...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...
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...areas that present specific operations issues and has made recommendations for each of these areas below. The issues discovered and discussed are strategic planning, organization, finance, project management, a project team, and project resource allocation and are presented in the information below with recommended resolutions. Week 1 Issues Issue #1 The first issue identified by Strategy One is in the area of strategic planning. CanGo has been a successful company to date by being a trail blazer and leader in the online retail resource vertical. In order for CanGo to continue its success, remain a leader and expand its offerings, strategic planning must be implemented in the management of the company. “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. Existing businesses that have already developed a strategic management plan will revisit these steps as the need arises, in order to make necessary changes and improvements.” (Bushman, 2007) There is an admitted lack of planning in the current organization. By documenting the trending in what has been successful; CanGo will be able to remain an industry leader as long as this planning is a priority in deciding the future vision of CanGo. Issue #2 The second issue identified by Strategy One is in the area...
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...Strategic Management Process Paper Kenneth Worley MGT/498 February 19, 2014 Patty Murphy Strategic Management Process Paper Having a set of rules, is not the only way to approach management. There is a process to follow. There is a philosophical/strategic thought to it. Management of a business must implement this process. Best way to process it is when everyone in upper management understands the strategy and goal of the business. Goal-setting- is one of the process patterns to illuminate the vision of a business. Also identifying some facets like short, long term objectives and knowing how to accomplish those objectives. Customizing the tasks to the staff for them succeed toward the goals set. Making sure the goals are realistic and detailed, and relate to the vision verbally and written to staff and shareholders of the business. Analysis is very important process, accomplishing your vision is for you to gathering all the relevant data and information. Analyzing what the business need on a sustainable entity, identifying initiatives and strategic direction of your vision and the growth of business. Analyzing external and internal problems which may affect the goals and objectives, which plays to the weakness and strengths of the businesses. Strategy Formulation- is after the completion of the information analysis. Identifying areas might need external resources and identify resources currently the business has to accomplish goals and objectives. To start formulating...
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...You are to develop the fundamentals of strategic plans for the Ford Motor Company and the Toyota Motor Corporation, two giants of the automobile industry. You are to develop SWOT analyses and propose strategies for the two multinational enterprises. In doing so, it will be necessary to research, analyze, and compare both firms to understand better their current position and future plans to increase competitive advantage. Common problems facing each auto giant today are the current economy; the competition of the other auto firms; and the demand for a lower cost, more ecologically friendly, alternative fuel vehicle. Your research should include the following issues for both firms. Present your data in the form of a comparative table. Issues Ford Toyota Legal, Social and Economic Environments Management Structure Operational & Financial Issues Analysis of Strategic Intent Social and External Challenges Current Manufacturing Facilities & Distribution System Market Demand & Demographics Alternative Fuels & Propulsion Systems Your document must evaluate, compare and contrast Ford’s and Toyota's current position on these issues. Respond to the following: 2. Take the perspective of Ford's Director of Strategic Planning to develop a full SWOT analysis of Ford, identifying and explaining at least five factors for each category (strengths...
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...INTRODUCTION It is useful to consider strategy formulation as part of a strategic management process that comprises three phases: diagnosis, formulation, and implementation. Strategic management is an ongoing process to develop and revise future-oriented strategies that allow an organization to achieve its objectives, considering its capabilities, constraints, and the environment in which it operates. Diagnosis includes: (a) performing a situation analysis (analysis of the internal environment of the organization), including identification and evaluation of current mission, strategic objectives, strategies, and results, plus major strengths and weaknesses; (b) analyzing the organization's external environment, including major opportunities and threats; and (c) identifying the major critical issues, which are a small set, typically two to five, of major problems, threats, weaknesses, and/or opportunities that require particularly high priority attention by management. Formulation, the second phase in the strategic management process, produces a clear set of recommendations, with supporting justification, that revise as necessary the mission and objectives of the organization, and supply the strategies for accomplishing them. In formulation, we are trying to modify the current objectives and strategies in ways to make the organization more successful. This includes trying to create "sustainable" competitive advantages -- although most competitive advantages are eroded...
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...the author will analyze seven of the forces and trends that Lusti Laundromat must take into consideration including economic, legal and regulatory. The author will describe how the company adapts to changes, and analyze the supply chain operations. By identifying the major issues or opportunities that the company faces with the synopsis, the author can generate a hypothesis surrounding each issue and research questions. The author will conclude by identifying the circumstances surrounding each issue, classifying the circumstances; attributing the importance of each classification; and test the accuracy of the importance for each classification. Strategic Planning is a tool the organizations use to concentrate its energy, to ensure that the workforce and all members of the company are working towards the same goal previously establish. The primary purpose of strategic planning is to assess and adjust the organization’s direction in response to a changing environment. Strategic planning is necessary to allow the firm to keep its competitive advantage, and that is what makes the difference on successful companies. For Lusti Laundromat, a coin laundry store in South Florida, the administration understand the importance of strategic planning to pursue the goals previously set and to make sure the workforce meets the standards of the organization. Given the success achieved so far Lusti Laundromat management decided to expand and open more stores throughout South Florida. The main...
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...likely engaging in _________. A) strategic manageme nt B) strategy utilization C) strategic processing D) strategic formali ty A) strategic management Of the following, which one is least likely to be considered a critical task associated with an organization's strategic management proce ss? A) Evaluation of the process for use in future decision making B ) Evaluation of options relative to the company's mission C) Decrea sing the levels of hierarchy present within the company's manage ment structure D) Developing a set of short-term objectives that ar e compatible with the company's grand strategies C) Decreasing the levels of hierarchy present within the company's management structur The We Have It Your Way Organization has an established "game pl an" for its business operations. This game plan reflects the compan y's awareness of how and where it should compete and against wh om the competition should take place. It can be stated this organiza tion has an established _________. A) level of strategy B) formality C) planning mode D) strategy D) strategy Of the following, which statement would most likely not be consider ed a dimension of strategic issues? A) Strategic issues require large amounts of the firm's resources. B) Strategic issues always impact the firm's long-term income. C) Strategic issues require the firm's e xternal environment be considered. D) Strategic issues are future-o riented. B) Strategic issues always impact the firm's long-term...
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...contributor within the company. Human resource management will face many challenges and will operate in a constant environment of change. Two of the most important challenges to the role of human resource management in the future is the capacity to develop and utilize a new set of competencies to fulfill the changing roles and the ability to move to a strategic human resource. In this assignment I will outline how each of these areas have developed to become two of the most important changes for Human Resource Managers and why I believe they are critical to the success of an organization. Strategic Human Resource Management The literature on the changing role of human resource management stresses the requirement to move from an administrative support function, or the more traditional human resource operational management model, to a strategic and facilitative role. To sustain the transformation of the human resource functions to a Strategic Human Resource Management model; it will require human resource professionals to develop a new set of competencies to fulfil this role. Strategic Human Resource Management Defined Strategic human resource management encompasses functions, which focus on the long-term goals of the organization. The functions of the human resource department are key activities which include policies, programs and practices which link the human resource management...
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...DEVELOPING OF MARKETING STRATEGIES AND PLANS C H A P T E R 2 ___________________________________________________________________________ INTRODUCTION How do companies compete in a global marketplace? One part of the answer is a commitment to creating and retaining satisfied customers. We can now add a second part: Successful companies know how to adapt to a continuously changing marketplace through strategic planning and careful management of the marketing process. In most large companies, corporate headquarters is responsible for designing a corporate strategic plan to guide the whole enterprise and deciding about resource allocations as well as starting and eliminating particular businesses. Guided by the corporate strategic plan, each division establishes a division plan for each business unit within the division; in turn, each business unit develops a business unit strategic plan. Finally, the managers of each product line and brand within a business unit develop a marketing plan for achieving their objectives. However, the development of a marketing plan is not the end of the marketing process. High-performance firms must hone their expertise in organizing, implementing, and controlling marketing activities as they follow marketing results closely, diagnose problems, and take corrective action when necessary. In today’s fast-paced business world, the ability to effectively manage the marketing process—beginning to end—has become an extremely...
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...04 Student: ___________________________________________________________________________ 1. Which of the following is not one of the six questions that comprise the task of evaluating a company's resources and competitive position? A. What are the company's most profitable geographic market segments? B. How well is the company's present strategy working? C. Are the company's prices and costs competitive? D. Is the company competitively stronger or weaker than key rivals? E. What strategic issues and problems merit front-burner managerial attention? Which of the following is not a component of evaluating a company's resources and competitive position? A. Evaluating how well the present strategy is working B. Scanning the environment to determine a company's best and most profitable customers C. Assessing whether the company's costs and prices are competitive D. Evaluating whether the company is competitively stronger or weaker than key rivals E. Pinpointing what strategic issues and problems merit front-burner managerial attention The spotlight in analyzing a company's resources, internal circumstances, and competitiveness includes such questions/concerns as Awhether the company's present strategy is better than the strategies of its closest rivals based on such . performance measures as earnings per share, ROE, dividend payout ratio, and average annual increase in the common stock price. B. whether the company's key success factors are more dominant than the key success...
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...Workforce Planning a good practice guide for TAFE Institutes 10 September 2004 1 Introduction 1 2 Purpose of this guide 2 3 Key elements of workforce planning programs 2 4 Implementation guidelines 3 4.1 Consider the broader context 3 4.2 Identify your future business direction and workforce needs 4 4.3 Know your current workforce 6 4.4 Bridge the gap – identify and address your workforce issues 8 4.5 Provide a sound basis for effective implementation 9 5 WORKFORCE PLANNING CHECKLIST 10 5.1 Key considerations for effective workforce planning 10 6 UNDERPINNING KNOWLEDGE FOR WORKFORCE PLANNING 12 Introduction Workforce planning is the continuous process of ensuring that the right people are in the right place at the right time, in order to accomplish the organisation’s mission now and into the future. Its fundamental purpose is to align and integrate the organisation’s workforce with its strategic goals and objectives. The degree to which the organisation has the appropriate skills, the correct numbers and the right talent mix to achieve its mission in a dynamic external environment will be crucial to its continued success. It is also about the sound management of human capital processes, including recruitment, retention, development, redeployment, and retirement planning for minimal loss of knowledge. Workforce planning can assist TAFE Institutes anticipate the staffing and skill...
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...module examines the process of strategic management, focusing on the nature of strategy formulation and implementation. The analysis of strategy concepts and case study examples will be used to develop awareness of the factors that must be considered in strategic decision-making. Topics include: strategic vision and mission, environmental and industry analysis; generic strategies; core competence; growth and diversification; internationalization and the execution of strategy. At the end of the module we are able to subject the. * Concepts of strategic management to critical analysis; analyze the business and competitive environment; formulate competitive and development strategies drawing on relevant concepts, demonstrate an awareness of factors that must be considered in implementing strategy and leading strategic change. * A critical understanding and appreciation of the various behavioral manifestations of customer engagement * Identify and critically evaluate relevant theories underpinning such customer behaviors * Consolidate and integrate the knowledge and understanding gained from this module with other associated marketing modules * Sufficient knowledge to identify and manage these customer behaviors in their own or a related business * A comprehensive knowledge and understanding of the frameworks and concepts of strategic market management and planning. * To demonstrate expertise in conducting a strategic audit of an organization and recommend...
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...A guide to strategic human resource planning By Workinfo.com, www.workinfo.com 1. Introduction A comprehensive Human Resource Strategy plays a vital role in the achievement of an organisation's overall strategic objectives and visibly illustrates that the human resources function fully understands and supports the direction in which the organisation is moving. A comprehensive HR Strategy will also support other specific strategic objectives undertaken by the marketing, financial, operational and technology departments. In essence, an HR strategy should aim to capture "the people element" of what an organisation is hoping to achieve in the medium to long term, ensuring that:- • • • • it has the right people in place it has the right mix of skills employees display the right attitudes and behaviours, and employees are developed in the right way. If, as is sometimes the case, organisation strategies and plans have been developed without any human resource input, the justification for the HR strategy may be more about teasing out the implicit people factors which are inherent in the plans, rather than simply summarising their explicit "people" content. An HR strategy will add value to the organisation if it: • • articulates more clearly some of the common themes which lie behind the achievement of other plans and strategies, which have not been fully identified before; and identifies fundamental underlying issues which must be addressed by any organisation or business...
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...role of the accountant is S&L 8-9 Accountant’s role, financial aspects of value creation 10-12 Drivers of globalisation (competitive, techno, social, political forces) 12-15 Challenges of globalisation (Competition, distribution, macroeconomic, socioeconomic, financial, legal, physical, political, sociocultural, labour, risk) 15-16 Benefits of globalisation (cost, timing, learning, arbitrage), value of localisation 17-20 Approaches to strategy (rational vs.processual) and assumptions 21-22 Evolutionary, systemic and fuzzy approaches, implications 22-25 Strategy process, mission & vision, external & internal env. 25-27 Strategic thinking, strategic planning (3 Q’s and 3 issues), criticism, value of both 27-30 Strategic stretch and fit, strategy equation (Bendigo bank) 30-32 Levels of strategy (corporate, business, functional) 32-34 Strategic leadership, approaches to leadership (traits, behavioural, situational, transformational & transactional) 34-36 Importance of leadership (Q. 1.7) 36-39 Leadership and Ethics (questions, classical and socioeconomic views of ethics) 39-40 CSR, strategy, leadership and ethics MODULE 2: The external environment 4-5 Definition, reasons of difficulty in analysis, analysing an industry 6-13 Sources of data for analysis, 1. Defining the industry, industry value chain (pharmaceutical) 13-16 Music industry, 2. Industry segmentation, information needed 17-18 3. Industry life cycle (start-up, growth, maturity, shake-out, decline/renewal) ...
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...selection of products. Further, the company would need to determine what would be the various levels of support it would provide to its customers. For example, would the company take its equipment directly to the consumers for demonstrations and lessons on how to gain the optimal results with the equipment? All of these types of decisions would be the result of the organization developing a strategy for how it will conduct its business. All of this translates into Strategic Management with the intended result of gaining a competitive advantage in a business niche. Very simply, developing a Strategic Management Plan means having defined what is the best set of results the organization can attain or what the organization wishes to accomplish (from the Vision and Mission Statements), developing the ways to accomplish these results (Strategies), and measurable factors (Goals and Objectives). All of this is in context of good business practices (ethics) and making good business decisions. A vibrant organization knows that Strategic Management requires: * Planning by completing the...
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