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1.poor reward structures ( no rewared in success or faile)
2.firefighting
3.waste of time
4.too expensive
5.laziness
6.content with success
7.fear of failure
8.overconfidence
9.Prior bad experience
10.self interset
11.Fear of the unknown
12.suspicion (employees do not trust management )
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What are the three major activies in planning function?
There are three basic activities in Strategic Planning. Strategic Analysis which requires some sort of review of the company's driving force and environment. Setting Strategic Direction which requires coming to conclusions and setting strategic goals based on the issues facing the company. Action Planning involves the carefully laid out plan or gameplay needed to achieve a successful outcome.
Some firms might not engage in strategic planning why is this?
>Lack of knowledge or experience in strategic planning - no training in strategic management >Poor reward structure - when an organisation assumes success, it often fails to reward success, then the firm may punish.>Firefighting - an organization can be so deeply embroiled in resolving crises and firefighting that it has no time for planning.>Waste of time>Too expensive - organisations assume strategic planning is expensive.>Laziness>Content with success - if the firm is successful, they feel that there is no need as they are fine where they are.>Fear of failure - By not taking action, businesses are reassured that there won't be failure. Every strategy they plan they always assume all risks instead of the positive side.>Over confidence - being overconfident or overestimating can bring demise. Forethought is rarely wasted and is often marked as professionalism.>Prior bad experience - if an organization had failed at previous attempt(s) at strategic planning they may be scared to try any strategy again.>Self-interest - when someone has achieved status, privilege or self esteem through effectively using old system, he or she often sees new plans as a threat.>Fear of unknown - people will be uncertain about their abilities to learn new skills or their ability to take on new roles.>Honest difference of opinion - people may sincerely believe that strategic planning is wrong.>Suspicion - employees may not trust management.Ref: David, Fred R. 2013. Strategic Management: concepts and cases, Fourteenth Edition. Pearson Education Limited, England. Page 46-47
What do firms owe their creditors?
Firms will owe their creditors a debt and usually some type of interest.
What is the benefits of six sigma process?
Some benefits of the Six Sigma Process is that it improves customer loyalty, helps employees better manage their time, reduces cycle time, aids in employee motivation, boosters strategic planning, and clarifies supply chain management.
Why do firms purchase other corporations when they have a loss tot he acquiring firms stockholders?
Firms may purchase other corporations, even if they themselves have losses because they believe the new firm may have products or processes which will generate new income streams. Some firms are making losses, but they have high financial net-worth.
How would you convince your owner for implementing a strategic planning in the organization?
Q: - 1 How would you convince your owner for implementing a strategic planning in the organization?Answer page 7 and 13 To convince our owners we should let upon strategic planning. Strategic planning is the key to helping us collectively and cooperatively gain control of the future and the destiny of our organization. Some firms do not in strategic planning and some firms do strategic planning but receive no support from managers and employee like this cause which you mention. There are many reasons which officers dislike strategic planning for example.In this assignment you mention 2 reasons like CEO this strategic planning is totally waste of time and too expensive to implement.Some firms see planning as a waste of time since no marketable product is produce. Time spent on planning is an investment.Q: - 2 Being a marketing manager, you need to identify the external force that has a major impact on your organization. Support your answer with expert opinions?Answer.Page 28 and 36
What are some tools used in strategic planning?
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What are some of advantages and Disadvantages of strategic planning?
Some advantages of strategic planning are: it leads to sustainable competitive advantage, improves resource allocation, reduces resistance to change, identifies strategic goals and strategic intent and facilitates communication between managers. Disadvantages include: complex process, low rate of successful implementation and costly to perform for small and medium business.
What are some Disadvantages of strategic planning?
# Time and money spent on strategic planning and the use of an outside consultant # Organisations muct say "no" to certain opportunities before they arise, in order to effectively plan and allocate resources
Is there any software to help the strategic planning process?
Yes, there are many software options available to help the strategic planning process. Some of these options include mystrategicplan, managepro, planware, prophix, and even Microsoft has a version.
What are the three major activies in planning function?
There are three basic activities in Strategic Planning. Strategic Analysis which requires some sort of review of the company's driving force and environment. Setting Strategic Direction which requires coming to conclusions and setting strategic goals based on the issues facing the company. Action Planning involves the carefully laid out plan or gameplay needed to achieve a successful outcome.
Importance of strategic management in business?
Strategic management used to play a different role in more predictable times after the Second Word War. Strategic plans of the past usually range 3 to 5 years. Some companies could even have plans for 10 good years. That's not possible today given rapid evolution of our society. What still matters in strategic management lies in the value of planning ahead. There's an old saying that if you fail to plan, you are planning to fail. By acting on this, strategic management actually gives the organisation direction, a sense of identity and unity towards what the business goal. Therein lies the continued importance of strategic management towards business success. Every business has a vision and a mission. Strategic managemet takes into consideration both of these. Strategic management helps in achieving the organizational goals in an effective and efficient manner. Improved strategic management processes may also facilitate the development of the more complex management structural that are needed as firms grow. It also helps firms to articulate,communicate and monitor the implementation of strategy using a system interlinked with the longterm vision of the corporations.
What are some signs of strategic planning in action?
There are three basic steps to strategic planning; Where are we now? Where are we going? How will we get there? The first step includes a mission statement, values, strengths and weaknesses. The second step includes a vision statement (where we would like to be). And the third step includes objectives, goals, plans, and last but not least execution of the process.
Some firms might not engage in strategic planning why is this?
>Lack of knowledge or experience in strategic planning - no training in strategic management >Poor reward structure - when an organisation assumes success, it often fails to reward success, then the firm may punish.>Firefighting - an organization can be so deeply embroiled in resolving crises and firefighting that it has no time for planning.>Waste of time>Too expensive - organisations assume strategic planning is expensive.>Laziness>Content with success - if the firm is successful, they feel that there is no need as they are fine where they are.>Fear of failure - By not taking action, businesses are reassured that there won't be failure. Every strategy they plan they always assume all risks instead of the positive side.>Over confidence - being overconfident or overestimating can bring demise. Forethought is rarely wasted and is often marked as professionalism.>Prior bad experience - if an organization had failed at previous attempt(s) at strategic planning they may be scared to try any strategy again.>Self-interest - when someone has achieved status, privilege or self esteem through effectively using old system, he or she often sees new plans as a threat.>Fear of unknown - people will be uncertain about their abilities to learn new skills or their ability to take on new roles.>Honest difference of opinion - people may sincerely believe that strategic planning is wrong.>Suspicion - employees may not trust management.Ref: David, Fred R. 2013. Strategic Management: concepts and cases, Fourteenth Edition. Pearson Education Limited, England. Page 46-47
What has the author Duncan Angwin written?
Duncan Angwin is an author known for his work in the field of strategic management. He has written books on topics such as strategic management, international business, and corporate governance. Some of his well-known works include "The Strategy Pathfinder" and "Strategic Planning for Growth."
Explain the differences between strategic planning and operational planning?
Strategic planning is deciding what a company will do. Operational planiing is deciding how that will be done. For example, Kodak made a strategic decision to enter the digital photography business when the tradition film market began to deteriorate. They decided what products offered opportunities in that industry. Then, they had to formulate an operational plan - product development, manufacturing process and location, etc. The operational plan will also include some strategic planning. For example, the Marketing department had to decide how to best position the products in the marketplace (and which markets or locations) and then plan how to design the marketing materials.
What are the differences between strategic and tactical planning?
The Difference Between Strategic and Tactical PlanningThe reason for this confusion stems from the fact that both words are closely connected. In business parlance, the words strategy and tactics refer to various business practices.In business usage, the term strategy is the thinking process required to plan a change or to organize something. It defines the goals desired and how to achieve them.It can be a compendium of complex multi-layered plans devised for achieving preset objectives and may include tactical planning considerations.Tactics and Strategy - The CorrelationTactics are the substance of strategy. They comprise what is done pursuant to strategic planning. The strategic phase of business planning has thinkers (you- the small business owner) determining ways to achieve stated goals. Simply stated, they plan how people need to act in order to attain the objectives for which the strategy is to be used.Tactics, on the other hand, are the very actions that are necessary to carry out the strategy. Strategies can be a combination of a number of tactics with the involvement of several different people, all working toward reaching a common goal.Strategic planning involves only the top brass of an enterprise whereas the tactical planning part envisages the involvement of the organization as a whole.Strategic PlanningTo understand the differences better, here are some notable points with respect to strategic and tactical planning. In strategic planning, you need to determine specifically what outcome you want to achieve and establish a realistic baseline or starting point giving due consideration to internal and external realities by conducting relevant research (competitive, market, attitudinal).You need to draw up an aggressive plan to support research findings listing defined strategic objectives. The plan should reflect perceived challenges and the expected end results.To elicit support for the strategy, undertake a consensus-building exercise involving the right people. Make sure that tactics are likely to lead to the strategic benefits you desire to achieve. In tactical planning, you need to understand strategic goals and decipher the goals and implement courses of action for attainment of strategic objectives.As a small business owner, you need to make plans that include specific activities that are arranged on specified time frames and outcomes. Ensure due performance of all tactical planning activities and calculate their effects; then help connect the tactical moves to the strategic plan.To sum up, strategic planning relates to issues pertinent to the mission of your small business--the purpose of its existence. The responsibility for strategic planning rests with you (and your partners and investors, if any).Tactical planning is developed by a small business owner or management team who deals with getting the work done to carry out the strategic plan. They draw up a tactical plan that will deal with the "how" part of the plan. The main question for them is: "How can goals be accomplished within the designated limits of resources and authority?"The terms tactical and strategic are fundamental to an understanding of the different responsibilities attached to management and governance of any small business.
