...Chapter 2 Strategic Management and the Entrepreneur 1) The strategic management process: Topic: Introduction 2) A small business's "aggregation of factors that sets it apart from its competitors" is its: Topic: Building a Competitive Advantage 3) How is the strategic planning process for small companies different from that for large Page Ref: 41 Topic: Building a Competitive Advantage 4) ________ focuses everyone's attention and efforts on the same target market. It is an expression of what the owner believes in. Topic: The Strategic Management Process 5) Answering the question "What business am I in?" defines the company's: Topic: The Strategic Management Process — Develop a Clear Meaningful Mission 6) Once the vision and mission are established, the entrepreneur needs to: Topic: The Strategic Management Process 7) ________ are positive internal factors that contribute towards accomplishing the company's objectives. Topic: The Strategic Management Process 8) When the small business owner assesses her company's strengths and weaknesses, she is dealing with the ________ business environment. Topic: The Strategic Management Process 9) Corey notices a "backlash" against health food among people who eat out. He decides to open a restaurant that stresses "good home cooking," heavy with gravies, breads, oils, etc. Corey has identified and is trying to capitalize on a(n) ________ in the market environment. Topic: The Strategic Management...
Words: 851 - Pages: 4
...TABLE OF CONTENTS 1 Introduction 5 1.1 Why Asset Management is Important? 5 1.2 Organisational Commitment 5 1.3 Progress Made 6 1.4 Strategic Linkages 6 1.5 Organisational Asset Management Linkages 6 1.6 Key Stakeholders 7 1.7 Issues 7 2 Demand management 7 2.1 Overview 7 2.5 Teaching Spaces 10 2.6 Consideration of Capacity – Supply vs Demand 11 3 Levels of service 12 3.1 Overview 12 3.2 Strategic Levels of Service 12 3.3 Tactical Levels of Service 13 3.4 Operational Levels of Service 13 3.5 External Level of Service Requirements 14 4 Asset description – knowing what we have 14 4.1 Overview 14 4.2 Asset Values 14 4.3 Building Description 15 4.4 Building Risk Profile 15 4.5 Building Functionality 15 4.6 Building Availability and Utilisation 16 4.7 Building Condition 16 4.8 Environmental Performance 17 5 Challenges and investments 17 5.1 Overview 17 5.2 Shortfalls – Educational Service Needs 17 5.3 Currently Funded Projects 18 5.4 Responses to Significant Known Challenges 18 6 Optimised Decision Making 19 6.1 Optimised Decision Making Framework 19 6.2 Significant Projects 19 6.3 Likelihood of Events Happening 19 6.4 What Controls Can Be Put Into Place 20 6.5 Prioritisation and Decision Making Process 20 7 Financial forecasts 20 7.1 Overview 20 7.2 Long Term Capital Forecasts 20 7.3 Consequential...
Words: 3823 - Pages: 16
...In the Creating Your Strategic Plan Book (2011, p. 3), Bryson and Alston suggests a strategic planning is deliberative discipline effort to produce fundamental decisions and actions that shape and guide what an organization is, what it does, and why it does it.” Although change is inevitable, a long range strategic plan is and will continue to be an essential part of responsible management (Heskett, 2013). Conversely, the reason why long-range planning is integral in organizational planning is because “strategic planning, especially long-term strategic planning is no less necessary in a fast-changing world. The root cause of every business or organization disaster is mistaking pursuing short-term goals ahead of long-term one” Christensen,...
Words: 1513 - Pages: 7
... Evolution of Consultative Selling Consultative selling emphasizes need identification, which is achieved through effective communication between the salesperson and the customer. The salesperson establishes two-way communication by asking appropriate questions and listening carefully to the customer's responses. The salesperson assumes the role of consultant and offers well-considered recommendations. Transactional selling is a sales process that most effectively matches the needs of the value conscious buyer who is primarily interested in price and convenience. This approach to selling is usually used by marketers who do not see the need to spend very much time on customer need assessment, problem solving, relationship building, or sales follow-up. 4 Major Features of...
Words: 795 - Pages: 4
...Scorecard to Plan and Manage Strategically Howard Rohm President and CEO, the Balanced Scorecard Institute Are programs, services, and staff aligned around a shared vision of the future? Do government leaders have a clear strategy for delivering cost-effective services for citizens and other stakeholders, and is that strategy communicated with clarity, both internally and externally? Do you have a disciplined way of choosing priorities among competing programs and services, under tighter and more stringent budgets? How are you keeping score and communicating progress toward the vision? If you need to make hard choices among competing programs and services for tight budget dollars, if you are looking to increase program and service effectiveness and improve operational efficiency and performance, and if you need to become a more strategy focused organization then a balanced scorecard may be the best planning and management framework for your organization. This article describes how to build a strategy-based balanced scorecard system, and shares some lessons learned from developing strategy-based scorecard systems in dozens of government and nonprofit organizations in 22 countries and from training over 5000 people from 150 organizations. “Balanced scorecard” means different things to different people. Balanced scorecards have evolved over the past decade from dashboard systems that simply measure financial and non-financial performance, to holistic, strategic planning and management...
Words: 1782 - Pages: 8
...AutoZone’s Expansion Strategic and Operational Plan Blake L. Chambers, Jr. MGT 521 26 Oct 14 AutoZone’s Expansion Strategic and Operational Plan AutoZone is one of the leading distributors of replacement parts and accessories for automobiles, and they currently have their sights set on global expansion. They already have stores in forty-nine states and Washington, D.C., as well as Puerto Rico, Mexico and Brazil ("Autozone Real Estate", 2004--2014). Currently they are looking to expand with in the US as well their global presence by aggressively advertising in Mexico and Puerto Rico. AutoZone wants to add more stores in more markets, that is their strategic goal, and adding a new stores in new markets are operational goals that helps achieve that strategic goal. Strategic Plan AutoZone’s strategic goal is to add more stores in more markets, to accomplish this goal they need an overarching strategic plan. When developing a strategic plan, there are several variables AutoZone needs to consider. First they need to do a SWOT analysis and decide if they even have the ability to expand. According Marketline in their most recent SWOT analysis of AutoZone, one of their strengths is “Robust financial performance supports future expansion plans” (“AutoZone, inc. SWOT analysis” 2014, para. Strengths), and “Expansion of retail stores and hub store network could provide more business opportunities” (“AutoZone, inc. SWOT analysis” 2014, para. Opportunities). Based on this...
Words: 928 - Pages: 4
...Strategic Management Process MGT/498 Abstract The primary components of the strategic management process are strategic planning and strategic execution. The strategic management process is an important factor to the success of an organization. Components to consider are the planning and execution of the strategy. Wal-Mart is trying to increase their sales by reinventing how they do business and building on the Internet side of the business. Strategic Management Process Organizations begin because someone had an idea and wanted to share it with the world. However, an organization cannot be successful based on the ideal alone. Some planning must take place to establish the internal and external components of the organization. In other words, policies on how the company will operate, procedures on how the product is developed, and how to reach the customer base is imperative prior to starting a business. This is when strategic management is most effective. According to Wheelen and Hunger (2008), strategic management is “a set of managerial decisions and actions that determines the long-run performance of a corporation” (p.5). The purpose of the paper is to explain the primary components of a strategic management process, indicate why a strategic management process is needed, and examine a strategic management process of Wal-Mart. Primary components of strategic management Strategic planning and strategic execution are the primary components of strategic management...
Words: 672 - Pages: 3
...Ethics, Social Responsibility and Strategy Planning A strategic plan places emphasis on accomplishing a business goal and when accomplished correctly should provide business leaders where to spend time, money, and any other needs that arise in building the plan. The strategic plan is the road map to how to get the desired end result. To build a successful strategic plan a business needs to understand who they are and how the market perceives them. A business also needs to understand what is important to change and what to not change. A business doesn’t want to remove or change what is already good about them but determine what they can improve on. If a business needs improvements in identified weak areas then the business can develop a plan that incorporates who is accountable and completely identify what is considered an achievement. A strategic plan should not occur when the business feels it is necessary but visited constantly to ensure the business is moving on track and nothing slip through the cracks. Review of the plan and refinements of the plan need to be handled timely and appropriately. Lastly, a company needs to communicate the plan to the business internally as this helps identify the mission and who the company is. Places everyone on the same page to the question the business must ask, who we are? The Role of Ethics and Social Responsibility Ethics should be the most forefront idea in any strategic plan. Ethics should be part of a company’s mission statement...
Words: 350 - Pages: 2
...Ethics, Social Responsibility and Strategy Planning A strategic plan places emphasis on accomplishing a business goal and when accomplished correctly should provide business leaders where to spend time, money, and any other needs that arise in building the plan. The strategic plan is the road map to how to get the desired end result. To build a successful strategic plan a business needs to understand who they are and how the market perceives them. A business also needs to understand what is important to change and what to not change. A business doesn’t want to remove or change what is already good about them but determine what they can improve on. If a business needs improvements in identified weak areas then the business can develop a plan that incorporates who is accountable and completely identify what is considered an achievement. A strategic plan should not occur when the business feels it is necessary but visited constantly to ensure the business is moving on track and nothing slip through the cracks. Review of the plan and refinements of the plan need to be handled timely and appropriately. Lastly, a company needs to communicate the plan to the business internally as this helps identify the mission and who the company is. Places everyone on the same page to the question the business must ask, who we are? The Role of Ethics and Social Responsibility Ethics should be the most forefront idea in any strategic plan. Ethics should be part of a company’s mission statement...
Words: 530 - Pages: 3
...Case study 2: Second National Bank 1. What do you think of the idea of having an annual off-site retreat for top management to develop the strategic plan for the organization? In my opinion, it is not a good idea because in many situations, top managers are not someone who involved directly to the strategic plan. Their main responsibility is to manage is focused on macro management process; as a result, many of them do not remember primary categories of the strategic plan; for example, in this case study, they did not even bring any copy of the plan to their meetings. Meanwhile, middle level and low level managers tend to deal with different kind of projects which are based on the strategic plan in more details. Consequently, they could figure out if the strategic plan is good enough and how it could be improved. Besides that, one of the most important factors which help recognize if it is the effective strategic plan is the strategy reviews from middle level and low level managers. However, via this case study, we can realize that no one in top management brings any review to the meetings. I think it is a really bad situation, since how the top management could adapt the plan based on the outcomes of those reviews. 2. Critique the planning process for the Second National Bank Firstly, the strategic planning of the Second National Bank should comply with organization’s mission and vision Mission: Provide excellent bank services Vision: “Exxor County’s Friendliest Bank” ...
Words: 646 - Pages: 3
...Strategic planning is more than ensuring your association will remain financially sound and be able to maintain its reserves—it’s projecting where your association expects to be in five, ten, or fifteen years—and how your association will get there. It is a systematic plan- ning process involving a number of steps that identify the current status of the association, including its mission, vision for the future, operating values, needs (strengths, weaknesses, opportunities, and threats), goals, prioritized actions and strategies, action plans, and moni- toring plans. Strategic planning is the cornerstone of every common-interest community. Without strategic planning, the community will never know where it is going—much less know if it ever got there. An important concept of strategic planning is an understanding that in order for the community to flourish, everyone needs to work to ensure the team’s goals are met. Team members include all association homeowners, the board of direc- tors, professional management—whether onsite or through a management company— and various service professionals such as accountants and reserve professionals. This team needs to work as a collective body to be successful. Part of the team concept is the establishment of roles for the team players. Teams usually perform poorly if everyone or no one is trying to be the quarterback. Strategic planning is a relatively new genre of planning, adapted from primarily two sources. Business schools have equipped...
Words: 1574 - Pages: 7
...Development Building an Information Security Management Program 6303 Barfield Road • Atlanta, GA 30328 Tel: 404.236.2600 • Fax: 404.236.2626 Security Strategy Development Information Security Management A sound information security management program involves more than a few strategically placed firewalls. These safeguards, while important, are only truly effective as part of an overall information security management system. The integration of existing security technologies and processes into a cohesive framework for security management will ultimately reduce inefficiencies and redundancy and ensure the manageability of those solutions. A comprehensive security program should contain the proper balance between people, processes and technology to effectively manage risk with minimal impact on normal business operations. In order to build an appropriate information security program, an organization should assess and define their specific security requirements, design a solution that meets those unique requirements, deploy the necessary policies, technology and procedures, and continuously maintain, adapt and improve that solution. An organization’s overall security strategy will provide a framework for defining those elements necessary in building and maintaining a sound security management program. Strategic planning can take many forms, but the end result should yield a documented approach for achieving goals set within the framework of a specific strategic objective...
Words: 1442 - Pages: 6
...University of Phoenix Material Mon Valley Case Study Responses Read “How the Strategic Prinicples of Consensus Organizing Were Applied in the Mon Valley” in Ch.3 of Consensus Organizing. The following questions come from “Questions About the Mon Valley Case Study” in Ch.3 of Consensus Organizing. Identify where you see strategic principles of consensus organizing demonstrated in the Mon Valley Case Study. Provide 150- to 200-word answers for each of the following principles and the summary. |Strategic principle 1: Solutions to local problems should come from affected communities. | | | |The Mon Valley, a region of cities and towns along the Monongahela River near Pittsburgh, Pennsylvania suffered a huge blow to their economy| |in the 1970’s and 1980’s when the area’s steel mills shut down. This frustrated the residents of Mon Valley, and it was difficult for them | |to develop solutions to their problems without financial backing. Despite “conflict organizers” ill attempts at publically shaming the | |owners of the steel mills, the communities continued to suffer. It wasn’t until a local, Robert Pease, hired Mike Eichler to develop a | |plan. Eichler developed the Local Initiatives Support Corporation (LISC). The LISC organized the residents and local corporate...
Words: 1209 - Pages: 5
...Walter Seitz | Start Date: | 4/18/2011 | Scheduled Completion Date: | 6/30/2012 | Mission | Construct a new plant in Huntsville Alabama that would best achieve the strategic goals in the next fiscal year. The #1 priority is to double total sales within the next decade. | | Scope | | * Select resources such as: Architect, Real Estate Consultant, and General Contractor * Recruit and Train Managers for Huntsville Plant * Create a Pre-Production and Production Plan * Create a Building Concept and Design * Procure Building Site, Permits, and Appropriate Approvals * Construct the Huntsville Plant Building * Landscaping on Site * Personnel Recruiting for Plant Operations * Procure Equipment, Raw Material and Truck Fleet * Install Equipment * Create Product Distribution Plan and Pre-Production Plan * Start Up Production and Distribution Out of Scope * Geothermal Heating * Solar Powered Electric Feed * Multi-Level Parking Garage * In-House Food Court * Construction of Separate Distribution Facility | Objectives | | The objective is to construct a new plant in Huntsville Alabama between April 18, 2011 through June 30, 2012. This project is one of several initiatives that align with achieving the SEITZ Corporation’s strategic goal of doubling total sales within the next decade. The construction and project should not exceed $2,750,000. | Assumptions | Construction of the Huntsville...
Words: 513 - Pages: 3
...Strategic Plan; Home Depot Strategic planning is an organizational management activity that is used to set priorities, focus energy and resources, strengthen operations, and ensure that employees and other participants are working toward common goals. It is a disciplined effort that produces essential decisions and actions that shapes and guides what an organization is, who it serves, what it does, and why it does it. Strategic planning focuses on the future of the company. Strategic planning is building a plan that provides guidance in fulfilling a mission with maximum efficiency and impact for a company. Basically it is the Who, What, When, Where, How and How Much aspect to planning. “A company collectively tries to agree on where it is going (its vision) and how it’s going to get there (its strategy)” (Abraham, 2012). Strategic planning is a very important part of having a successful organization. Without it, the employees will not know what to do or why they are doing it and over time the company will not succeed. In order for the plan to be effective and useful, it should articulate specific goals and describe the action steps and resources needed to accomplish them. In other words, Strategic Planning is a regimented effort to analyze certain things like: the objectives of the organization, why it’s doing that and what is it going to do in the changing environment or future. I have selected Home Depot to analyze and prepare a strategic plan to grow the organization...
Words: 2087 - Pages: 9
