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>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 else can I help you with?
What factors might inhibit HRD managers from developing a strategic planning approach to training?
A factor that would inhibit a human resource director from developing a strategic planning approach is changes in the organization that have yet to be defined. It is highly important for them to do so when they are merging or acquiring another organization.
Why do firms purchase of other corporations Are they simply paying too much for the acquired corporation?
Some firms might purchase other corporations in the hopes of making a profit. They might buy cheap and sell higher. Some firms might also buy other corporations to buy up the competition in a particular industry.
What types of firms or what industry sectors might it be prudent to limit operating leverage?
susmita
What are the potential internal strength and weakness of a company?
Internal strengths of a company can include robust financial resources, a skilled workforce, strong brand reputation, and innovative capabilities that provide a competitive advantage. Conversely, potential weaknesses might involve outdated technology, lack of clear strategic direction, poor employee morale, or inefficiencies in operations. Recognizing these strengths and weaknesses is crucial for strategic planning and growth. By leveraging strengths and addressing weaknesses, a company can enhance its overall performance.
How budgets are used as a planning and monitoring tool?
planning tool: shows how much money the manager has access to Monitoring tool: might address a variety of issues in the company operations
Examples of induced strategic behavior?
Induced strategic behavior refers to actions taken by firms in response to the competitive environment or regulatory incentives. For instance, a company might engage in price wars to gain market share when it anticipates aggressive pricing from competitors. Similarly, firms may invest in lobbying efforts to influence regulations that favor their business model, or they might engage in strategic alliances to enhance their market position. These behaviors are often shaped by the expectations of competitors' responses and the broader regulatory landscape.
How do firms engage in price competition?
Firms might engage in price competition by advertising that they offer the lowest price on selected merchandise. Price competition lowers the selling price of the good, relative to competitors' prices.-From Usatestprep.com
Why do business use strategic planning?
Businesses use strategic planning to provide a system that could bring them to a better competitive level in the market than their competitors. This strategic planning includes several steps to outplay and outwit what their competitors might be missing or doing that they need to do as well.
What factors might inhibit HRD managers from developing a strategic planning approach to training?
A factor that would inhibit a human resource director from developing a strategic planning approach is changes in the organization that have yet to be defined. It is highly important for them to do so when they are merging or acquiring another organization.
How might firms engage in price competition?
Firms can engage in price competition by lowering their prices to attract more customers and gain market share. They may also implement promotional discounts, bundle products, or offer loyalty programs to incentivize purchases. Additionally, companies might monitor competitors' pricing strategies and adjust their prices accordingly to remain competitive. However, excessive price competition can lead to reduced profit margins and may prompt a price war, potentially harming the overall market.
How To keep his power a noble had to be stronger than other nobles and?
To maintain their power, a noble had to demonstrate greater strength than their rivals through strategic alliances, military might, and political acumen. This often involved forming marriages with other influential families, securing loyal retainers, and displaying wealth and resources. Additionally, a noble might engage in acts of patronage or intimidation to assert dominance and deter challenges from other nobles. Ultimately, a combination of cunning, strategic planning, and the ability to adapt to shifting power dynamics was essential for sustaining their position.
Why is it that any accumulation of inventories by firms is not included when measuring GDP?
It does not included because it might be a recounting and because accumulation of inventories by firms might be seen as private investment.
How do strategic operational and tactical planning differ and How might the three levels complement one another in an organization?
There are two types of planning that are engaged in by managers at a various levels in a company: strategic and operational planning. Both types of planning add value to the company. Strategic planning sets the goals, purpose and direction of a company and is performed by top-level engineering managers (i.e. chief technology officer and vice president of engineering) while operational planning defines specific tactics and action steps needed to accomplish the goals specified by top management and is performed by managers at both middle levels (managers and directors) and lower levels (supervisors and group leaders). Strategic planning focuses on identifying worthwhile future activities. Specifically, strategic planning assures that company applies it resources - core competencies, skilled manpower resources, business relationships, etc. - effectively to achieve the short - and long - term goals of the company while in operational planning managers, supervisors and group leaders specify events and tasks that can be implemented with the least amount of resources within the shortest period of time. Operational planning ensures that the company applies its resources efficiently to achieve its states goals.
What is strategic change?
Strategic Change:Strategic Change means changing the organizational Vision, Mission, Objectives and ofcourse the adopted strategy to achieve those objectives.Strategic change is defined as " changes in the content of a firm's strategy as defined by its scope, resource deployments, competitive advantages, and synergy"(Hofer and Schendel 1978)Strategic change is defined as a difference in the form, qualiity, or state over time in organization's alignment with its external environment (Rajagopalan & Spreitzer, 1997 Van de Ven & Pool, 1995).Considering the definition of strategic change, strategic change could be affected by the states of firms and their external environments. Because the performance of firms might dependent on the fit between firms and their external environments, the appearances of novel opportunities and threats in the external environments, in other words, the change of external environments, require firms to adapt to the external environments again; as a result, firms would change their strategy in response to the environmental changes. The states of firms will also affect the occurrence of strategic change. For example, firms tend to adopt new strategies in the face of financial distress for the purpose of breaking the critical situations. Additionally, organizations would possess structural inertia that they tend to keep their previous structure and strategy (Hannan & Freeman, 1984).However, the former research on strategic change has not shown expected empirical results. To explain the unexpected empirical results, Rajagopalan and Spreitzer (1997)suggests that the external environment could not be constantly decided; it would be decided depending on the decision maker's cognition of external environment. Therefore, the occurrence of strategic change would be related to their cognition of external environment.Based on the argument of Rajagopalan and Spreitzer (1997), the factors which affect decision maker's cognition of external environment would affect strategic change.
Why do firms purchase of other corporations Are they simply paying too much for the acquired corporation?
Some firms might purchase other corporations in the hopes of making a profit. They might buy cheap and sell higher. Some firms might also buy other corporations to buy up the competition in a particular industry.
What is an example of a strategic decision that a company might make?
Examples of strategic decisions might be to focus efforts on a new product or to increase production output.
Which good might be sold to the government by business firms?
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