Strategic Management - Strategic Planning Is Crucial Essay

Pages: 3 (881 words)  ·  Bibliography Sources: 1  ·  File: .docx  ·  Topic: Business

Strategic Management - Strategic planning is crucial for an organization in the contemporary global business culture. With the advent of the Internet and increases in technology, information regarding competitors, markets, and the general needs of a business flows so quickly it is almost impossible to keep up. Without a strategic plan -- that is knowing where it is the organization wants to move in x amount of time, the very real possibility is that the business will be run by tactics only -- a series of putting out fires and not utilizing resources effectively. Further, because strategic planning is a process, it allows more members of the organization to help identify and define the organizations vision, objectives, policies, and plans that will allow forward momentum (Information on Strategic Planning and Management, 2010)..

Strategic management provides the overall direction to the organization and ensures that goals between departments and business units are in line with each other -- consistent with the plan. It is an ongoing process that continuously evaluates and controls the business and looks at the overall goal and how the company is moving towards that goal. It identifies large disconnects and assigns tactical solutions to those issues. It must be the most honest and guiding part of the business because it asks three key success questions: 1) Is it suitable (will it work)? 2) Is it feasible (can it be made to work)? And, 3) Will it be accepted (will they work/use it)? (Johnson, Scholes and Whittington, 2008).Buy full Download Microsoft Word File paper
for $19.77

Essay on Strategic Management - Strategic Planning Is Crucial Assignment

Part 2 - Effectiveness within an organization is a measure of how effective the organization is in achieving the outcomes or goals it has for itself. An organization's effectiveness is also interdependent upon its set of morals, ethics, and ability to community appropriately. Effectiveness is important in different ways for different organizations because of the criteria used to judge (e.g. A non-profit aid group might have a different benchmark than a new accounting firm). It is sometimes difficult for an organization to be effective due to external factors, lack of clear definition and focus, and internal dynamics. One way to judge effectiveness is to look at the way an organization adapts internally and externally to competitive pressures. According to Michael Porter, there are six strategic forces that form this mold: the threat of new competitors entering the market; rivalry between existing firms; threat of knock-offs (substitute and potentially inferior products or services); the bargaining power of buyers (too much in the market and too many choices); bargaining power of suppliers, and relative power of stakeholders (Porter, 110).

My own past firm was in a transitional stage, trying to become more… [END OF PREVIEW] . . . READ MORE

Two Ordering Options:

?
Which Option Should I Choose?
1.  Buy full paper (3 pages)Download Microsoft Word File

Download the perfectly formatted MS Word file!

- or -

2.  Write a NEW paper for me!✍🏻

We'll follow your exact instructions!
Chat with the writer 24/7.

Managing Hospitality Issues Research Paper


Strategic Management and Business Policy Questions Research Proposal


Management Functions and Roles Essay


Strategic Management Comparing Balanced Scorecards and Hotspots Research Paper


Applied Management and Decision Sciences Thesis


View 200+ other related papers  >>

How to Cite "Strategic Management - Strategic Planning Is Crucial" Essay in a Bibliography:

APA Style

Strategic Management - Strategic Planning Is Crucial.  (2010, August 31).  Retrieved June 4, 2020, from https://www.essaytown.com/subjects/paper/strategic-management-planning/2575032

MLA Format

"Strategic Management - Strategic Planning Is Crucial."  31 August 2010.  Web.  4 June 2020. <https://www.essaytown.com/subjects/paper/strategic-management-planning/2575032>.

Chicago Style

"Strategic Management - Strategic Planning Is Crucial."  Essaytown.com.  August 31, 2010.  Accessed June 4, 2020.
https://www.essaytown.com/subjects/paper/strategic-management-planning/2575032.