Crafting and Executing Strategy Essay

1459 WordsApr 29, 20136 Pages
Crafting and Executing Strategy Lutuéce Hurt Dr. Lloyd H. Stebbins, P.E. Strategic Management BUS 599 April 21, 2013 Develop an argument supporting the importance of a strategic plan for the success of the defined business. Business owners and future business entrepreneurs need to establish a stronger job market in order to improve challenging working environments. The key to creating a business that will be successful and durable is by developing a strategic plan. Strategic planning is defined as an organization’s method of defining its strategy or direction and making decisions on allocating its resources to pursue this strategy. A strategic plan is the outlined guide of the company’s key decisions, as an organization, to become successful. “…Strategic planning through the construction of a flexible strategy, and to show its importance as a competitive advantage and a significant means to enhance and strengthen such at method to be permanently adapted by the business organizations” (Jordan & Nofan, 2012). In the Airline industry having a strategic plan is critical to the success of the business. The Airline industry is a highly expensive business to operate, manage, and conduct business with customers. Having a strategic plan in this industry is important to have documented processes for different situations, and how to carry out those plans. Airline companies can be faced with many challenges. An airplane could have maintenance malfunctions, flights could be delayed due to weather, and employees could become displeased and go on strike. Having a strategic plan or guide for the whole organization will put the company on the right path to success. “The empirical evidence suggests that more strategic planning and more new product development (NPD) projects lead to better firm performance. Firms with organizational redundancy
Open Document