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Strategic Initiative Paper
Using the selected organization from your Learning Team Meeting One assignment, prepare a paper in which you describe the relationship between strategic planning and financial planning. In your paper, be sure to address the following:
Describe a strategic planning initiative for your selected organization and identify a strategic initiative discussed in the organization's annual report.
Relationship between Strategic and Financial Planning
Wal-Mart is an American Company, which was founded by Sam Walton in 1962. In all over the world, Wal-Mart operates various kinds of retail stores and serves more than 200 million customers. The main aim of Wal-Mart is to provide high quality product at low prices. It is running more than 7390 departmental stores worldwide (About us, 2009).
All these retail outlets of the company include various types of discount stores, super-centers, neighborhood market, etc. Net income at the end of fiscal year 2008 was approximately $ 13.4 Billion and in the same year in quarter four, Wal-Mart recorded highest sales of $ 108 billion in the industry (Wal-Mart Posts Good Q4, Annual Results, 2009). Due to this growth, the company is selected as the largest revenue generator corporation in all over the world (Wal-Mart: Annual Report, 2009). Success and growth of the company is directly related to its strategic planning. There are several initiatives that are taken by the company to make strategic planning, which directly gives a positive impact in the financial growth of the firm.
Strategic planning can be defined as the proactive process, which is undertaken by an organization to take decision for the utilization of available resources and to plan the various courses of action for the future, so that the organization can achieve its goals and targets. Robert W. Bradford, J. Peter Duncan stated in their book that at the time of making strategic planning, there are various question arises for the management such as what do we do? For whom we do? How will we excel in the mission? etc. (Bradford, Duncan & Tracy, 2000) According to Janet Shapiro, strategic planning provides only path to the management to move in the right direction and does not provide any confirmed information regarding future activities (Shapiro, 2001).
In some situations, management use strategic planning to create various ideas regarding the improvement of the current state of business firm, so that they can make a long term relationship with the ...
This solution discusses strategic planning and financial planning.