Therefore‚ strategic thinking must be done first‚ and then strategic planning occurs in order for strategic management to be placed throughout the company. Strategic planning is done periodically to ensure that the company is accomplishing its directional strategies‚ such as meeting the mission and vision statements (Ginter‚ Duncan‚ & Swayne‚ 2013‚ p. 14). Strategic management involves the supervision of the implementation of the directional strategies created from the strategic planning and
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THE MANAGEMENT PLANNING FUNCTION Planning - is determining what needs to be done‚ when‚ by whom‚ how‚ and within what cost in order to achieve an objective. It is the work that a manager performs to predetermine a course of action. * Provides the means for achieving a purpose‚ makes the best use of resources‚ makes a manager’s work easier‚ encourages teamwork‚ and forms a base for control. It is based on assumptions‚ involves change
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PLANNING Thinking and looking ahead Process of establishing objectives and appropriate courses of action before taking action Why plan? To be: a. EFFECTIVE – being able to realize the objectives - “doing the right thing” b. EFFICIENT – being able to spend the least amount of resources in realizing the objective - “doing things right” TYPES OF PLANS: 1. Strategic Plan - focused on the entire organization - top management formulates the objectives
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Business Strategy Guidance for Contents Contents 2 Introduction 3 Strategic Concepts and Terms 4 Business Strategy 5 Strategic Thinking 5 Ansoff’s Growth Vector Matrix 5 Strategic Planning 7 BCG Growth-Share Matrix 7 Directional Policy Matrix 8 Co-Operative Food Store Audits 10 Environmental Audit 10 PESTEL Analysis 10 Porters 5 Forces: 10 Organisational Audit 11 Stakeholder Analysis 14 Co-operative Stakeholders 14 Stakeholder Mapping 14 Bibliography 16
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Different between planning and controlling Planning is a basic managerial function. It involves deciding on a course of action in advance. Planning is deciding what is to be done‚ where and how the work is to be done and who will do the particular task. We can say plan is to produce schemes for future action‚ to bring about specified results and specified cost‚ in a specified period of time. It is a deliberate‚ extent‚ speed and effects of change.
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1. Some of the strategic reasons for HiBrow Hotels to move their regional headquarters from Sydney to Singapore Strategic Planning for International Markets After HiBrow Hotel Group has done on their periodic evaluation on the international market environments‚ they found out that Singapore has the most suitable resources located for their business. Their driving forces behind this relocation to Singapore were into threefold; First‚ the company senior management felt that operating costs
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Strategic Planning for John Hopkins Hospins Introduction It is a fact that every healthcare institution has to have proper strategies and management so as to realize success‚ stability and continuity. This research therefore takes to analyze the strategies that are used by hospitals that deal in the provision of laboratory services. Particularly‚ many hospitals have been able to accord the best of services to its patients and members of the
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Essentials of Planning and Managing by Objectives OBJECTIVES After studying this chapter‚ you should be able to: 1. Understand what managerial planning is and why it is important. 2. Identify and analyze the various types of plans and show how they relate to one another. 3. Outline and discuss the logical steps in planning and see how these steps are essentially a rational approach to setting objectives and selecting the means of reaching them. 4. Explain the nature of objectives. 5. Describe
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Identify and describe what it is about strategic plans that make them difficult to implement. Support your argument with an example Strategic planning: matching organizational objectives and capabilities to the anticipated demands of the environment to produce a plan of action that will ensure achievement of objectives.( Denhardt & Denhardt‚ 2010) What make strategic plans difficult is trying to plan make a decision that effects multiple people with different beliefs or issues. An example would
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Wal-Mart Strategic Development and future Becoming Wal-Mart- The Past: Overview Wal-mart was founded by sam Walton in 1962. The idea behind was to bring discount shopping stores to rural America. It grew rapidly with huge popularity. Today it has 3708 Wal-mart U. S. Units‚ 569 U.S. Sam’s Club and 4112 International units. It toppled GE and became No.1 in Fortune 500 Company list with annual revenue of 405 Billion USD and employs about 2 million associates. It has presence in multiple sectors
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