...Strategic Management Process Rosa Sanchez October 5, 2015 MGT/ 498 Debra Grisamer Strategic Management Process Paper Business are set forth to carry out an important role in our society. All commerce are in business to provide a product and or service. There are many roles that a business must partake in order to be successful and grow. Business must have a strategic plan in order for a company to run smooth and achieve their mission and goals. Target is a great example of a business conducting a great strategic management plan process. According to the Small Business webpage, there is more than just a set of rules the business must follow in order to flourish. A great strategic process must contain five stages “goal setting, analysis, strategy formation, strategy implementation and strategy monitoring” (Clayton, n.d.). These five stages must be implemented in management trained for the business and mission to be carried out. Target has implemented these five stages into their plan. Target states “Creating a strategic roadmap drives the success of our business with opportunities today and innovative ideas for future growth” (Stategy, n.d.). Target plan is composed of the 4P’s. Production quality, pricing, placement and promotional strategy. In the production and pricing side Target wants to offer brand name items at lowest possible price with the ability of still making a profit. Target was the “placement of stores will be mostly in large urban areas where...
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...In today’s global market place strategic management planning is more important than ever. Developing a strategic management plan is vital to the future of the organization. First and foremost the strategic plan lays down a solid foundation for growth, defining company goals, direction the company is going in the future, and how it is going to get there. A strategic management plan is just like it sounds, it manages the steps along the path leading into the future making sure company goals are meet and if not what changes need to be made in order to stay on course. Developing a strategic management plan can be difficult. Implementing an environmental scan will help identify both internal and external problems and influences used to build or change and existing strategic management plan. Several factors can influence the planning process. Many of the factors can be identified and taken into consideration when planning for the future. No matter how well an organization builds their strategic management plan there are always going to be unforeseen problems that will need to be addressed. Developing a strategic management plan that is able to manage change is essential to the success of the organization. Changes in market trends, consumer demands, and technological advancements are just a few areas change is inevitable. If the strategic management plan is going to work it must manage and implement changes in both internal and external environments. Two organizations that have continuously...
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...Strategic Plan, Part III: Balanced Scorecard BUS/475 January 21, 2013 Strategic Plan, Part III: Balanced Scorecard For this portion of the business plan, we will use a balanced scorecard of strategic objectives for Mother Nature’s Healthy Eats. Some of these strategic objectives were taken from the SWOTT analysis that was created in part two of this business plan. A balanced scorecard is a set of four measures directly linked to a company’s strategy: financial performance, customer knowledge, internal business processes, and learning and growth (Pearson & Robinson, 2009). After sitting down and reviewing several issues that needed to be improved, the most needed for improvement were put on the balanced scorecard and each objective was given a time frame or percentage of improvement goal. The length of time for the first scorecard is to be met within a one year time frame or less. Each objective has been carefully thought out and what measure will be used to collect the needed information to ensure each objective has been met or what needs to be used to help in obtaining the objective. Financial The first strategic objective for the financial quadrant is to increase revenue and lower costs that will be measured with the financial statements each month and the target for this objective is a 25% increase within one year. The second strategic objective is the competitive position in which Mother Nature’s Healthy Eats is currently in. There is a large amount of competition...
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...STRATEGIC PLAN FOR BIODIVERSITY 2011-2020 "Living in harmony with nature" 1. The purpose of the Strategic Plan for Biodiversity 2011-2020 is to promote effective implementation of the Convention through a strategic approach, comprising a shared vision, a mission, and strategic goals and targets ("the Aichi Biodiversity Targets"), that will inspire broad-based action by all Parties and stakeholders. The Strategic Plan will also provide a flexible framework for the establishment of national and regional targets and for enhancing coherence in the implementation of the provisions of the Convention and the decisions of the Conference of the Parties, including the programs of work and the Global Strategy for Plant Conservation as well as the Nagoya Protocol on Access to Genetic Resources and the Fair and Equitable Sharing of the Benefits Arising from their Utilization. It will also serve as the basis for the development of communication tools capable of attracting the attention of and engaging stakeholders, thereby facilitating the mainstreaming of biodiversity into broader national and global agendas. A separate Strategic Plan has been adopted for the Biosafety Protocol that will complement the present one for the Convention.8 2. The text of the Convention, and in particular its three objectives, provide the fundamental basis for the Strategic Plan. I.THE RATIONALE FOR THE PLAN 3. Biological diversity underpins ecosystem functioning and the provision of ecosystem services...
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...1. What is the overall purpose of a marketing plan? A marketing plan is a written statement that helps the company to operate on a certain standard to keep production of the product or service on the same level ( Winer 2004). A marketing plan is a necessary factor for every business to have in the employee handbook and also for proper and even distribution of the product or service. A written plan is a easy way for the marketing manager to inform employees exactly what is expected of them instead of having everything in his head. This way everything is covered without having loose ends and later on having production problems. Direct communication with the employees is a good thing, but with a written plan this gives the manager concrete evidence on how the organization should be operated. In other words, the manager spends less time telling the employees what to do and more time making sure the product or service is correct. The most important thing in having a written marketing plan is that it helps you build, direct and shape up your product or services. It also forces the marketing manager to look at the business from the inside and the outside to give good service to the customer and stay abreast on the competitors. “This disciplined thinking helps to ensure that before any marketing strategies or programs are developed, the manager first analyzes customers and competitor behavior and the general climate in the product category or industry. Market-focused decisions...
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...FIN ANCI AL SERVICES BO ARD S T R AT E G I C P L A N 2010/11 – 2012/13 INDEX PAGE DEFINITIONS ............................................................................................................................. 3 1 2 2.1 2.2 2.3 3 3.1 3.2 3.3 3.4 3.5 4 4.1 4.2 4.3 4.4 5 5.1 5.2 INTRODUCTION ............................................................................................................. 4 FSB VISION AND MISSION .......................................................................................... 5 Vision .............................................................................................................................. 5 Mission ............................................................................................................................ 5 Values ............................................................................................................................. 5 OVERVIEW OF FSB OPERATIONS ............................................................................... 6 FSB Governance Structure.............................................................................................. 6 FSB Operational Structure............................................................................................... 7 Line Departments ............................................................................................................ 8 Line Support Departments .........................................................
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... INTRODUCTION A strategic management audit is a technique of measuring the organization's performance. It helps to evaluate the performance of management team. An audit of management performance with regard to external strategies helps to identify problem areas and correct strategic approaches that are not effective. An assessment of the external environment shows where change has happened and where strategic management no longer matches the demands of the marketplace. Thus the organization can improve business performance by periodically conducting such an audit (http://smallbusiness.chron.com/conduct-external-strategic-management-audit-67898.html) External strategic management audits provide management with both insight and preparation for the changing marketplace, it helps finding hidden opportunities and reducing the impact of future threats in a rapidly changing business environment through identifying and evaluating trends and events that are beyond the control of an organization, such as increased foreign competition, population shifts, an aging society, information technology, and the computer revolution. An external strategic management audit reveals key opportunities and threats (the OT portion of the SWOT Analysis) confronting an organization, so managers can formulate strategies to take advantage of the opportunities and avoid or reduce the impact of threats (www.freeessays123.com/.../externalstrategic.html). 2. CONDUCT AN EXTERNAL STRATEGIC MANAGEMENT AUDIT ...
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...Strategic Management Process Paper Robert Jeans MTG 498 November 6, 2013 William Stevenson Strategic Management Process Paper Strategic management is a set of activities and processes that companies us in an organized fashion to structure the resources and actions of the organization to accomplish the mission and vision in a strategic manner. The activities used are organized into a systematic plan that can be measures through performance, and feedback is used to evaluate the decision making process so that the plan can be adjusted to fit the current needs of the organization as the environment and circumstances change ("Balanced Scorecard Institute, Strategy Management Group", 2013). This paper will explain the primary components of the strategic management process and its importance to an organization then conclude with a look at how it is used at Target Corporation. The strategic management process consists of four primary components which includes environmental scanning (both external and internal), strategy formulation (strategic or long-range planning), strategy implementation, and evaluation and control. Environmental scanning is the gathering information phase. At this stage management is interested in external opportunities and threats such as the natural environment, the social climate, and intended industry environment; as well as internal strength and weaknesses such as the management structure, the organizations culture, and its available resources. Next...
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...Outline for a Strategic Communication Action Plan The following is an example of an outline for a strategic communication action plan for XXXX County Schools based on the recommendations from an NSPRA Communication Audit Report. The suggested goals were taken from the guiding principles, objectives and action steps detailed in the recommendations in the report. The plan also indicates which of the district’s strategic directions (or goals) the communication goals most directly relate to. Please note that this is an outline and not a complete plan, as there are sections that Communications Office staff and administrators need to address, such as budget, timelines, responsible parties and evaluation measures. Ongoing communication and public relations activities should also be added. While this represents a substantial start on developing a comprehensive communication plan, it requires the input and direct involvement of XXXX County Schools staff and patrons in order to prepare a final plan. Strategic Direction: Highest Student Achievement Suggested Goal: Position XXXX County Schools as “the district of choice” for quality teaching, learning and student achievement. Objectives • Develop clear, consistent messages that are delivered in “one clear voice.” Action steps: ♦ Create a theme. Target audience: Staff; parents; community Budget: Timeline: Responsible persons: Evaluation measures: ♦ Develop key messages for staff, board and key communicators. Target audience: Staff;...
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...objectives into plans, monitor execution, and deliver critical insight to improve financial and operational performance 3. that BPM refers to the business processes, methodologies, metrics, and technologies used by enterprises to measure, monitor, and manage business performance 4. that BPM is an enterprise wide strategy that seeks to prevent organizations from optimizing local business at the expense of overall corporate performance; concentrates on enterprise-wide view. 5. that BPM = BI (monitor and analyze) + Planning (a unified solution) 6. understand that the closed-loop process (the BPM cycle) links strategy to execution in order to optimize business performance Using a closed-loop process to optimize business performance implies that four process steps are implemented: * Strategize - setting goals and objectives. Where do we want to go? * Plan - establishing initiatives and plans to achieve those goals. How do we get there? * Monitor – overseeing actual performance and comparing that to the goals and objectives. How are we doing? * Act and Adjust – taking corrective action. What do we need to do differently? 7. that the four steps of the closed-looped process are: (1) Strategize, (2) Plan, (3) Monitor, (4) Act and Adjust 8. that Strategize asks the question, Where Do We Want to Go? It requires setting goals and objectives 9. that Plan asks the question, How Do We Get There? It requires establishing initiatives and plans to achieve...
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...STRATEGIC BUSINESS PLAN for (company name) for Period January 2002 to December 2005 (dates are examples only) Approved by (name), (position), on (date) Update Status: (amendment number), on (date) TABLE OF CONTENTS Executive Summary Section Page 1. Strategic Focus 2. The Business 3. Market Analysis 4 Products 5 Marketing 6 Research and Development 7 Production and Delivery 8 Supply Chains 9 Business Systems and Processes 10. Stakeholder Relationships and Alliances 11. Organisational and Management 12 Environmental and Social Impacts 13 Risk Factors and Regulatory Compliance 14 Corporate Governance 15 Financials 16 Application of Investment Funds 17 Strategic Action Plan 18 Plan Improvement Appendices: 1. 2. 3. Some Thoughts on Writing this Plan before We Start • Clearly identify the readers of this document. Then write the plan in a style that is easily understood by readers • Remember that this plan is a working document that has the clear purpose of initiating focussed action and generating clear and measurable results. Avoid the excessive use of descriptive adjectives to 'pad' or over-sell the plan. Flowery, highly descriptive language can cloud key issues, blur the plan's focus and slow/confuse its implementation • Keep the plan 'tight'; ensure it remains concise, balanced, clear and logical. Where possible use quantitative...
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...future. These plans must maintain some flexibility for changes in the business environment or individual circumstances. This reflective summary will touch on strategic management covering mission, strategic vision, and goals outlined in the course material. Mission The mission describes clearly the purpose of the organization. It will describe what type of business the organization conducts, who its customers are, the goods, or services offered and the organizations values. Strategic Vision Unlike, the mission statement that describes current operations, the vision statement should include and clarify the long term goals of an organization. The vision statement should include worthwhile targets that are attainable to the organization working as a team. An effective vision statement should inspire the organization. An example of this is the team charter in class that outlines target dates for the submission of assignment to the team’s facilitator and the require level of participation of each team member. Strategic Goals The creation of strategic goals comes from the mission and vision statements of the organization. These goals include targets or ending results to the survival, value, and growth of an organization. A team member’s employer uses a similar performance management tool called the balanced scorecard. The balanced scorecard turns the mission and vision statements into set objectives and performance measures, like the strategic management...
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...Strategic Planning STRATEGIC BUSINESS PLAN for (company name) for Period January 2002 to December 2005 (dates are examples only) Approved by (name), (position), on (date) Update Status: (amendment number), on (date) TABLE OF CONTENTS Executive Summary Section Page 1. Strategic Focus 2. The Business 3. Market Analysis 4 Products 5 Marketing 6 Research and Development 7 Production and Delivery 8 Supply Chains 9 Business Systems and Processes 10. Stakeholder Relationships and Alliances 11. Organisational and Management 12 Environmental and Social Impacts 13 Risk Factors and Regulatory Compliance 14 Corporate Governance 15 Financials 16 Application of Investment Funds 17 Strategic Action Plan 18 Plan Improvement Appendices: 1. 2. 3. Some Thoughts on Writing this Plan before We Start • Clearly identify the readers of this document. Then write the plan in a style that is easily understood by readers • Remember that this plan is a working document that has the clear purpose of initiating focussed action and generating clear and measurable results. Avoid the excessive use of descriptive adjectives to 'pad' or over-sell the plan. Flowery, highly descriptive language can cloud key issues, blur the plan's focus and slow/confuse its implementation • Keep the plan 'tight'; ensure it remains concise, balanced, clear...
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...STRATEGIC BUSINESS PLAN for (company name) for Period January 2002 to December 2005 (dates are examples only) Approved by (name), (position), on (date) Update Status: (amendment number), on (date) TABLE OF CONTENTS Executive Summary Section Page 1. Strategic Focus 2. The Business 3. Market Analysis 4 Products 5 Marketing 6 Research and Development 7 Production and Delivery 8 Supply Chains 9 Business Systems and Processes 10. Stakeholder Relationships and Alliances 11. Organisational and Management 12 Environmental and Social Impacts 13 Risk Factors and Regulatory Compliance 14 Corporate Governance 15 Financials 16 Application of Investment Funds 17 Strategic Action Plan 18 Plan Improvement Appendices: 1. 2. 3. Some Thoughts on Writing this Plan before We Start • Clearly identify the readers of this document. Then write the plan in a style that is easily understood by readers • Remember that this plan is a working document that has the clear purpose of initiating focussed action and generating clear and measurable results. Avoid the excessive use of descriptive adjectives to 'pad' or over-sell the plan. Flowery, highly descriptive language can cloud key issues, blur the plan's focus and slow/confuse its implementation • Keep the plan 'tight'; ensure it remains concise, balanced, clear and logical. Where possible use quantitative rather than qualitative information. Remember the KISSS approach to planning;...
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...1 Definition of Strategic Management Strategic management is the process where managers establish an organization’s long-term direction, set the specific performance objectives, develop strategies to achieve these objectives in the light of all the relevant internal and external circumstances, and undertake to execute the chosen action plans. Strategic management steps: • specifying an organization’s objectives, • developing policies and plans to achieve these objectives, • allocating resources to implement the policies Therefore, we can see that strategic management is a combination of strategy formulation and strategy implementation. It is the highest level of managerial activity, usually performed by an organization’s Chief Executive Officer (CEO) and executive team. Strategic management provides overall direction to the enterprise. Strategy formulation involves: • doing a situation analysis: both internal and external; both microenvironmental and macro-environmental. • concurrent with this assessment, objectives are set. This involves crafting vision statements (long term view of a possible future), mission statements (the role that the organization gives itself in society), overall corporate objectives (both financial and strategic), strategic business unit objectives (both financial and strategic), and tactical objectives. • these objectives should, in the light of the situation analysis, suggest a strategic plan. The plan provides the details of...
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