...THE PROCESS OF STRATEGIC PLANNING ARTICLE #1 OF 10 INTRODUCTION TO STRATEGIC PLANNING Strategic planning is to a business what a map is to a road rally driver. It is a tool that defines the routes that when taken will lead to the most likely probability of getting from where the business is to where the owners or stakeholders want it to go. And like a road rally, strategic plans meet detours and obstacles that call for adapting and adjusting as the plan is implemented. Strategic planning is a process that brings to life the mission and vision of the enterprise. A strategic plan, well crafted and of value, is driven from the top down; considers the internal and external environment around the business; is the work of the managers of the business; and is communicated to all the business stakeholders, both inside and outside of the company. As a company grows and as the business environment becomes more complex the need for strategic planning becomes greater. There is a need for all people in the corporation to understand the direction and mission of the business. Companies consistently applying a disciplined approach to strategic planning are better prepared to evolve as the market changes and as different market segments require different needs for the products or services of the company. The benefit of the discipline that develops from the process of strategic planning, leads to improved communication. It facilitates effective decision-making, better selection of tactical options...
Words: 8741 - Pages: 35
...Contents Introduction 1 Role of strategic marketing in an organisation and links between strategic marketing and corporate strategy (1.1 & 1.3) 2 Process of Strategic Marketing and elaborate each stage in the diagram. Give example from your chosen organisation (1.2) 2 Defining Mission 3 Environmental Analysis 3 Formulation of Marketing Objectives 3 Strategy development 3 Evaluation & Implementation 3 Models used in strategic marketing planning and the model used in Vodafone plc (2.1) 4 Strategic Positioning and marketing tactics & the theory practiced in Vodafone group plc (2.2) 5 Merits of relationship marketing and 4P theory in Vodafone with accordance to RM. (2.3) 6 Marketing techniques to ascertain growth opportunities in a market and appropriate strategic marketing objectives for the chosen market (3.1 & 3.3). 7 Porter’s Generic strategy (3.2) 7 Cost Leadership 8 Differentiation 8 Focus 9 Internal analysis (4.1) 9 External environment, SWOT & PESTLE analysis (4.2) 10 SWOT analysis of Vodafone Group plc. 10 PEST analysis of Vodafone group plc 11 Strategic marketing responses to key emerging themes in a marketing strategy (4.3). 12 Conclusion 12 Introduction In this project, the Vodafone Group Plc headquartered at London, UK is considered for analysis. The Vodafone group plc started its journey from the very first call made in UK on 1 Jan, 1985.Now after a long way of 29 successful years; Vodafone group has emerged to be the world’s...
Words: 4426 - Pages: 18
...Business600: Strategic Management Process Literature Review Keyona Henderson Liberty University July 04, 2014 Strategic Management Process Introduction The strategic management process is more than just simple rules. It is a rational approach used in businesses. It starts with management thinking strategically, then applying steps and thought to a process. This process should be understood by everyone in the business. Although it starts with upper management, it should be implemented throughout the entire business and everyone should be included. According to Popescu, in the International Conference on Management and Industrial Engineering “The process of strategic management consists of an ongoing analysis, decisions, and actions activities to create and sustain competitive advantages in order to obtain desired competitive position and achieve strategic objectives”(Popescu,2013). This process is not one simple step and can be complex. It is not a onetime occurrence and can happen multiple times. The ongoing analysis, decisions, and actions that are performed should include all people involved. Everyone should be on the same page throughout the strategic management process. Goal Setting It is important for any business to set goals. Goals give businesses a purpose. It helps to organize the direction in which a business should take. Businesses should always have goals and let the goals be clear. Goals should be clear to both managers and employees. Short term and...
Words: 6360 - Pages: 26
...Strategic Management and its Components Terrence Suggs MGT/498 March 16, 2015 James Powell Strategic Management and its Components Strategic management is the process that managers use to create, implement, and evaluate a strategic plan in the organization successfully. There are various models of strategic management. These types vary from one business to another, depending on the leadership styles, the experience a company has earned in coming up with a successful strategy and organizational culture (Smircich et al., 1985). There are different components of strategic procedure that are spread all over the stages of strategic planning. In most cases, strategic planning system consists of four most common phases which include a strategy analysis, formulation of the strategy, the implementation phase, and finally monitoring stage. However, this assignment will look at the five steps and offer an in-depth analysis of the different stages (Covin & Slavin, 1989). The first stage of strategic management is the initial assessment. This is usually the starting point for every company and it involves the managers identifying the company vision and the mission. In this case, the vision states where the company desires to be, whereas the mission describes the organization’s business operations and standards of working. After the identification of the enterprise mission and vision, the manager should evaluate the company’s internal and external environment and analyze its...
Words: 733 - Pages: 3
...– Churchill Tableware A. INTRODUCTION The terms business policy, strategy, strategic management and corporate strategy tend to be used interchangeably by many management writers, although some attempt to derive distinctions between them. In many ways this reflects the nature of the subject as a relatively new academic discipline - where definitions and interpretations are still evolving. Never the less, there is an increasing recognition that, whatever name is used, its practice is a critical part of the management of most organizations. By introducing a number of definitions and frameworks for strategy, the aim is to establish a broad appreciation of the strategic management process, recognizing in passing some of the debates that continue within the subject. Such an appreciation can then provide a solid foundation for understanding how the tools and techniques of strategic analysis, covered in the rest of this module, can contribute to the strategic management process. Your Objectives After this session and once you have read the relevant articles & extracts, YOU WILL BE ABLE TO: • Outline a number of definitions and frameworks which describe the main elements of strategy. • Recognize some of the key debates and issues within strategic management. • Understand the context in which the tools and techniques of strategic analysis can contribute to the strategic management process. B. WHAT IS STRATEGY The search for a single definition of...
Words: 5017 - Pages: 21
...MGT 409 – Business Policy & Strategic Management Instructor Course Sections & Location Glenn Hodges, PhD Section 001: TU / TH 1:00 – 2:20 E-mail: hodges@broad.msu.edu Section 002: TU / TH 2:40 – 4:00 Office Phone Number: 517-432-3522 Location: C132 Holden Hall Fax: 517-432-1111 Office: N440 BCC Office Hours: TU 10:30 – 11:30 (or by appointment) Address: Department of Management Eli Broad College of Business 632 Bogue Street N475 Michigan State University East Lansing, MI 48824-1032 COURSE DESCRIPTION This course addresses a very fundamental business question: “Why are some firms more successful than others over the long term?” The answer to this important question can be found in the relationship between the organization, its strategy, and its environment. This relationship is complex, uncertain, and always changing. Top managers shape and guide this relationship, making strategic decisions that change the organization's capabilities, shift its position in the environment, and / or lead the firm into a new business. This course is designed to familiarize students with the strategic management process by: * Introducing students to the different aspects of strategic decision-making from a business, corporate, and entrepreneurial perspective (lecture materials) * Exposing students to the complexity and ambiguity of strategic decision-making through the analysis of situations faced by real companies (case studies) ...
Words: 3858 - Pages: 16
...Environmental Analysis and Setting Strategic Goals HCS/589 – Healthcare Strategic Management Taylor Jackson Debra Sandberg October 27, 2014 Introduction Environmental analysis is important for a company. This allows for the company to look at external factors that will help them to succeed or fail. Environmental analysis could be internal as well as external. The internal analysis allows the company to look within and analyze the successes and see where improvement can and should be made. The external analysis looks at factors such as location, marketing, and surrounding areas to analyze if the these factors are what is best for the company. Implications of Environmental Analysis According to Arthur (2014), “When doing an environmental analysis as part of a strategic plan, you have to keep an eye out for growth opportunities. Even if the environmental factors look discouraging, you may be able to find opportunities to grow the business.” The implications of the environmental analysis is to ensure the company is growing in the direction in which the CEO is hoping for. The environmental analysis allows the company to see the growth that is happening and see room for change to go along with the opportunities that are presented as well. Major Benefits of Competitive Analysis Kokemuller (2014), “Competitive analysis is a process of systematically comparing your company, products and services against significant competitors within your industry. This is an important...
Words: 1275 - Pages: 6
...introduced it because of a fad, not wanting to be behind by others, and some others because were directed to do so. Many public sector enterprises adopted corporate planning because they were to do so by the Bureau of public Enterprises, the governmental body that regulates all public enterprises. Despite the facts that are now quite a few firms which have introduced corporate planning, such firms still constitute a small minority. On the academic side, research in India on strategic planning has not taken off. There are very few studies on corporate planning practices in India firms. Of late some leading Indian management education institutions have begun to offer short duration executives development programmes on corporate planning. A quick examination of the teaching materials used in these programmes clearly shows a predominance of materials originally developed in the United States. This is not surprising because strategic planning at the enterprise level had its genesis there. Strategic planning or corporate planning is a management process which enable a firm's management to explore the future impact of change and make current decisions to move towards the envisioned future. The Western economies, characterized by a rapid rate of change and fierce competition became an ideal home for the development of the concept of corporate planning. The Indian economy till recently provided protection to firms from change through a plethora of...
Words: 2162 - Pages: 9
...The article focuses on the main aspects of Ansoff analysis. The four strategic options entailed in the Ansoff matrix are discussed along with the risks inherent with each option. The article includes tips for students and analysts on how to write a good Ansoff analysis for a firm. Moreover, sources of findings information for Ansoff analysis have been discussed. The limitations of Ansoff analysis as a strategic model have also been discussed. Introduction The Ansoff matrix presents the product and market choices available to an organisation. Herein markets may be defined as customers, and products as items sold to customers (Lynch, 2003). The Ansoff matrix is also referred to as the market/product matrix in some texts. Some texts refer to the market options matrix, which involves examining the options available to the organisation from a broader perspective. The market options matrix is different from Ansoff matrix in the sense that it not only presents the options of launching new products and moving into new markets, but also involves exploration of possibilities of withdrawing from certain markets and moving into unrelated markets (Lynch, 2003). Ansoff matrix is a useful framework for looking at possible strategies to reduce the gap between where the company may be without a change in strategy and where the company aspires to be (Proctor, 1997). Main aspects of Ansoff Analysis The well known tool of Ansoff matrix was published first in the Harvard Business Review (Ansoff...
Words: 3236 - Pages: 13
...CPA PROGRAM – PROFESSIONAL LEVEL STRATEGIC MANAGEMENT ACCOUNTING DELIVERING STRATEGY: THE STRATEGIC MANAGEMENT ACCOUNTANT’S ROLE WORKSHOP NOTES 2014 AUTHORS: RICHARD COMERFORD AND PETER ROBINSON REVISED BY: BRIAN CLARKE Published by Deakin University on behalf of CPA Australia Ltd, ABN 64 008 392 452 © CPA Australia Ltd 2014 (Edition 14a) The contents and any information contained in this document (Information) are for general information only. They are not intended as professional advice. For any professional advice, please consult a suitable qualified professional. CPA Australia Ltd, Deakin University and the author(s) of the Information (Entities) make no representation about the content and suitability of this Information for any purpose. The Entities disclaim all warranties with regard to the contents and in no event will be liable for any loss and/or damage whatsoever resulting from loss of income or profits, whether in an action of contract, negligence or other tortious action, arising in connection with the use and performance of and/or reliance of the Information. CPA PROGRAM – PROFESSIONAL LEVEL STRATEGIC MANAGEMENT ACCOUNTING DELIVERING STRATEGY: THE STRATEGIC MANAGEMENT ACCOUNTANT’S ROLE WORKSHOP NOTES 2014 AUTHORS: RICHARD COMERFORD AND PETER ROBINSON REVISED BY: BRIAN CLARKE Contents Workshop notes Workshop introduction Workshop objectives Workshop purpose Case Study: Pavlova Pty Ltd (PPL) Module 4: Techniques for creating and managing value...
Words: 12972 - Pages: 52
...television programs and movies without interruption from advertisements that you cannot escape when watching regular television. Since 1998, Netflix has set goals, implemented plans and strategies to become the leader of television network on the Internet and to maintain that industry position. This paper will examine the company’s strengths, weakness, opportunities, and threats analysis (SWOT) as well as recommend a strategic and operational plan to ensure Netflix remain the leader in Internet television networking. SWOT ANALYSIS A SWOT, which is strengths, weaknesses, opportunities, and threats analysis is a snapshot assessment of the current state of the company. It can highlight what the company does well or better than others as well as present the things the organization does poorly and areas in which improvements are necessary. Such analysis can also determine the various opportunities that a company can capitalize on. Just as important as the previous reasons, the analysis can provide information regarding the current threats that may potentially injure the organization. Below is a SWOT analysis of Netflix conducted by Marketline.com in a 2013 company profile report. Strengths One of Netflix’s strengths according to the report is the company’s business model in which the company believes provides a high value scheme. Another highlighted strength is the Netflix’s relationship with...
Words: 1602 - Pages: 7
...Finance theory and Financial strategy Strategic Planning means several things. But it certainly is a part of the decision-making in resource management of the business benefits. Finance theory has significant advantages in understanding the function of capital markets, the valuation of real assets and financial assets. Discounted cash flow analysis(DCF) is a tool that derived from finance theory which has been widely used. However finance theory also has little effect on strategic planning and there are three differences between financial theory and strategic planning: 1. Traditional financial theory and strategic planning might have some differences in language and culture. 2. Discounted cash flow analysis might be used in an incorrect way of strategy therefore it is not acceptable in terms. 3. Discounted cash flow analysis might fail to apply a strategic, even if it is used properly. The most relevant financial concepts in strategic planning is firms’ capital investment decisions and it is also a critical component of “financial theory”. The theory is focused on cash flow and return on the investment. The tool used in investment decisions is net present valued (NPV) which was calculated from present valued minus required investment or which was reduced to discounted cash flow formula because the net present value is a matter of cash flow that will gain in the future. [pic] ...
Words: 1179 - Pages: 5
...DELL INC Strategic Planning at United Parcel Service (UPS) Case Analysis Name Student ID Course Code Course : : : : Harinath Mathavan 30109283 BUMGT 5926 Strategic Management of Change Contents 1.0 2.0 3.0 4.0 4.1. 4.2. 4.3. 5.0 5.1. 5.2. 5.3. 6.0 7.0 Introduction ...................................................................................................................... 2 Company Background ...................................................................................................... 2 Strategic Planning: Critical Assessment .......................................................................... 3 Strategic Problems and Solutions..................................................................................... 4 Strong Local and Regional Government Regulations ...................................................... 4 Rising Fuel Prices............................................................................................................. 4 Intense Competition ......................................................................................................... 5 Strategic Opportunities and Exploitation Strategy ........................................................... 5 Expansion of E-Business .................................................................................................. 5 Geographical Expansion .................................................................................................. 5 Business to...
Words: 1687 - Pages: 7
...A SWOT Analysis view of the software development industry Georgios Kormaris Department of Information and Computing Sciences, Utrecht University, Utrecht, The Netherlands gkormari@cs.uu.nl WWW home page: http://www.cs.uu.nl/ Introduction I n the past twenty to thirty years many changes and developments have taken place in the software industry which started off during the 1960s mainly in the United States of America and experienced a revolutionary boom since the 1980s, Steinmueller, (1995). There are many different ways and methods of developing software and planning the strategy of a software development company, as we can derive from many recent research projects. Most of these projects are usually concerned with the way that software is developed and not with the way that the strategy of the company as a whole is planned, Cusumano, MacCormack, Kemerer, & Crandall, (2003). Another important factor is which techniques and methods are used to analyze company’s environment and how the strategy is formulated and implemented. In this paper we analyze a popular method for strategic planning which has been mostly used for product portfolio planning and strategic planning on an abstract level, as stated in a research paper by Houben, Lenie, & Vanhoof, (1999). We will focus our interest in the software industry and base our research on the case study of the Austrian software industry as it is presented by Bernroider, (2002). Additionally, certain guidelines are...
Words: 4799 - Pages: 20
...Mirosaw Jarosiski, PhD||Strategic Analysis of European Markets| ..........................................................||||| |sector||||| |Task 2 MACROENVIRONMENT ANALYSIS| ECONOMIC FACTORS||||| No|Factors in the environment||Intensity of||Opportunity| |||influence||or| |||-5 ..................|+5|Threat| |||||| 1.|||||| |||||| 2.|||||| |||||| 3.|||||| |||||| 4.|||||| |||||| 5.|||||| |||||| POLITICAL FACTORS||||| No|Factors in the environment||Intensity of||Opportunity| |||influence||or| |||-5 ..................|+5|Threat| |||||| 1.|||||| |||||| 2.|||||| |||||| 3.|||||| |||||| 4.|||||| |||||| 5.|||||| |||||| ||1|||| Mirosaw Jarosiski, PhD|Strategic Analysis of European Markets| LEGAL FACTORS||| No||Factors in the environment|Intensity of|Opportunity| |||influence|or| |||-5 ..................+5|Threat| ||||| 1.||||| ||||| 2.||||| ||||| 3.||||| ||||| 4.||||| ||||| 5.||||| |||| SOCIAL FACTORS||| No||Factors in the environment|Intensity of|Opportunity| |||influence|or| |||-5 ..................+5|Threat| ||||| 1.||||| ||||| 2.||||| ||||| 3.||||| ||||| 4.||||| ||||| 5.||||| ||||| 2 Mirosaw Jarosiski, PhD Strategic Analysis of European Markets DEMOGRAPHIC FACTORS No||Factors in the environment|Intensity of|Opportunity| |||influence|or| |||-5 ..................+5|Threat| ||||| 1.||||| ||||| 2.||||| ||||| 3.||||| ||||| 4.||||| ||||| 5.||||| |||| TECHNOLOGICAL FACTORS||| No||Factors...
Words: 997 - Pages: 4
