Analysis Of The University Of Tennessee 5 Yr Strategic Plan Essay
What is Strategic Plan?
According to the Cambridge Business English Dictionary, a strategic business plan can be defined as:
“a process in which a company’s executives decide what they want to achieve and the best actions and use of resources for doing this” ("strategic planning” - definition in the Business English Dictionary - Cambridge Dictionaries Online (US)," n.d.). The business dictionary-a business version of the Dictionary.com internet based dictionary, defines the strategic business plan in a bit more detail, and in direct parallel to as:
“an Internal document that (1) outlines an organization 's overall direction, philosophy, and purpose, (2) examines its current status in terms of its strengths, weakness, opportunities, and threats (see SWOT Analysis), (3) sets long-term objectives, and (4) formulates short-term tactics to reach them” (“What is strategic business plan?”- definition in the BusinessDictionary.com online Business Dictionary (US),” n.d.).
Karl Moore, a professor at the Desautels Faculty, McGill University & an Associate Fellow at Green Templeton College, Oxford University in an article on Forbes.com, discusses Porter and Mintzberg’s views of strategy, and offers an opinion on which is most relevant today. Moore contends that both have been “very influential in the study of strategy”, and contrasts their views, offering the opinion that Porter takes a more deliberate approach to strategy,…