...scanning should be done systematically and regularly. It should address all possible influences on the organization or any of its component parts. Te be an effective strategic planner, one must be a very well informed citizen of the world. I needed to develop a through understanding of the customers and have as much information on them as was available. By choosing the U.S. Specialty, this gave me a better statistically significant handle on the consumer than the other choices. This was a more expensive choice but was worth it. Another option was the U.S. Bicycle Retailing Industry Analysis report because this report was a good choice and is a very good comprehensive report that packs in a lot of information about the industry and enough information to move ahead. (Thinking Strategically, 2007) Concepts and Analytic Tools Long-term strategic planning is giving way to flexible approaches. But agile planning requires powerful analytic tools. Strategic planning meant a fairly rigid commitment for a set number of years. The turbulent business environment demands that corporate leaders make frequent strategic adjustments. The company must be prepared to abandon their current course and launch off on a different path every time the market shifts or a new opportunity emerges. A flexible framework for strategic planning can help the company meet these needs. But what does such a strategy look like? How do executives...
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...Running Head: STRATEGIC & FINANCIAL PLANNING OF FROEDERT HOSPITAL Strategic & Financial Planning of Froedert Hospital [Name of the writer] [Name of the institution] [Page Break]Strategic & Financial Planning of Froedert Hospital Thesis Statement The purpose of this assignment is to analyze the financial & business administration of Froedert Hospital to develop a draft action plan to improve the business of the organization. (Suzanne, 1993) Introduction Produce regular performance & financial plans is an essential component of planning & analytical work of the companies. Operational planning can reduce irrational use of funds of the company by the timely planning of business operations, inventory, financial flows & monitoring their actual implementation. Operational planning is still a weak point of business management of the U.S. health care organizations. About the Organization Froedtert Hospital is a 500-bed academic medical center containing workforce being provided by the staff of The Medical College of Wisconsin. The hospital has been honored with the prestigious Magnet title given by the U.S. Nurses. It works as an eastern Wisconsin recommendation center for higher remedial practice care consisting of thirty seven areas of expertise & subspecialties. (Suzanne, 1993) Objectives of Strategic & Financial Planning...
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...has. However businesses will be willing to pay huge sums in salaries to acquire the right staff. 4. Work with a dateline means that at the end of that period, the workers will no longer be needed; at the same time it may mean that a business has more for the duration in order to meet the dateline. 5. Bigger businesses can afford and may need more workers however this may not be the case for businesses such as those specializing in ICT as few workers complete huge loads of work. 6. The higher the level of technology within a business, the less the need for workers ,in the third world technological advancements are slow to come through and as such businesses may still need more workers. SUMMARY ON UNIT 1 BUSINESS ENVIRONMENT STRATEGIC...
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...Strategic Initiative Paper FIN/370 Strategic Initiative Paper Starbucks Strategic Planning Initiative Strategic initiatives are a special set of strategies that an organization sets up to help that organization reach certain goals and achievements that are set up in that strategic plan. The platform in the strategic planning initiative of the Starbucks organization is to make certain they use only high quality goods, and they treat their customers and employees with respect. Starbucks is “committed to ethically sourcing and roasting the highest quality Arabica coffee in the world” (Starbucks Corporation, 2012). Starbucks’ mission is “to inspire and nurture the human spirit – one person, one cup, and one neighborhood at a time” (Starbucks Corporation, 2012). Starbucks Corporation uses this statement as a fulfillment to their success: Under ethical sourcing the company outlines the goal that by 2015 the organization will use coffee that is only produced and obtained through the use of ethical trading and responsible growing (Starbucks Company Profile, 2011). The initiative discussed in Starbucks Annual Report says “Blair Taylor, Starbucks Chief Community Office, announced the launch of a new nonprofit corporation with a $1 million seed grant to introduce job skills, leadership and apprenticeship programs to young people across the company’s multi-billion-dollar supply chain, and further expansion of the company’s support for U.S. manufacturing through an order...
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...engagement that drives growth across all channels globally” (Starbucks.com). Starbucks is constantly planning strategic initiatives on how to increase sales. According to Starbucks’ 2011 annual report, it has joined forces with popular companies in an effort to increase profit. Forming a relationship with well -known companies, such as Courtesy Products and Green Mountain Coffee Roasters will open the doors to other opportunities previously unavailable to Starbucks. Courtesy Products sells Tazo tea and provides other coffee services to hotels, which results in a logical working relationship with Starbucks. “The single-cup segment is already a $1.6 billion segment that represents a significant growth engine for the entire U.S. coffee category. We believe that over time we can generate K-Cup portion pack system sales in excess of $1 billion across all channels” (Starbucks.com). Starbucks and Courtesy Products plan on providing Starbucks products to 500,000 luxury and premium hotels in the United States by offering Starbucks coffee to the on-demand single cup brewing systems currently used in hotels. Starbucks also considers their shareholders when considering building relationships with other companies as Starbucks’ strategic plans and goals include balancing profitability and maintaining a solid reputation for all involved. As a result, Starbucks continued its strategic agreement with one of its original licensee partners HSM Host as it has been a successful...
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......STARBUCKS PLANNING 1 To understand the relationship between strategic and financial planning we first need to determine both of their meanings. The definition of strategic planning states that it is a “systematic process of envisioning a desired future, and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them.” Strategic planning is a management tool that helps an organization focuses its energy, to ensure that members of the organization are working toward the same goals, to assess and adjust the organization’s direction in response to a changing environment. In short, strategic planning is a disciplined effort to produce fundamental decisions and actions that shape and guide what an organization is, what it does, and why it does it, with a focus on the future. (Adapted from Bryson’s Strategic Planning in Public and Nonprofit Organizations) From these definitions and quotes we can understand that strategic planning allows a company to develop goals easily so that they can keep the company prospering. Financial planning is similar to strategic planning because both types of plans are used to help the company reach its overall goals. The definition of financial planning states that it is “a comprehensive evaluation of an investor’s current and future financial state by using currently known variable to predict future cash flows, asset values, and withdrawal plans.” This definition helps us to understand...
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...Strategic Initiative FIN/370 Finance for Business Strategic Initiative Microsoft like many other organization have developed a very strong systemic approach in order to achieve success. This systemic approach incorporates strategic planning with financial planning so that goals associated with these types of planning can help to strengthen operations, control the net value of the organization to stay in line with meeting profit goals, setting priorities to meet expectations, and ensuring that employees from the CEO downwards including the stakeholders are all working towards to help the company meet both their long-term financial obligations as well as short-term financial obligations. In this paper we will be describe how the relationship between strategic and financial planning can help Microsoft meet business needs while focusing on the needs of their customer wants. STRATEGIC PLANNING INITIATIVES AFFECTING FINANCIAL PLANNING There are several things that Microsoft must do in order to stay afloat and grow within itself. When it comes to the market price Microsoft does have to lower their prices this is mainly because their our other competitors that have come out with similar product and order to beat them and draw more business they need to lower the process. Besides the market price there are other things that can cause a decrease such as sales, volunteer’s price reduction, operating cost, advertisement, sales incentives. Also with the decrease it can cause lower...
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... In the business world planning is a key factor to the success of any endeavor. The two key ways to plan is to strategically plan and financial plan. For most companies it is understood that if a plan is not put in place at least 6 months to a year out, then it stands a chance to fail with in the first two to five years. In this paper it will be discussed about the difference between strategic and financial planning, the strategic planning initiative for the organization of Hewlett Packard’s annual report, the initiative affects for H.P.’s financial planning in terms of cost and sales. Lastly, the risks associated with the initiative and the effects they may have. The difference between strategic planning and financial planning Strategic planning is the reason the business runs. Once the business understands its reason, then it can figure out the how, the requirements to get there which includes the placement of the financial resources, human resource needs, and investments. Financial planning is the allocation of all the resources (money, employees and equipment). Over time this is all done to meet the goal set in strategic planning. A strategic planning initiative for Hewlett Packard According to the Hewlett Packard 2011 Annual Report, it was a tough year for the company in regards to strategic planning. The company seemed to lose focus and was not as transparent as it should have been to its stakeholders...
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...implications for Strategy Formulation. So hopefully have covered some differing aspects to use for Amazon. Strategic Planning Processes. I believe an effect method for Amazon to undertake such an analysis would be to examine: • Value Chain • Resources Based View • Financial Analysis Use of a Value Chain Analysis for Amazon Amazon have developed a value chain analysis of its’ own to internal asses how it can operationally best add value and maintain a competitive advantage. They have used the value chain model from Michael Porter's book, "Competitive Advantage: Creating and Sustaining Superior Performance." [pic](Source: Bua Consulting) Example of a Strategic Plan Model - Amazon Internal Analysis, Strategic Planning Tools, Strategic Planning Models Primary Activities and Support Activities Primary activities are those needed to produce a product or services for the end customers. These activities typically include: • Inbound Logistics: receiving goods from suppliers, and storing and moving those good • Operations: Manufacturing or assembling the product • Outbound Logistics: Sending the goods to wholesalers, retailers or directly to the end customer • Marketing and Sales: Marketing involves understanding customer needs, communicating those needs, and promoting the end products. • Service: Involves after-sales support (e.g., handling, complaints, installation, training) Support activities help to facilitate or assist...
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...Wal-Mart, Inc.: A Tribute to Sound Strategic and Operational Planning Ben F. Soares MGT/521 September 13, 2013 James Sternieri Company Overview: Wal-Mart, Inc. is a retail store that sells everything from clothing and groceries, to electronics, and computers. Established in 1969, the company employees 2.2 million workers, and operates 10,130 stores across 27 countries, which makes it the largest retail company in the world (www.marketline.com, 2013, p. 3-4). Wal-Mart’s net profits decreased by 4.2% to $15,699 million from 2011 to 2012, however; the company continues to grow, which is a tribute to their sound strategic and operational plans (www.marketline.com, 2013, p. 3). Mission Statement: Wal-Mart runs its business under the mission statement “We help people save money, so that they can live better” (www.ask.com, 2013, p. 1). This mission statement complements their company slogan, which states, “Wal-Mart. Always low prices. Always” (www.ask.com, 2013, p. 1). These statements help deliver Wal-Mart’s vision of operating as a low cost merchandiser, and form the basis for their strategic and operational plans. Strategic and Operational Plans: In order for Wal-Mart to achieve its goals it must formulate sound strategic and operational plans. Strategic plans are usually broad in scope, and deal with long-term objectives, usually three to five years (Warwick, 2013, p. 1). Operational plans tend to be narrow in scope, cover a one-year time frame, and outline a...
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...plan and defined processes to follow. Developing a job analysis will require a combination of a summary of task requirements and resource or people, requirements. Defining and documenting the workforce planning system will provide an efficient method to meet the demand on providing qualified resources to fulfill business needs. Part of the process that will be taken into consideration will be the Selection method and what are the advantages and disadvantages to the methods that will be used. These development plans will provide the foundation necessary to identify several key employees to fit the needs of the new team. As part of the creation process of the new team a job analysis will provide the required information to progress in defining what it is we need. The job analysis is a process to identify and determine in detail the particular job duties and requirements and the relative importance of these duties for a given job (hr-guide.com, n.d.). The job analysis will be specific to the new marketing and sales person that will be required in the new team. One of the elements that the job analysis will look into is compensation and how to create a base and scale. The compensation factors for these roles will be skill levels in the field the needed for the position, sales and marketing. Another element in the job analysis will be the training needs. What content will the training contain to bring these people up to pace in the organizations products? There will need to...
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...Amazon Strategy Analysis The strategic planning processes. Amazon and other large enterprises to build your organization with a view - from the view of the company’s mission, goals and objectives are developed. Many times during the life of an organization is necessary for the organization to redefine the objectives of the organization on the basis of profitability, customer concerns, and the internal, external and international challenges. • Value Chain • Resource Based View • Financial Analysis Using an Analysis of the Value Chain Amazon Amazon has developed an analysis of the value chain of its Competitive Advantage “own internal operationally better assess how you can add value and sustain competitive advantage have used the value chain model of Michael Porter,"Create and maintain superior performance. " Example of a Strategic Plan Model - Amazon Internal Analysis Tools, Strategic Planning, Strategic Planning Models Primary activities and support activities Primary activities are those needed to produce a product or service to the end customers. These activities generally include: • Inbound Logistics: receiving goods from suppliers, and store and move the good • Operations: Manufacturing or assembly of the product • Outbound Logistics: The shipment of goods to wholesalers, retailers or directly to the final customer • Marketing and Sales: Marketing involves customer needs understanding, communicating...
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...Strategic Initiative FIN 370 September 9, 2013 Louis Wallen Strategic Initiative IBM has played a strong and significant technological role in shaping the world in interconnection, intelligence, and new instruments. The information technology industry is highly competitive and the need for strategic initiative planning is an essential element for the organization to continue to prosper and remain an industry leader. According to IBM’s annual report one of the strategic plans is Smarter Computing designed for Big Data (IBM, 2012). IBM has committed to reshape their investments and lead the market in strategies to accomplish this strategic initiative. IBM states in their annual report that “Every two days, as much data is now generated as in all of human history up to 2003” (IBM, 2012, p. 5). Smarter Computing encompasses software-defined environments to handle the vast amounts of information housed through data centers. The infrastructure will be programmable and have individual systems capabilities as the first round of this strategic plan. This portion of IBM’s strategic plan will transform businesses and civilization giving the precise technology and correct capabilities to all aspects of organizational operations. IBM has a commitment to financial planning, sales examination, cost analysis, funding options, and has weighted the risks and the potential impact to the company in Smarter Computing strategic planning. IBM is an organization...
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...University | Strategic Management in a Global Context | Assessment A | Module Leader: Karl Warner | Matriculation Number: 09005374 | | Abstract The purpose of this essay is to evaluate a proposition which claims that the weaknesses of formal strategic planning confirm that alternative forms of strategic decision making are more appropriate for organisations that operate in highly uncertain and dynamic environment. | Table of Contents Introduction.......................................................................................................................3 Contrast between the nature of formal planning and strategic decision making...........3 Benefits and problems of formalised strategic decision making.....................................4 Benefits and problems of emergent strategy...................................................................4 The role of uncertain and dynamic environment.............................................................5 Why Borders failed while Barnes & Noble survived?.......................................................6 Conclusion.........................................................................................................................7 References.........................................................................................................................8 Introduction Planning is the basic function of strategic management and...
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...Strategic Planning: What does it Mean?, and How is it done Effectively? Most business owners or managers recognize that a strategic plan is a directional map for where their companies are headed and how they intend to get there. However, it is much harder for them to understand what goes into the strategic planning process, how the strategy-making task is best performed, and the full impact of the process the planning team goes through to develop the strategic direction of their organization. Strategic planning is best done when a company looks at its past, present, and future in light of its related environment. It is the process of thinking about the company and its related environment as an integrated whole. A process during which an executive "planning team" is organized to consider three key questions on a continuous basis: 1. What is our business? 2. Where do we wish to arrive, and when? and 3. How do we get from here to there? In a personal interview, Karen Poppe, Vice-President of Human Resource Management at Wall Drug, discussed the importance of organizing a strategic planning team to guide the long-term direction of a company. The planning team at Wall Drug consists of six key management people covering finance, personnel, and marketing. Clearly the success of those planning efforts is reflected in Wall Drug's average annual growth rate of 25% over the last five years. What is our...
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