Crafting and Executing Strategy, Asg 1 Bus559

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Assignment 1: Crafting and Executing Strategy Instructor: Dr. Aikyna Finch Strategic Management – BUS 559 Strayer University. January 20, 2013 1. Develop an argument supporting the importance of a strategic plan for the success of the defined business. “Strategic planning is the process by which members of an organization envision its future and develop the necessary procedures and operations to achieve that future.” [Pfeiffer, Goodstein, Nolan, 1986] and [Rothwell, 1989]. Strategic planning is also “a process of defining the values, purpose, vision, mission, goals and objectives of an organization. Through the planning process, a business identifies the outcomes it wants to achieve through its programs and the specific means by which it intends to achieve these outcomes.” Strategic Planning can be: • A process for setting future directions • A means to reduce risk • A vehicle for training managers and direct supports • A process for making strategic decisions • A way to develop consensus among managers and direct supports • A means to develop a written long-range plan. Why plan strategically: So your organization doesn’t end up like this! OOP’s! OOP’s! In short, as a result of a strategic planning process, an organization will have a clearer idea of what it is, what it does, and what challenges it faces. If it follows the plan, it will also enjoy enhanced performance and responsiveness to its environment and can help: * Improve the confidence of stakeholders in the capability of organization. * Improve effectiveness and management accountability by focusing on RESULTS * Enable managers to improve service by developing a plan to meet objectives. * Improve effectiveness and efficiency of operations. 2. Create a mission statement for the company explaining how the mission will be essential to the company’s success.
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