Strategic thinking is gaining popularity in organizational planning.
Not what you're looking for?
1- "Strategic thinking is gaining popularity in organizational planning." Why do you think that is?
2- Unlike goals that have specific measurable outcomes and dates in their construct. What types of metrics would you suggest in measuring strategy and evaluating accountability?
Purchase this Solution
Solution Summary
The expert examines how strategic thinking is gaining popularity in organizational planning.
Solution Preview
"Strategic thinking is gaining popularity in organizational planning." Why do you think that is?
The Collins Dictionary of Business explains strategy as a "unified set of plans and actions designed to secure the achievement of the basic objectives of a business" (2006). Market structure is the interconnectedness between competition, the strength and numbers of buyers and sellers, product differentiation, and the ease of entry or exit. The intended strategy is different than realized strategy with 90 percent of companies unable to attain. Strategy charts a course, coordinates activities to focus efforts, defines the organization, and provides some consistency (Mintzberg, et al., 2005). The fact that implementation of strategy has a 90% failure rate (Weil, 2007) outlines the need to change how we think of strategy.
Strategy needs a proactive approach in a turbulent global environment. The premise is that the business world has become very complex and learning can be a tool to produce more successes. Becoming globally competitive requires learning specific skills in a complex environment. Strategic contingency theory maintains that a strategy must fit the environment that it will be implemented. Baack & Boggs (2008) explains that the cost leadership strategy doesn't work in emergent markets. This type of market needs an industry-wide target customer, demand market wide, no segments, considerable resources, access to distribution, and customers that are price sensitive. Cost leadership demands efficiency and in a stable market which is not found in a turbulent environment.
Unlike goals that have specific measurable outcomes and dates in their construct. What types of metrics would you suggest in measuring strategy and evaluating accountability?
By documenting what went well and what the shortcomings were in past projects could teach an organization to learn from past experiences. A turbulent environment requires ...
Purchase this Solution
Free BrainMass Quizzes
Learning Lean
This quiz will help you understand the basic concepts of Lean.
Introduction to Finance
This quiz test introductory finance topics.
Organizational Leadership Quiz
This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.
Operations Management
This quiz tests a student's knowledge about Operations Management
Writing Business Plans
This quiz will test your understanding of how to write good business plans, the usual components of a good plan, purposes, terms, and writing style tips.