Strategic Business Planning Process

Strategic Business Planning Process-51
Usually, tactics rather than strategies are changed to meet the new conditions, unless firms are faced with such severe external changes as the 2007 credit crunch.Measuring performance is another important activity in strategy monitoring. Managers have to compare their actual results with estimated results and see if they are successful in achieving their objectives.This includes evaluating an organization’s external and internal environments and analyzing its competitors.

Usually, tactics rather than strategies are changed to meet the new conditions, unless firms are faced with such severe external changes as the 2007 credit crunch.Measuring performance is another important activity in strategy monitoring. Managers have to compare their actual results with estimated results and see if they are successful in achieving their objectives.

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For example, a product diversification strategy may require new SBU to be incorporated into the existing organizational chart.These smaller objectives are specifically designed to achieve financial, marketing, operations, human resources and other functional goals.To meet these goals managers revise existing policies and introduce new ones which act as the directions for successful objectives implementation.When analyzing the company’s activities managers look into the value chain and the whole production process.As a result, situation analysis identifies strengths, weaknesses, opportunities and threats for the organization and reveals a clear picture of company’s situation in the market.A good example of this was when Apple released its IPod and shook the mp3 players industry, including its leading performer Sony.Firms assess their competitors using competitors profile matrix and benchmarking to evaluate their strengths, weaknesses and level of performance.Internal analysis includes the assessment of the company’s resources, core competencies and activities.An organization holds both tangible resources: capital, land, equipment, and intangible resources: culture, brand equity, knowledge, patents, copyrights and trademarks (Rothaermel, p. A firm’s core competencies may be superior skills in customer relationship or efficient supply chain management.Vision is the ultimate goal for the firm and the direction for its employees. It informs organization’s stakeholders about the products, customers, markets, values, concern for public image and employees of the organization (David, p.93) Components: Internal environment analysis, External environment analysis and Competitor analysis Tools used: PEST, SWOT, Core Competencies, Critical Success Factors, Unique Selling Proposition, Porter's 5 Forces, Competitor Profile Matrix, External Factor Evaluation Matrix, Internal Factor Evaluation Matrix, Benchmarking, Financial Ratios, Scenarios Forecasting, Market Segmentation, Value Chain Analysis, VRIO Framework When the company identifies its vision and mission it must assess its current situation in the market.

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