It is a process that guarantees clear definition and statement of the objectives, assessment of both external and internal factors that are required to make the strategies, their implementation, evaluation and review of the…
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Strategic planning may be one individual’s job, but it gets very risky when it is so. To make strategic planning practicable, it is imperative that teamwork is involved in this process. Strategic planning is based on cooperation among the team members that make it. Different people have specific skills and expertise in different fields. Strategic planning, particularly in the contemporary age, is based on the cooperation of experts having specific skills in distinct fields including technology, planning, and management. Coordination is fundamental to the success of strategic planning. Planning is made strategic when a team of experts from different origins and backgrounds and having association with different organizations, cultures, or subcultures are united at one platform and are told the objective that needs to be achieved. “…engaged leadership in the whole process of strategic planning including the implementation, particularly with regard to the three Cs is the key to success” (Zomorrodian, 2011, p. 1130). Hence, the role and importance of the three C’s in the process of strategic planning cannot be overemphasized.
Strategic planning can be understood as assessment of an organization’s needs for the advancement of its goals and missions in a particular time period. When collaboration is integrated into this process, it provides the organization with a way to exchange knowledge, skills, and competencies with different people participating in the process so that the goals can be modified and development can be ensued. This imparts the need to have enough resources as well as a culture that appreciates and encourages cooperation and teamwork. Cooperation plays the role of a catalyst when integrated in the process of strategic planning as it counteracts competition among the team members. Cooperation means development of
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The use of SWOT analysis is widespread and useful in this context. SWOT analysis helps in strategic planning process by analyzing the business’s success factors, its weaknesses and provides an insight to the opportunities and threats that are prevalent in the industry that it works in.
On the one hand, it has to be in an attractive industry; and on the other hand, it has to strive for maintaining a considerable position in the industry. According to Porter (as cited in Eldering, 2009, p. 6), competitive strategy is the search for a favorable competitive position in the industry; and a firm can improve it depending on a firm’s choice of strategy.
It is the manager’s responsibility to ensure that the strategic planning of the firm is consistent with the needs of the market and the future expectations of demand from the consumer. The difference between strategic planning and planning is accounting for competitor trends and future demand and planning a strategy that is consistent with it.
Strategic planning may also mean a directed approach which is deliberately created to satisfy the need of the audience. It encourages the sharing of ideas through participation and therefore results into right judgment. As a result efficient decision making can be achieved through thorough analysis and successful implementation of policies and promotion of learning between the stakeholders (Langford & 2001).
1.1. General Environment This environment entails the patterns in the wider society, which influences the banking industry, and especially Wells Fargo Bank. In this case, this environment has seven main segments, which include demographics, economic, political/legal, social cultural, technological, global, and physical environment patterns (Ireland el at, 2009).
r that the capital projects involve high levels of investments and these are mainly used for acquiring asses and also to assist the company increase the size of its operations. The investments that are made have a major affect on the company and the operations of the company.
determination of the long-term goals and objectives, determining the allocation of resources and course of action, Andrews finds that the patterns of decision taken by the company produces the plans and policies to achieve its goals. Hofer and Schendel define it as the pattern
acing failure in developing answers, facing failure in staff coordination, ineffective management, and failure in recognizing board’s limits (Liff, 1997).
Some of the success factors for Kaiser Permanente include overcoming challenges and difficulties, good partnership with
Rudd loses an estimated amount of $106,322.26 annually. The departments of the corporation are welding, painting and shipping.
In spite of Rudd Corporation being a small corporation, it has managed to employ an employee’s number of four
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