1. What is a SWOTT analysis? What is its purpose in strategic planning?

Do you have to conduct a SWOTT Analysis to have an effective strategic plan? Why or why not? Solution1: The term SWOT stands for strength, weakness, opportunities and threats faced by an organization and SWOT analysis is a very important strategic tool used for evaluation of these four factors. It makes ways for understanding and identifying the specific objective of the business and identifies the various internal and external factors that are helpful in achieving those objectives. Its purpose in strategic planning is to help in achieving the targets that are set by the organization. There is no doubt that for an effective strategic plan, SWOT analysis is very crucial because the entire plan is being analyzed through the identification of the areas of development. It is a key through which an organization can understand how strengths can be leveraged, weaknesses can be improved, opportunities can be exploited and threats can be minimized. It is a process that matches the goals, capacities and programs of the organization with the social environment (Foong, L.M., 2007). 2. What are the primary internal organization considerations for the development of a strategic plan? Which consideration is the most important? Why? Solution 2: Strategic planning is the process followed by an organization in which it defines its strategies and makes plans for proper allocation of its available resources to achieve its objectives. While developing a strategic plan, it is essential to consider the various internal organizational factors in order to help the plan succeed. The internal organizational factor comprises of mission, vision, values and guiding principles, strategy and strategic objectives of the organization. Before creating any strategic plan, it is essential to know where we are standing and where we intend to go. We must have a look at the mission as well as the vision statement of the organization, match it with the required demands and then frame the strategic plan. The mission statement depicts the purpose that an organization has and vision statement determines the future by formulating a picture of the organization. Therefore, they are the most important internal considerations for the development of a strategic plan (Developing your Strategic Plan). 3. What are the primary external organization considerations for the development of a strategic plan? Which consideration is the most important? Why? Solution 3: For the development of a suitable strategic plan, external considerations are important because a plan covers the entire aspects of an organization i.e. its internal as well as external aspects. The external aspects include customers, competition, technology, supplier market and labor market. All these factors need to be given due consideration as the external environment tends to have an alarming effect on the business. A business can run smoothly only when plans are made in accordance with the different external factors. Among these factors, the most imperative factor is the customers as they are the ones who play a vital role in shaping the business and taking it to greater heights. Therefore, it is the responsibility of every business to understand the changing needs and preferences of the customers from time to time so that they can be provided with the satisfactory products and services (Hunger & Wheelan, 2004). 4. What are the key planning factors for competitive success? Provide an example of an organization that has achieved competitive success through planning. Provide an example of an organization that has failed to achieve competitive success as the result of failed planning. Solution 4: Achievement of competitive success is the dream of any business. It solely depends upon several key

It could not frame proper objectives regarding its launch in a new country (Writing a Business Plan. It involves the grouping of strategy types according to the levels of an organization. Different organizations have differing and varying operations and therefore. usually all three types of strategies are utilized simultaneously in the form of a hierarchy of strategy. The example of an organization that has failed to achieve competitive success through failed planning is McDonald's. In most of the business firms. These key planning factors are as follows: Advertising is an effective tool in attracting customers towards the business and increasing the share of profit. 6. Providing goods at low prices gives competitive edge over its competitors. when it started its operations in India. strong advertisement is important. the selection of an appropriate strategy particularly depends upon the operations of an organization. which. This strategy typically fits within the three main categories of stability. � Business Strategy: The strategy that occurs at the business unit or product level and that accentuates improvement of the competitive position of a corporation's products or services in the specific industry or market segment served by that business unit is termed as business strategy. which are as described: � Corporate Strategy: The overall direction of a company in terms of its general attitude towards growth and the management of its various businesses and product lines is depicted by the corporate strategy. Good quality products are highly demanded by the customers. Therefore. it faced a major setback. � Functional Strategy: The approach taken by a functional area to achieve corporate and business unit objectives and strategies by maximizing the resource productivity can be defined as a functional strategy. This is the result of an efficient planning system followed by Wal-Mart that has brought it so far successfully. The main function of this strategy is the enlargement and nurturing of a unique competence to render a company or business unit with competitive advantage. In its initial stage. Continuous innovation in the organization by the development of new products and services helps the organization to move ahead. in turn. Strategy of an organization maximizes the competitive advantage and minimizes the competitive disadvantage. Therefore. What are the different types of strategies? What are the differences among these strategies? How do you determine which type of strategy is most appropriate for your organization? Solution 5: A strategy of an organization especially defines the various forms in which an organization will achieve its mission and objectives. What are strategic objectives? What is the purpose of strategic objectives? What makes an effective . It is well known that Wal-Mart has a large number of stores around the world and its products occupy a place of great significance. the firm uses strategies in such a way that functional strategies support business strategies.planning factors which play an effective part in the success of the business. support the corporate strategies (Thenmozhi). The example of an organization that has achieved competitive success through planning is Wal-Mart. 5. growth and retrenchment.Success Factors). In this hierarchy of strategy. This was mainly due to the failed planning strategies of the organization. Its branches and stores could be easily found in each and every part of the world. Its objectives comprises of satisfying the customers with the world's finest products. There are different types of strategies. meeting their needs through high quality products will add to the company's success.

strategic objective? What are some examples of strategic objectives for you organization or one with which you are familiar? Solution 6: Strategic objectives are the defined targets set by an organization in order to make its strategy succeed and they are generally focused externally. It generally relies on the customer satisfaction and generating operational efficiency (Gregory et al 2005). Solution: 8 The term 'Corporate Governance' refers to an affiliation among the three groups' i. Management and Board of Directors.e. Organization is a system. This assertion depicts the objective of bank and for attaining these objectives. 'Goals' portray what an organization desires to attain in the coming future whereas objectives are the ends. originality and efficiency (Mochal. These objectives are associated with the organization's vision and mission. This loss could have been avoided if the company's Board of Directors had followed everything in a planned manner. Long-term Objectives: These types of objectives are the ends that signify a position that an organization wants to achieve in the near future. realistic and timely can be defined as an effective strategic objective. long-term. . What is corporate governance? What role does corporate governance play in strategic planning? Why is it important? Explain your answer and give an example. Strategic objectives encompasses various fields like present share of market as well as new markets. proper selection and development of human resources. 7. Short-term Objectives: These types of objectives are the linear attempts in the way of attaining long term objectives. the goals of the bank are development. Shareholders or Investors. specific. Role and importance of corporate governance can be understood with an example of Tyco International Ltd. Effectual corporate governance finds out the way and execution of an organization and due to this. appropriate. and short-term objectives? What is the relationship between objectives and goals? What are some examples of this relationship? Solution: 7 Strategic Objectives: Strategic objectives are the aims for that an organization endeavors for. These types of objectives are less extensive and observational. Overall Cost Leadership Strategy and Differentiation Strategy. 2008).. where a huge corporate scandal took place due to the unethical practices of the company's CEO. whose mission is to be the most cutthroat and liberal establishment in its industry. it is believed that the role of corporate governance in strategic planning is quite significant. 2007). These strategic objectives are of utmost importance in an organization as they help the organization to effectively utilize its resources to achieve competitive advantage. A strategic objective that can be easily measurable. mission and vision along with their formulation to implementation. Strategic objectives help in the generation of greater returns for the business by meeting the needs of the customers or society at large. What is the difference among strategic. 8. Members of the corporate governance perform different kind of works associated with the company's strategic planning and in addition they govern the company in right direction and due to their governance they are very important for an organization (Hunger & Wheelan. identification of the different sources of fund and availability of physical resources and their usage. These objectives are more observational and gentler. Examples of strategic objectives for Wal-Mart include the development of different strategies like Focus Strategy. which can be managed only with an appropriate strategic planning that includes all the goals. These objectives are the milestones that pave ways for the betterment of the organization. objectives. development of novel products along with the skills and methods of developing them. The relationship among the objectives and goals can be realized with an example of a bank.

Before formulating the strategic plans. Has your organization's strategic plan been communicated to you? If so. the top management. 2008). an organization employs external and internal change agents. as they are the people. mission and goals of an organization. is well-coordinated and answers ambiguity such as what. it is very important to continuously review and update the strategic plans. mission and measures undertaken by the organization. n. as it creates a common culture at the workplace. the strategic plans of my organization have been fully communicated to me by the manager. Communicating the strategies. they help in forming pressure for bringing change by shaping fresh administrative perception of the organizational atmosphere. which acts as a strategic advantage for an organization (Heathfield. What things should be taken into consideration in the creation of a roadmap for a strategic plan? What are some examples of external and internal change agents? What role do change agents play in the execution of a road map for a strategic plan? Solution 11: The formulation of strategic plans of a firm should follow a certain roadmap. such practices reduce the conflicts and disagreements on a daily basis. The process allows workforce to be involved in the decision making. as possible. why and how to do a task. but to generate an atmosphere. it is essential to keep updating the communication and implementation of strategic plans to produce a work environment. as well as.). For bringing change. as most of the conflicts generate due to varying ideas among employees as to what is vital for the organization. Moreover. 10. n. The onus of performing this task lies with the executives and it cannot be thought of without the support of the top management. Why is it necessary to monitor and control strategic plans? Who should be responsible for monitoring and controlling strategic plans? Why? What are the pitfalls of failing to monitor and control strategic plans? . who has the expertise in an area and has the know-how to solve a problem. 11. The aim of such an act is not to control the employees. Thus. how and by whom? If not.). on behalf of the staff members. Last but not the least.9.d. to achieve its goals and objectives are much essential in many ways (Bacal. with the company's ambitions. The strategic planning process must align with the organization's mission or purpose of existence. which has same goals and guided by same set of rules (Heathfield. The change agents play an important role in implementing strategic plans within an organization. in a positive manner (Bacal. who formulate the vision. The goals and objectives and the strategies adopted to achieve those goals change according to the changing market dynamics. 2009).d. 2009). it is essential to consult with as many people. which shares common goals. as they have the access to the means and knowledge required to take such decisions. Internal change agents can be a staff member. which an organization plans to adopt. For example. Planning is necessary for generating awareness and obtaining support from the outside world for the business and its objectives (Hill & Jones. which has the potential to make a difference. Moreover such a practice instills a feeling of recognition and familiarity. an external change agent can be a consultant or an outside faculty. whereas. Why is it important to continuously update the implementation and communication of a strategic plan? Who should be responsible for updating and communicating a strategic plan? Why? Solution 9: The intent of constantly updating the communication and implementation of strategic plan is important. The path that is adopted is as important as planning itself. 12. when. how would such communication improve your organizational effectiveness? Is it important for employees to know the strategic plan of a company? Why or why not? Solution 10: Yes. This affects the effort and efficiency that the employees put in.

factors like economic. For example. Moreover. The employees have the responsibility to understand the strategies and its future repercussions and based on such analysis prepare an action plan. An organization has to consider many factors. Thus. it aligned its strategic planning according to the socio-cultural attributes of the region. The strategic planning of a company cannot be formulated in isolation. unless. we can see that the company's expansionist strategy took a downturn. it ignored the tastes. keeping in mind. If an organization fails to control and monitor its strategic plans. it will not be able to equip itself with the capabilities needed to face uncertainties. preferences and lifestyle of the people in the region and heavily introduced items made of beef and pork. 2008). . 1986). With the help of monitoring and control of strategic plan. As an employee of an organization. along with functional managers. which govern its decisions. Thus. An organization's top management and executives should be responsible f or monitoring and controlling strategic plans. The workforce. implementing and controlling. What are some examples of regulatory issues that affect the controlling aspect of a strategic plan? What are some examples of organizations that have failed to comply with regulatory requirements in controlling their strategic plans? What were some of the repercussions that these organizations have faced? Solution 14: An organization has to plan its strategies. Without monitoring and control of strategic plans. when Mc Donald's entered the Indian sub-continent. it is indispensable for a firm to monitor and control its strategic plans. an employee should also develop his/her controlling skill (Lussier. The staff should be involved at each stage of planning. 13. political or technological matters have to be considered. 14. After the company faced heavy retaliation from public and huge losses it conducted a market analysis and came up with edible items keeping with the traditions and habits of the people. socio-cultural. It should be seen that strategies are being implemented as planned within the budgetary limits and any loophole should be plugged in time. 2008). an organization cannot make an appropriate fit among its operations and its environment (Camillus. should try to align the strategy into the day-to-day activities. which not only work towards achieving the needs of the consumers but the organization. what role do you play in the strategic planning process? What role do you play in the implementation process? What role do you play in the monitoring and controlling process? Solution 13: Involvement of employees at every stage of strategic planning process is very essential to keep them involved in the implementation of the operational plans of an organization. as it is a part of a society as a whole. as they are better aware of the company's objectives and goals along with desired results. as well (Lussier. which confront the firm. adjustments that are necessary can be brought out on time. the regulatory issues.Solution 12: Strategic plan renders the framework for all the major business decisions of an enterprise and in a successful organization it works as a guide to various business opportunities and due to this importance of strategic plan in an organization.

Camillus. (2008).com/planningmaster/planningarticles/strategiccommunicationplanning. Lussier. Haines. Understanding of Swot Analysis. Planning Communications to Optimize Strategic Plan Implementation. (2009). L. Ltd. Strategic Management and Business Policy.html Hunger. (2007). Heathfield.bytestart. from http://www.htm Bacal.pdf Gregory. S. Retrieved August 28. Applications. S. Cengage Learning. (2004). Singapore.pdf Developing your Strategic Plan. 2009 from http://article. .co. 2009 from http://sbaer.kidasa. Retrieved June 16. D et al (2005).org/fp_progs/sp_mod/str_plan. (2007). (2009).edu/publications/strategic_management/pdf/08.d. Strategic Objectives. from http://humanresources. Skill Development. Pearson Education Pte. Lexington Books.htm Hunger. Retrieved August 28.Success Factors. from http://work911.References: Foong.M.about.J & Wheelan. 2009. G. (2008).shtml Thenmozhi. 2009.com/information/articles/goals/index. Strategic planning and management control: systems for survival and success. Retrieved August 28. Types of Strategies.). G. D. Defining project goals and objectives.ac. Make Strategic Planning Implementation Work. Pearson Education. M. (2000). Essentials of Strategic Management (4th ed). N.tqmcasestudies. Retrieved August 28.com/free-tqm-ebook/swot-analysis.uca.C. Cengage Learning.pdf Mochal.htm Hill. (2008). 2009 from http://www.D & Wheelan. & Jones. Writing a Business Plan. Management Fundamentals: Concepts.L. R. J. Retrieved August 28. (1986). T. 2009 from http://managementhelp. (2009). M. C. 2009 from http://nptel.T.uk/content/businessplans/30_2/writing-a-business-plan-6. T. Essentials of Strategic Management. The Systems Thinking Approach to Strategic Planning and Management. Retrieved August 28. Retrieved August 28.com/od/strategicplanning1/a/implement_plan. (n.in/courses/IITMADRAS/Management_Science_I/slides/9_6s. CRC Press. 2009.iitm. L. J. R.

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