Copyright © 2006 by Pearson Education, Inc. ISBN: 0-558-86622-0 124 CHAPTER 6 | Business Continuity Planning and Disaster Recovery Planning In this chapter, you will learn about the goals of sound business continuity planning and disaster recovery planning, how these two types of planning differ, the types of threats that could invoke emergency planning and procedures, and several of the more prominent techniques organizations are using to plan for and hopefully prevent a disruption in business activities. Overview of the Business
The “Five Forces” are external forces that a corporation needs to consider for its business strategy to compete with other in the real world. The “Five Forces” that shape the competition according to Mr. Porter are: 1) Threat of New Entrants, 2) Bargaining Power of Suppliers, 3) Bargaining Power of Buyers, 4) Threat of Substitute Products or Services, and 5) Rivalry Among Existing Competitors. In 2004, Robert Kaplan and David Norton published “Strategy Maps: Converting Intangible Assets into Tangible Outcomes”. Their strategy map provides a systematic way to analyze if the intangible assets are aligned with the critical internal processes. Intangible assets according to Kaplan et al.
"What kind of company do we want to become / what kind of company must we become?" • Strategy A strategy is concerned with the actions and resources needed to achieve specific long-term objectives. Some typical questions one might ask at this level are: "What conditions need to hold for our business to be viable?" "What products and services will we offer and to what customers?" "What capabilities and capacities will we require?"
Running head: FINAL STRATEGIC PLAN – THE HOME DEPOT Final Strategic Plan – The Home Depot University of Phoenix MBA 580 Charles Hooley June 1, 2009 Final Strategic Plan – The Home Depot Executive Summary Companies in today’s market need to think more than “product, placement, and promotion.” With the stressors, both internal and external on the company, they must think critically to ensure continuing operations. Many businesses explicitly and all implicitly adopt one or more generic strategies characterizing their competitive orientation in the marketplace. Low cost, differentiation, or focus strategies define the three fundamental options… Enlightened managers seek to create ways their firm possesses both low cost and differentiation competitive advantages as part of their overall generic strategy. They usually combine these capabilities with a comprehensive, general plan of major actions through which their firm intends to achieve its long-term objectives in a dynamic environment. Called the grand strategy, this statement of means indicates how the objectives are to be achieved… (Pearce and Robinson, 2004, p. 14).
2. Question: (TCO 1) The first phase of Porter’s recommended process for evaluating the company is: 3. Question: (TCO 2) Change management is the approach to plan, _______, ________, manage, measure, and sustain changes in business processes and work. 4. Question: (TCO 2) According to Porter’s model, which of the following are forces driving industry competition?
Richard Whittington's book 'What is Strategy and Does it Matter' delineates and differentiates4 approaches to strategy - classical, evolutionary, processual & systemic. "What is Strategy - and Does it Matter? (2002)" by Richard Whittington revolves around four different views on strategy or the "theories of action" in business strategy : the classical planning approach; the efficiency-driven evolutionary approach; the craft-like processualapproach; and the internationally-sensitive, systemic approach. The Classical Approach to Strategy According to Whittington, for classicists profitability is the highest goal of business and rational planning as the means to attain it. Whittington quoted Alfred Sloan, former President of General Motors, who laid out the cornerstone for the Classical strategy based on profit.
In fact, it examines emerging business opportunities, undertakes issue-specific work (partnering with general managers on defined strategies applicable to particular geos or lines of business), and finally, looks at the overall strategy for the corporation (What is IBM’s strategy October 2008, side article). The four key Stategies of execution for IBM. See below Table 1.0 IBM Four Key Stratgies (IBM Corporation 2009, slide 3) Before jumping straight into the External Environment we need to
Chapter one analyses Medtronic as a multinational enterprise by addressing”an initial screening of business environment including political environment, economics, culture etc. Medtronic’s competitiveness and abilities is analyzed through a combination of country specific advantages (CSAs) and firm specific advantages (FSAs) and is included in FSA/CSA Matrix and by addressing Porter’s four determinants. In chapter Two in-depth analysis of challenges and issues the company faces as well as risk management plan the company must undertake in a long run for reducing its operational risks. The last chapter is about developing a strategy for the successful operation of Medtronic as an MNE with an overview of IHRM, personal selection, training and development. Recommendations and suggestions for Medtronic on the level of involvement the company should take to increase the likelihood of long term success are included in the conclusion.
Business Strategy Planning Business Strategy Planning | Questions | Page | P1 | Explain strategic contexts and terminology- mission, vision, objects, goal, core competencies. | 02 | P2 | Review the issues involved in strategic planning | 03 | P3 | Explain Different Planning Techniques. | 03 | P4 | Produce an organizational audit for a given organization. | 04 | P5 | Perform associate environmental audit for a given organization. | 05 | P6 | Justify the Importance of Stakeholder Analysis.
Contents 1.1 Compare different management styles 3 1.2 Discuss leadership characteristics 4 1.3 Evaluate communication processes within selected businesses 4 1.4 Analyse organisational culture and change in selected business 5 Task 2 5 2.1 Assess own management skills performance 5 2.2 Swot analysis 8 2.3 Set and prioritise objectives and targets to develop own potential 9 Task 3 9 3.1 Lead and motivate a team to achieve an agreed goal or objective 9 3.2 Justify managerial decisions made to support achievement of agreed goal or objective and recommendations for improvements 9 Task 4 10 References 10 Organisations need a certain direction in order to develop their businesses. The most important role for this objective belongs to managers. They are those who provide directions of development for companies. People who work within management positions need certain skills as the ability to make decisions, run the business and be responsible about their work and also about the people that they manage. Also, organisations need to make sure that they provide possibility to develop certain managerial skills for people working within key positions.