This is for my strategy class - If possible, could you elaborate on these questions?
Question 1. Identify and briefly explain the items required to address when developing a strategic plan.
Question 2. Identify one current article that shows the organization is using strategic planning. Prepare a short paragraph explaining what/how they used strategic planning.
Question 3. Explain how the actions in your organization could be an attack on your competitors or a defense from a competitor's strategic action. Explain both the attack on your competitor and your defense from your competitor's action.
Question 4. Identify and briefly explain Porter's five generic strategies. Identify the Hyundai automobile strategy. Justify your answer by explaining Hyundai's actions.
Strategic planning can be defined as the process through which an organization defines its strategies, resource allocation strategy, direction etc. Under the strategic planning a clear future direction and priorities is set for the corporation that helps to increase its effectiveness in the industry. In developing a strategic plan the following items should be addressed -
Future or long term objectives - In order to develop an effective strategic plan the management of the organization should consider the long term objectives or dynamics of the firm instead of the day to day tasks. The focus on mission, objectives and vision of the organization would be effective to develop an effective strategic plan.
Environment analysis - In developing the strategic plan the environment should also be concerned. The strategic planner should analyze the internal and external environment of the business as it may affect the strategic planning effectiveness. A research about the internal and external environment should be carried out by the business it helps to know the strengths & weaknesses and opportunities & threats for the business that helps to develop an effective strategic plan (Rea & Kerzner, 1997). The environment analysis helps to fit the strategic plan and business with the environment.
Growth perspective - While developing the strategic plan direction, timing of growth, pace and extent of the business should also be considered. It is beneficial to develop a significant strategic plan.
Portfolios of businesses - Focus on basket of the businesses would be effective to change/delete or add in the firm's product market postures. It helps to determine the product market scope and effective planning to increase the market posture of the business.
Strategy and integration - In developing the strategic plan, the management should consider the growth priorities and the alternative corporate strategies rather than routine operational activities of the business. The strategic planning should also be met with the organizational capabilities in order to reduce the impact of uncertainties (Clarke, 2001). It would be effective to develop core competency and competitive advantage for the business. These are some major items that should be considered while developing the strategic plan.
The article is related to the strategic planning in Wal-Mart. Wal-Mart is the retail giant in US that is planning to procure the products directly from the ...
This solution assists with the questions related to differentiation strategies.