutions, or management for events. The company focuses on the core services mentioned above but also claims to cater to other solutions upon request. As the company has been in the field for a long time, they claim to be able to cater to every need that a customer may have and offers the professional help of project managers to coordinate the tasks and activities related to corporate events. The company seeks to enable a customer to manage his time, skills, and resources, effectively in order to make his/her events ...Download file to see next pagesRead More
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