Note: Sample below may appear distorted but all corresponding word document files contain proper formattingExcerpt from Essay:
Crafting and Execution Strategy
Crafting Executing Strategy Due Week 2 worth 280 points Assume a business owner business professional, a company industry choice, responsible creating executing company's strategic plan.
Crafting and Execution Strategy
Description of the company
Our company deals in distribution of imported tires for both trucks and small and medium sized motor vehicles. The company operates under the name Motor Tire Limited. In the region of operation, there are two other major suppliers who deal in imported tires only. One deals in imported tracks tires while, the other deals in imported small and medium size motor vehicles tires. In the market of tires, there are small companies who deal with supply of tires on demand basis but, they have slowly started expanding their operations with the realization that the two wheel motor vehicle industry is growing and, there are no key players in the industry.
Importance of Strategic Plan
A strategic plan is an outline of an organization's desired projection or direction Beasley M.S., Frigo M.L., & Litman J., 2007.
The understanding of the strategic plan as a guide emphasizes not only its importance but also the key role it plays. Setting up an organization means that an individual or group of individuals has a desired goal. Strategic management helps the management team to have a comprehensive perspective for each and every aspect touching on the organization. It will also guide, in the formulation of short-term goals and directing the employees and resources within the organization towards attainment of the goals.
In the case of a sale and distribution company such as Motor Tire Limited, the overall goal is to control at least over 60% of the market share in order to make desired profits and guarantee their future growth. This goal is more long-term than short-term and strategy needs to be devised on what should come first to yield the goals.
Strategic planning also helps in the coming up with identified measures of resources and input required. Setting up goals in an organization is not enough the capacity of the organization physical and human power needs to be assessed. Strategic management creates avenues for an overall evaluation of the resources in the organization and assessing their capacity. The assessment helps in the allocation of the resources according to their capacity. Where the capacities in these resources are inadequate, then measures to boost them are devised.
Without strategic planning, organizations will allocate resource on biased judgment that decreases operational efficiencies. Set goals and, desired ends will cost more than they ought to have even if, they are attained eventually Khurana & Nohria, 2008.
Strategic planning is a measure of organizing the resources within an organization's reach and deploying then in the most efficient way to attain the goals of the organization Lorenzen M., 2006.
It explores the most efficient way to arrange the companies resources. Planning directs resource towards the desired goal with greater efficiency. In a sense, through assessment and management that comes with strategic planning, an organization attains the requisite cohesiveness in performance. This reduces chances of failure as well as increasing the efficiency in performance. Accuracy in attainment of Goals is also put in place accuracy in goal attainment Brown, Lamming, Bessant, & Jones, 2005()
Strategic planning also offers an opportunity for firms to scan their external environment before implementation of sought ventures. Example, for Motor Tire Limited, its external environment comprises of the competitors -- existing and potential, tire manufacturing companies (their supplier), change in demand for motor vehicles and their use, the region's legislations and advances in technology that are associated with tire use and manufacturing. With strategic planning, an organization has the ability to assess what they intend to attain in introspect of their external environment. Planning provides avenue for assessment of influence or deterrence external factors have on goal attainment. A company that plans their operation will be better positioned to avoid misappropriation of resources where an outward view of the plans was required
From the above arguments, it is sufficient to concur that strategic planning plays a critical role of ensuring cohesiveness of the directions taken by the different facet of an organization towards the s ought goals. It ensures that the vision mission values and objectives of the organization are in line with the direction taken by the managers, owners and employees. It also ensures responsiveness to the external environment of the organization's operations.
Motor Tire Limited…[continue]
"Crafting And Execution Strategy Crafting Executing Strategy" (2012, July 15) Retrieved October 28, 2016, from http://www.paperdue.com/essay/crafting-and-execution-strategy-81084
"Crafting And Execution Strategy Crafting Executing Strategy" 15 July 2012. Web.28 October. 2016. <http://www.paperdue.com/essay/crafting-and-execution-strategy-81084>
"Crafting And Execution Strategy Crafting Executing Strategy", 15 July 2012, Accessed.28 October. 2016, http://www.paperdue.com/essay/crafting-and-execution-strategy-81084
Strategy and Leadership: The Importance of Leadership in Strategy Implementation Strong leadership as Lussier and Achua (2009) point out is regarded one of the most critical strategy implementation tools. In that regard, therefore, the relevance of proper and sound leadership in organizational strategy implementation cannot be overstated. This is particularly the case given that the implementation of strategy remains one of the most critical components of the process of strategic management. From
Prevent Student Behavior Problems Strategies to Prevent Behavior Problems It is inevitable that some students will act up in class. However, using prevention strategies to curb bad behavior before it starts can provide a much better environment with less bad outbursts by distracted or frustrated students. Essentially, the educator must be proactive in strategy choice and execution in order to prevent bad behavior from starting and running out of control. There
Strategic Business Unit of Publicly Traded Organization The objective of this study is to select any strategic business unit from a publicly traded multi-national corporation and to analyze the overall competitive environment including market conditions, evaluate the current growth and new business strategies, along with implications, analyze the organization's primary business model, evaluate the organization's competencies and resources, evaluate the leveraging of growth strategies through partnerships and alliances and identify future
The class text (on page 338) describes that a big part of this is giving promising employees tasks and assignments that stretch their boundaries and horizons as this helps them grow and, as mentioned before, incentivizes them to do more (Thompson, 2012). Conclusion In short, Starbucks has had its challenges and has things it needs to address. The stock crashing in 2008/2009 was not a good time but it was absolutely
Managing All Stakeholders in the Context of a Merger Process Review of the Relevant Literature Types of Mergers Identifying All Stakeholders in a Given Business Strategic Market Factors Driving Merger Activity Selection Process for Merger Candidates Summary, Conclusion, and Recommendations The Challenge of Managing All Stakeholders in the Context of a Merger Process Mergers and acquisitions became central features of organizational life in the last part of the 20th century, particularly as organizations seek to establish and
The main focus of the 1980s regarding brands focused on a trend in takeovers, enabling successful brands to become extremely valuable on the open market. Even very early on, a value associated with a brand large was viewed in part as more important than the product itself. Early research indicates that many thought the only way to have a successful brand was to buy one. Many felt that the
Marketing Management The cosmetics industry and market continually change to present players in the field with new opportunities and threats. In the context of the dynamic and competitive industry, Estee Lauder is seeking to introduce a new product line to better serve the changing needs of customers. The new product line would be sold with the Beautiful fragrance and would be distinguished by the fact that it is based on components