...Strategy and Planning There are several keys to success for companies and organizations when it comes to developing a strategy and a plan to execute that strategy. First the organization must determine “Who are we?”, “What business are we in?”, and “Who do we want to be and what business do we want to be in?” The top management, or upper management, of the company must be very honest when answering these questions. This is the very first step in strategic planning. Once these questions are answered, a mission or vision statement can be developed to provide long-term direction to the organization. Once the mission or vision is formulated the organization can begin to develop goals and then develop the strategic action plan. Once there are clear goals and a plan, management then can begin implementation of the plan followed by the execution. Developing the strategy and plan is a process, there are many things that go into the process and many things to consider. Strategic management involves each level of management and must involve each level in the development of the goals and plans for the organization. Brian Brandt, a business and management consultant and founder of Alibrium LLC, states that “Strategic planning is work that must be led and owned by the leadership team to be successful”. (Brandt, 2013) This applies to each level of management, but starts from the top down. Upper management must be able to not only formulate the future strategy of the organization, but they...
Words: 1352 - Pages: 6
...The Importance Strategy and Planning to an Organization Abstract Strategic management is a process that involves managers from all levels of the organization. Top – managers, Middle Managers and First Line Managers in the formulation, implementation, and execution of strategies and strategic goals to advance the purpose of the organization. (Kinicki & Williams Pg.137) Top management are considered to Chief Executive Officers, President, Vice President, and District Managers. Middle Management are the functional managers of the organization. The Product line managers, department managers. First line manager are Unit mangers, team leaders and or supervisors of an organization. As planning in tails not only strategic planning performed by top Managers, but also tactical planning performed by Middle managers and operational planning performed by first line managers. Planning and Strategic management provides direction, encourages new ideas, and provides a sustainable competitive advantages. Three Types of Goals Important to the Strategy of an Organization. Goals are the end result of a plan, what the organization expects to accomplish of term objective. There are three types of goals important to the strategy of an organization. The first type of goal is called Strategic Goals. Strategic goals are planned by top level managers. Top level managers plan goals based on the organization objective. As in the case of Southwest top level mangers ensure that the airline...
Words: 1118 - Pages: 5
...Strategy and Planning Joshua W. Holden MGT/521 January 25th, 2016 Ron Stirpe Strategy and Planning We have all seen businesses and organizations with amazing products and ideas we were absolutely sure would take off being extremely successful and staying around for a very long time. However, after time passed and society’s needs changed, these organizations, with once amazing ideas and products, faded away into obscurity. Kodak is an example of this scenario, having filed for bankruptcy in early 2012 standing by the notion that perhaps if they did not move into digital, the imaging world would never move into digital (Morozov, 2009). Many may ask and wonder why this was the end for such companies. The answer is quite simple. Without an organization at all levels properly setting goals, planning accordingly, and accurately assessing all factors going into creating the proper organizational strategy, they will surely be destined to failure. It is my belief a strong organizational strategy, evolving to the changing market and time, is in every way key to the long term success of any business. Proper goal setting is a very important part of planning and seeing an organizational strategy be successful and move a company forward. The three types of goals coming into play are strategic goals, tactical goals, and operational goals. Strategic goals are set by and for those in top management positions and are targeted on the whole organization. A strategic goal could be...
Words: 1327 - Pages: 6
...Strategy and Planning The purpose of this paper is to provide an explanation of why the three types of goals are important to the strategy of an organization. Additionally, this paper provides an explanation of why the different types of planning are important to the strategy of an organization. Finally, highlights of the elements involved in creating an effective strategy for an organization is also provided. There are three types of goals important to the strategy of an organization. These goals include strategic goals, tactical goals, and operational goals. Strategic goals are essentially goals that focus on the overall operational objective and are typical set for and by senior management (Kinicki and Williams, 2016). An example of a strategic goal from a Fortune 500 company such as Walmart, and is clear in their mission statement, “We save people money so they can live better” (Walmart, 2015). Strategic goal planning is of vital importance to an organization because it defines the objective so that tactical and operational goals can be established. From a tactical goals perspective, these goals focus on the required actions necessary to achieve the desired goal. The tactical goals are not only set by middle management, but they are also used by middle management (Kinicki and Williams, 2016). An example of a tactical goal also using the Fortune 500 Company, Walmart, would be to look at the objective, to save people money so they can live better. From a tactical...
Words: 1216 - Pages: 5
...Strategy Planning Individual Essay The role of the strategy planner is integral in the development of a successful advertising campaign. However, strategy planning has not always been utilised within advertising. It is a forever expanding and important field within the communications industry. Through the strategy planner’s research and advanced knowledge of the brand, they are able to offer invaluable insight into the brand. Sequentially giving the client a reason to retain the firm as a business partner. Effective strategy planning requires a number of exhaustive research methods. Without it, a strategy planner cannot fully understand the brand or what the target audience demands. From this research, the creative team is able to design a campaign, which communicates exactly what is required to the desired target audience. However, all fields related to the media are constantly changing. The exponential growth in technology makes strategic planning difficult and challenging, but when utilised correctly can achieve great results. Strategy planning was originally developed in the late 1970’s in the UK and was later imported to the USA in the early 1980’s (Alex Campbell, 2013). Before this the roles were split up between two different agencies; the creative agency, which came up with the communication ideas and the media agency, which planned and purchased the appropriate media (Roles of Account Management and Strategic Planning. 2013). The split eventually made it apparent...
Words: 1926 - Pages: 8
...Strategy and Planning Nicole Barker MGT/521 October 12,2015 Diane Roberts Strategy and Planning There are many things that go into running a business efficiently. One of those things is having a strategy. A strategy is defined as a method or plan chosen to bring about a desired future, such as achievement of a goal or solution to a problem using available resources (Business Dictionary, 2015). Strategy can fill the separation between organizations Means and Ends. A great example of this would be trying to plan a trip. Some may have a strategy like calling their travel agent, or using different website to compare the different rates available. Strategy is important and details on why will be further discussed. Strategy is important. Creating a strategy is important because it helps obtain and maintain a position of advantage over the disadvantage. Strategy is not a quick decision; it is a lure of decisions that have to be made. Creating this strategy for a business helps the organization to help shape them in the present and the future. You want to be able to connect the desirable ends with the needs that are available. An organization is going to want to take it a step further and create a business plan, A Business strategy is defined as business plan that takes place long-term in order to help achieve specific goals or objectives (Business Dictionary, 2015). Some of the significances of creating a business strategy are that it helps to motivate all...
Words: 1308 - Pages: 6
...Strategy and Planning MGT/521 Strategy and Planning Business, an ever changing game for the existence of service providers and product innovators. Competition is steep in most cases, and as quickly a distinct product or service is introduced, the market floods with the same, better version. The environmental climate in business fluctuates, political and regulatory landscape changes whether conducting business in the US or overseas. From small neighborhood business to global business, there is no avoidance from these impacts, and the overall objective is simple; to grow, to profit, and be competitive. A business must have a roadmap, a set of guidelines to provide direction. This is “the plan”, a strategy of an organization. Having a solid strategy can be the game changer for the success of a business. The strategy maps out the objectives and goals which align with the organizations vision. The following discusses the three types of goals, and suggests why these goals are important to the strategy of an organization. The content will discuss types of planning as they are important to the strategy, as well as examine elements and factors involved in creating an effective strategy. Three Types of Goals Goals may be defined as a set of steps to reach on common goal. However there are types of goals which are used to achieve specific objectives, and designed for each level of hierarchy. There are short term goals, goals which are intermediate, and the long term goals...
Words: 1236 - Pages: 5
...by organizations to guide them towards achieving their plans. Organizations are guided by their mission statement as their overall purpose for being. Vision statements are planned after the mission statement is established to help guide the company towards the kind of company they want to become. There are three types of goals an organization can use to start planning how they are going to execute their plan. Starting at the top with executive leadership, they have strategic goal for the company that includes their long term goals. The strategic plan is then set for up to a period of 5 years. From there, middle management sets the tactical goals. Tactical goals range from establishing policies and procedures to coordinating the work of first-line managers (Kinicki & Williams, 2016). Tactical plans are set for up to a period of 24 months. Lastly, first-line managers are set to facilitate the operational goals. First-line managers plan how to accomplish the goals of middle and upper management efficiently over the next 52 weeks. It is important that middle management and first-line management are part of the strategy process from the beginning (Christian-Liviu, 2013). It is important to bring them in because there will be significant change in the organization that needs to be accepted by all parties involved to guarantee participation by all the workers (Karnani, 2008, p. 515). Now that the organizational goals are established, plans need to be made to put the plans into...
Words: 1422 - Pages: 6
...Unit 4 External and Global Environment Case Study Analysis Kaplan University School of Business MT460 Management Policy and Strategy Introduction In 1944, Elliot and Ruth Handler decided to capitalize on the big baby boom that World War II had caused. They went after the toy market and founded the Mattel Brand. They started out simple with a few essential toys such as Barbie and Hot Wheels. The reception was great and their brand of product took off in the toy market. Throughout the years, the Mattel Company saw profits along with facing many hardships. Management changes brought uncertainty and even more hard times to the company as the world’s focus shifted to the quality and safety of products (Teagarden, 2008). Oversight and poor follow-up with Mattel’s overseas Chinese plants and company designs brought this once respectful top of the market toy manufacture to be looked upon in a negative manner amongst their consumers. Mattel’s Recall of Toys from China and Store Shelves July 13, 2007, Jim Walter, Senior Vice President of Mattel’s worldwide quality assurance, brought disturbing news to Bob Echert the CEO of Mattel at the time. After a customary inspection of the Sarge die-cast toy car in Europe, they had found above federal standard levels of lead in the paint of the car (Teagarden, 2008). Bob Echert new trouble was ahead for the company, but had no idea the enormous effect it would have. The Sarge toy car was just the start of the...
Words: 1363 - Pages: 6
...the importance of aggregate planning strategies. The aggregate planning strategies has as its primary mission, set production levels in aggregated units along of a time horizon that generally ranges from 3 to 18 months, so as to achieve meet the needs identified in the long-term plan, keeping while minimum levels of costs and a good level of customer service. In aggregate planning various mathematical techniques can be used to obtain feasible schedules. With planning methods is to optimize the use of resources avoiding sudden changes in production and at the same time reduce the total cost planning. The importance of aggregate planning in the process of managing an organization is to establish plans for short and medium term to meet the requirements of the production forecast when the capacity from the standpoint of plant or equipment is relatively fixed. INTRODUCTION In this paper I’m going to talk about Aggregate Planning Strategies. The aggregate planning serves as a link between the decisions about the facilities and programming. The decision of the aggregate planning establishes production levels overall medium term, which is why it is necessary that the company these processes is implemented, making decisions and policies that relate to overtime, hiring, layoffs, outsourcing and levels inventory. Knowledge of these factors will allow us to determine production levels involved and the mix of resources used. Like the aggregate planning other types of control and programming...
Words: 1086 - Pages: 5
...Strategy and Planning Paper MGT 521 In today’s competitive business world organizations have to set goals and have a set plan of action in place to achieve said goals. There are three goals that are important to the strategy of an organization; Strategic, Tactical, and Operational. Each of these goal are detrimental to the success of the organization. Strategic goals focus on upper management. Tactical goals focus on middle management. Operational goals focus on lower level management. In a corporation, all of these goal work together for growth and profitability of the organization. Among the many reasons why a company should use strategic and planning management the benefits of such management takes the levels of the organization and breaks it down into management groups that work together but, separately. Strategic and planning management are vital to an organization because it encourages new ideas, provides direction, provides momentum, and sustains the competitive advantage (Kinicki, 2016, p. 138 pp. 1). Strategic goals are set by and for top management and focus on objectives for the organization as a whole (Kinicki, 2016). Upper level management with Sony consist of a Board of Directors, Chairman, Chief Executive Officer, Executive Vice Presidents, and Senior Executives (Sony.com). Top level management is responsible for planning, organizational strategy, creating organizational policies, major financial decisions, and the overall direction of the organization....
Words: 1066 - Pages: 5
...Strategy and Planning Paper This paper will elaborate on the three types of goals and their importance to the strategy process within an organization. It will highlight how the different types of planning are important to the strategy of an organization. It will also examine the factors involved in creating an effective strategy for an organization. According to (Kinicki & Williams, 2015) a goal is known as an objective, it is a specific commitment to achieve a measurable result within a stated period of time. The three goals are strategic, tactical, and operational. Strategic goals are set at the top of an organization and directly supports the mission statement. Strategic goals are related to the entire organization instead of any one department. Some of the strategic goals that fall under this category are productivity which involves the reduction in manufacturing costs or the increases in output. The efficient uses of physical assets and financial resources, such as human resources. The profits in terms of the returns on assets or the market value of stocks. Management development and performance which encourages management to further their education by obtaining a higher degree. Strategic goals also focus on employees contributing to the goal making process and the concern for their attitudes and performances towards their positions with an organization. Tactical goals are set by and for middle managers and focus on the actions needed to achieve strategic goals...
Words: 1106 - Pages: 5
...who fail to plan, plan to fail." Managers are continually planning. So much that it's considered one of the four major functions of management. Planning ensures that the company is working towards common organizational goals. Goals show clear direction and destination for an organization to achieve. Goals can be both long-term and short-term, where the end objective is almost always the same. Throughout this paper, the three types of goals and their importance, the different kinds of planning and the importance, and the elements involved in creating an effective strategy will all be examined. Three Types of Organizational Goals Organizations compose three levels of management- top, middle, and first-line. From these levels different types of goals are created, where they are originated by top management and are carried out by middle and first-line managers. Organizational goals consist of three types- strategic, tactical, and operational. The accomplishment of low-level goals leads to the attainment of high-level objectives, otherwise known as a means-end chain. First, strategic intents are formulated as the ultimate achievements desired and implemented by top management. Strategic objectives are usually developed to last over a two- to four-year period. Many goals exist, but the most common are market standing, innovation, productivity, physical resources, financial resources and action planning. For example, Wal-Mart's strategic objectives are "increasing...
Words: 1669 - Pages: 7
...Strategy and Planning Paper Melissa Altom MGT521 03/07/2016 CEDRINA CHARBONNET Strategy and Planning Paper Introduction In this Strategy and Planning Paper we will explain the three types of goals that are very important to the strategy of any organization. Also will explain why the many different types of planning and organizing are very important to any business and or organization. Also we will thoroughly examine all of the elements and or factors that are involved in creating an effective strategy for an organization. Hopefully all questions will be answered. Explain why the three types of goals are important to the strategy of an organization. Strategic goals are set by and for top management and on objective for the organization as a whole. (Pg., 143) Strategic goals and planning would be important to any business or organization because it gives the organization or business a direction and what goals are reachable in the set amount of time and which ones are not reachable in that time period and why they are not. But as any business or organization they to give thought about the outlines and are they realistic? There are many steps that need to be set out and followed like they are supposed to be followed. If not followed correctly something major could go wrong. Also when you are working on a strategic goal for your business or organization make sure are financially ready for this and...
Words: 978 - Pages: 4
...Starbucks as an organization and describe the relationship between strategic planning and financial planning. We will also describe what a strategic planning initiative is and indentify a strategic initiative that Starbucks is currently working towards. First, a brief overview of Starbucks Corporation; Starbucks founded in 1971 and named after the first mate in Herman Melville’s Moby Dick, has grown into a major retailer that went public on June 26, 1992, and has approximately 16,226 owned and Licensed stores around the world in 43 countries with over 10,000 located in the United States. Starbucks are usually located in areas that have high-visibility heavy in traffic and include a variety of settings, to include university campuses, shopping centers, downtown and urban centers. Starbucks specializes in brewing and selling the finest coffee in the world, selling drip brewed coffee with more than 30 blended and single-origin coffees. Starbucks also offers espresso-based hot drinks, and other hot and cold drinks, snacks and items such as mugs and coffee beans (Thompson, Strickland, 2009). Strategic and Financial Planning A strategic planning determines where an organization is going over the next year or more and how it's going to get there. Typically, the process is organization-wide, or focused on a major function such as a division, department or other major function. (McNamara, Carter, 2008) Financial planning focuses on decision making with an eye toward creating wealth, it helps...
Words: 267 - Pages: 2
