...Strategic Plan Part 1 Business 475 September 23, 2014 Strategic Plan Part 1 Strategic Plan, Part 1: Conceptualizing a Business The information that will be provided in this paper will give information about a new type of restaurant in the industry, ME Cafe. ME Cafe with provide food for all walks of life. It will cater to specific needs, wants, and desires of each of their customers at an affordable price. The information within this document will cover the mission statements, vision statements, and the values in addition to how these steps will assist the company in determining their strategic direction. “ A strategic business plans assist companies in defining their mission and vision, helps them define their purpose and direction setting them apart from their competitors,” (Pearce & Robinson, 2009, “p” 57). Creating a sound mission and vision statement allows the consumer, employees, stockholders, and competitors to see where the company is presently, potential goals, and their plan to achieve their goal. Concept for ME Cafe ME café will provide natural, fresh and organic to a large variety of flavour’s and fillings, themed appetizers, sandwiches, wraps and other menu items specifically designed to meet each consumer’s needs, wants, and desires at an affordable price within the Food service industry. Our options will include gluten, egg, and dairy free, in addition to other special dietary needs. Business hours are 5 a.m. to 10 p.m. Tuesday through Sunday...
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...1 Definition of Strategic Management Strategic management is the process where managers establish an organization’s long-term direction, set the specific performance objectives, develop strategies to achieve these objectives in the light of all the relevant internal and external circumstances, and undertake to execute the chosen action plans. Strategic management steps: • specifying an organization’s objectives, • developing policies and plans to achieve these objectives, • allocating resources to implement the policies Therefore, we can see that strategic management is a combination of strategy formulation and strategy implementation. It is the highest level of managerial activity, usually performed by an organization’s Chief Executive Officer (CEO) and executive team. Strategic management provides overall direction to the enterprise. Strategy formulation involves: • doing a situation analysis: both internal and external; both microenvironmental and macro-environmental. • concurrent with this assessment, objectives are set. This involves crafting vision statements (long term view of a possible future), mission statements (the role that the organization gives itself in society), overall corporate objectives (both financial and strategic), strategic business unit objectives (both financial and strategic), and tactical objectives. • these objectives should, in the light of the situation analysis, suggest a strategic plan. The plan provides the details of...
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...organization of work activities, the motivation of people to achieve the objectives, the maintenance of cooperative relationships, the development of skills and confidence by members and the enlistment of support and cooperation from the people outside the group or organisation Leadership in an organizational role involves: (1) Establishing a clear vision, (2) Sharing that vision with others so that they will follow willingly, (3) Providing the information, knowledge, and methods to realize that vision, and (4) Coordinating and balancing the conflicting interests of all members or stakeholders LEADERSHIP AND STRATEGIC MANAGEMENT Leadeship is mostly connected with how the work should be done by the people and strategic management is mostly with what the work should be done by the people.when good leadership is combined with effective management,you can set a direction and be able to manage the resources the way you want,not only that you will arise to your destination the way you have planned and wanted it. The key to business success largely depends on two main factors, good leadership and effective management. Leadership and management are both...
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...Short Essay on Strategic Management Strategic Management Strategic management basically aims at identifying and describing the strategies, which would be utilized by the managers of the organization, in order to attain better performances as well as competitive advantage for the company. Additionally, it is also considered to be a set of decisions as well as actions, which are taken by the managers or the top management in order to attain the objectives of the organization. Since, this is an ever changing environment, the managers must have all the information and knowledge, in order to cope up with these changes. The manager should be able to make sound decisions and utilize the resources of the company more effectively and efficiently. The initial stage for the manager is to analyze the organization itself, by conducting a SWOT analysis. In accordance with this, the decision takers look to devise a strategy. The major focus of the strategy is the utilization of the strengths of the firm, in the best possible manner. Apart from that, the organization should look to minimize its weaknesses, make best possible usage of the opportunities that arise within the market and always be aware of the threats to the organization. A strategy is developed to cover all these areas. This is the basic function of strategic management. The resources of every organization are limited and have to be utilized efficiently, so that the best possible profit could be gained off of them. For...
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...Portfolio Process In order for the adoption of a portfolio management process (which would be new to this unit) to be successful, the following steps must be followed under the guidance of the portfolio management, and in collaboration with the individual project managers and PMO: • Transition from the existing pure-functional organizational structure to a matrix-style structure by which key functional executives, comprising a newly formed portfolio process committee, would be directly responsible for making portfolio-management decisions; • Identification of the strategic goals of both the SBU and the parent company, Sony, and reevaluating goals as the market or technologies shift, or as Sony adjusts its corporate strategies; • Adoption of appropriate methods and mechanics (i.e. strategic road map, target resource split, strategic buckets) for aligning these strategic goals with the project portfolio; • Management of the portfolio by means of a set of selection criteria for proposed projects, as well as reallocating, reprioritizing, and/or rescheduling current projects at various phases of the pipeline, (thus the portfolio and project management processes become interconnected, and the portfolio is constantly reevaluated). As the portfolio management process aims to preserve existing functional departments and minimize impact on the flow of existing operations, we recommend a transition to a project/functional matrix over the next 12 months...
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...1.0 WHAT ARE THE ELEMENTS OF STRATEGIC MANAGEMENT? Strategic management consists of the analyses, decisions and actions an organization undertakes in order to create and sustain competitive advantages. The strategic management process is made up of four elements: situation analysis, strategy formulation, strategy implementation, and strategy evaluation. These elements are steps that are performed, in order, when developing a new strategic management plan. Situation Analysis The situation analysis provides the information necessary to create a company mission statement. Situation analysis involves "scanning and evaluating the organizational context, the external environment, and the organizational environment" (Coulter, 2005). This analysis can be performed using several techniques. Observation and communication are two very effective methods. To begin this process, organizations should observe the internal company environment. This includes employee interaction with other employees, employee interaction with management, manager interaction with other managers, and management interaction with shareholders. In addition, discussions, interviews, and surveys can be used to analyse the internal environment. Organizations also need to analyse the external environment. This would include customers, suppliers, creditors, and competitors. Several questions can be asked which may help analyse the external environment. It examines the company’s relationship with its customers and...
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...UNIVERSITY OF BOTSWANA DEPARTMENT OF POLITICAL & ADMINISTRATIVE STUDIES MPA 713 – STRATEGIC PLANNING & MANAGEMENT IN THE PUBLIC SECTOR TERM PAPER Discuss the relationship between strategic planning and strategic management as well as indicate the importance of the latter in the attainment of organizational goals. KEALEBOGA R. MOOKETSI 200301911 Introduction This paper intends to discuss the relationship between strategic planning and strategic management as well to indicate the importance of the latter in the attainment of organizational goals. . In order to lay a proper foundation for the essay, it is important to start by looking at the concept of strategy and linking it to planning and management. Defining Strategy A strategy is a plan of action designed to achieve a specific goal. Strategy is all about gaining (or being prepared to gain) an advantage over adversaries or best exploiting emerging possibilities. According to Jeffrey Pfeffer (1997:4), a strategy is a method or plan chosen to bring about a desired future, such as achievement of a goal or solution to a problem. It can also be defined as the art and science of planning and marshaling resources for their most efficient and effective use. Kvint, Vladimir (2009, pg. 67), defines strategy as “a pattern in a stream of decisions" to contrast with a view of strategy as planning’’ while Max McKeown (2011, pg. 342) argues that "strategy is about shaping the future" and is the human attempt to get to "desirable...
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...Three important parts in defining the strategic direction of a company. The mission, vision and values of a company are important to determine the strategic direction for the company’s future business operations. The mission is a guide and reminder to the shareholders and stakeholders of the company’s goals and objectives. The vision is the optimistic views and goals of what the company plans to become in the future. The values of the company are the attitudes, beliefs, perceptions, and views that will help the company to accomplish their mission and vision. Culture, social responsibility, and ethics are very important factors in influencing the company’s values. Customer needs are an important factor for a business to evaluate and implement into strategic business decisions. Companies need to create a competitive advantage over other companies for their products and services to compete in the markets. Companies should define, analyze, and evaluate each of these major factors to define the strategic direction the company wants to move in. Each factor will represent new goals and achievements for a company to pursue along their journey of making their vision come true. The purpose of the mission statement. The statement will be a constant reminder to the employees of the company that they are working to obtain the goals of the clients and not their own personal agendas. The mission of the company sets the strategic direction the company wants to follow. Clients are what...
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...The Importance of Strategic Planning in Banking Performance: An Analyzing Examination Jia Li Abstract This paper explains the definition of Strategic Planning and how it is important in banking performance. As the comparison between Strategic Planning and Operational Planning, we get a general idea that Strategic Planning need to be considered and configured first when it comes to business planning. This paper also conducted a SWOT analysis to identify internal and external factors to eliminate risk of failure for a company. Introduction With the continuous development of the world economy and the trend in economic globalization, strategic planning has been attached into great importance and applied into various fields. Studies explain how strategic planning is related to financial performance, and Hopkins used LISREL analysis explained how people have never realized the gap between SP and Banking Performance (Hopkins pp.635-652). In this paper we will be analyzing the importance of having strategic planning in banking performance by SWOT analysis. Study Foundations First of all, what is Strategic Planning (SP)? SP is an organization’s process of defining its strategy, or direction, and making decisions on allocating its resources pursue this strategy. There are four key components in SP, which are Vision – what do we want to do, Mission – what might we do, Value – for whom do we do it, and Strategy – what should we do (Wiki). Vision outlines what the...
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...Strategic Plan Part I Conceptualizing a Business Dawn Riggenbach Bus/475 March 26, 2012 When a person or persons decides to start a business, there are several things they need to consider, first of all a strategic management plan will need to be outlined determining the what, where, and how of the business. This will include deciding the different divisions that will make up the business and the roles these areas will play in the day to day operation of the company. The plan will entail establishing the short and long term objectives for each division and incorporating the goals into one single arrangement. To assist in deciding the objectives, the type of autos that will be restored will need to be determine, all vehicles versus classic or antique vehicles. Once this decision has been made, a plan on how the business will achieve the established will need to be put in place. Next step is the “where” choice will be the location of the business, choosing an area that will be in a high traffic spot that can easily be found by people is important in assisting the business achieve the goals established in the objectives. The how will be determining the way to make this happen. The four functions of management are important in creating and implementing a strategic plan, as it provides the business the current status of where the business is at the moment and where they plan to be in the future (MyStrategicPlan.com). The owner’s of Riggenbach’s Auto Restoration with the assistance...
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...The Community and Financial Role of the Healthcare Manager What is a Community Health Centers? Community health centers are public or non-profit clinic sites located in medically underserved, rural, and urban areas throughout the nation. They receive grants under the Community and Migrant Health Centers Program of the US Department of Health and Human Services to provide primary and preventive care to community residents. Community health centers remove common barriers to care by serving communities that otherwise confront financial, geographic, language/cultural and other barriers, making them different from most private, office-based practices. CHCs are: • Located in high-need areas identified by the federal and state government as having elevated poverty, higher than average infant mortality, and where fewer providers agree to practice; • Open to all residents, regardless of insurance status, and provide reduced cost care based on ability to pay; • Tailor services to fit the special needs and priorities of local communities, and provide services based on the advice of local residents, businesses, churches, and other organizations; and • Offer services that help patients access health care, such as transportation, translation, case management, health education, and chronic disease management. Health centers are required by law to provide: • Basic health services related to family medicine, internal medicine, pediatrics, obstetrics, or gynecology; ...
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...materials from supplier to manufacturer to wholesaler to retailer to consumer. SCM integrates and coordinates these flows both within a company, and among different companies. A component of SCM is Logistics management that plans, implements, and controls the effective movement and storage of goods, services and related information from origin to destination. Logistics department helps companies in reducing expenses and enhancing customer service. The company selected in order to analyze potential supply chain issues arising at an organization was Martin Dow Limited, a Pharmaceutical Company. Martin Dow started its operation in the year 2000. In 2010, Martin Dow acquired the manufacturing facility of Roche in Pakistan. Martin Dow has five strategic partners namely, Biocodex, Teijin, MEDA Pharmaceuticals, Roche, and Riemser. The company is expanding with more than 1000 employees countrywide. It is producing a total of 121 products under the categories of Cardiovascular, Gynecologist, Ant psychiatric, Anti-Infective, Oncology, and Painkillers. Being a pharmaceutical company with processes ranging from import of raw material, manufacturing of products, to storage of raw material and finished products, and distribution of finished goods to the final customers, supply chain management...
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...Strategic Planning Concepts 1 Running head: STRATEGIC PLANNING CONCEPTS Strategic Planning Concepts STAN R. KEY Bethel University Kathy Vest MOD 440 Strategic Planning 6/23/2011 Strategic Planning Concepts 2 Strategic Planning Concepts Organizations from all over the world have one thing in common: competition. In order for organizations to compete in today’s marketplace they have to have a plan of action or strategy. Strategic planning refers to a process which defines an organization’s plan to effectively allocate its available resources (Strategic Planning Performance, 2011). A strategic plan is not the same as a business plan. A business plan tells how and why the company’s products or services will garner revenues. A strategic plan identifies the objectives, goals, direction, and opportunities within an organization and how to go about executing them. Different Forms of Planning A strategic plan must be realistic, attainable, feasible, and flexible. A company’s strategy is the game plan management is using to stake out a market position, conduct its operations, attract and please customers, compete successfully, and achieve organizational objectives (Bethel College, 2005). Having a competitive advantage in the marketplace is crucial to an organization’s success. Just to create a strategic plan does not mean that all is complete, it is only the beginning. It cannot be treated as a “cure all” for an organization, but needs to be treated as a viable option...
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...that focuses on recruitment, management, and providing direction for the people who work in the organization. HRM is the organizational function that deals with issues related to people such as compensation, hiring, performance management, organization development, safety, wellness, benefits, employee motivation, communication, administration, and training (Heathfield, 2013). HRM is also a strategic and comprehensive approach to managing people and the workplace culture and environment. An effective HRM enables employees to contribute effectively and productively to the overall company direction and the accomplishment of the organization's goals and objectives. HRM must also develop mechanisms that will help multicultural individuals work together. As background, language, custom, or age differences become more prevalent, employee conflict is likely to increase. HRM must make every effort to acclimate different groups to each other, finding ways to build teams and thus reduce conflict (DeCenzo & Robbins 2007). Primary Function of Human Resource Management Human resource management’s primary goal is to improve the contribution of the employees to benefit both the company and the employee. This goal is complicated and always changing as the needs of the workforce and the organization change. According to (DeCenzo & Robbins, 2007), HRM has two primary responsibilities: assisting the organization in its strategic direction and representing and advocating for the organization’s...
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...Review of Strategies (2010) * From functional to divisional * Implementation of the new structure to develop FOCUS on each business segment * Marketing Department: Strategic Marketing, Marketing Services * Development of Sales Training Department * In 2010, Sales and Marketing Department must have a 30.63% (20.25% +10.38%) increase in sales to cover the decrease of sales in 2009 and also maintain the average increase of sales from 2006 to 2009. * 20.25% was the decrease of sales from 2008 to 2009 * 10.38% was the average increase from 2006 to 2009 Planning * Quarterly Sales Conference * Synergize direction- close collaboration between on-line and print sales executives * Integrating the promotion of Medical titles to the Marketing Department * Implement per discipline and per title projection through the format set by Corporate Product Development Office and Sales and Marketing Department. * Completion of Manpower * Budget for Marketing * Implementation of a customer follow-through and retention program where Regional Sales Managers will follow an organized and systematic flow of activities from adoption stage to after-sales to collection to re-adoption and/or re-order * Account Management * To establish the Training Department as a revenue-generating entity of the company by offering and/or bundling established training programs with clients upon adoption or as X-deal. Leading * Implementation...
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