Overview of the Strategic Planning Process
Erica Olsen gives an overview of how to conduct strategic planning for an organization. In the video she explains how to properly plan for an organization. The organization must first determine where they are now and where we want our organization. By using a Strength, Weakness, Opportunity & Threat (SWOT) Analysis, we can determine our interior and exterior advantages and deficiencies. Then we determine a direct route of how we will move our organization over time to meet this objective. The next step is to determine our long-term goals broken down over the time frame in which we expect to meet our overall goal (Olsen, 2016). Now we can measure the progress of these annual goals by quarters where …show more content…
Kryscynski tells us what to expect and what we will accomplish from taking this course. A company must define what they do and what they do not do. While also understanding what they do best, which can be different from what they do. Also, they should list the resources needed to do business. Dr. Kryscynski says there are three questions a company must answer. Where do they compete, how do they compete and how do they execute (Kryscynski, 2016). We need to determine what tangibles and intangibles we will use to compete, while determining what motivation, incentives and control systems should be in place. All this is accomplished by putting a strategy together. A strategy has three pillars, market opportunity, resources and execution. Keep in mind, you need a good strategy and good execution to be successful in business. So, your strategy formulation has to consider external and internal resources and how they will be implemented. Dr. Kryscynski states we will learn diagnostic reasoning skills to accurately come to a conclusion without having all the information. Some of the tools are reading articles and listen to online lectures, engage with real businesses and participate in a business simulation. Where we will analyze strategic solutions and improve our communication skills (Kryscynski, …show more content…
There was the negative growth towards income and consumers changing their attitudes towards purchasing products and brands. Companies had to change their approached towards marketing with different consumers for product distribution and communications (Shriram, 2016). Even though progress in developing countries was better compared to the United States and Europe, a slowdown in countries like China, changed the consumers behavior and created a market response. In developed and emerging markets, there is a bigger diversity between consumers. While progress is evident at the top of the market and the bottom, the middle of the market is dwindling (Shriram, 2016). Adjusting to the division of marketing channels has motivated companies to innovate, by managing new digital retailing and communications paths. Manufactures are now moving to the innovation cycle where they identify and double down on what works (Shriram,
Erica Olsen gives an overview of how to conduct strategic planning for an organization. In the video she explains how to properly plan for an organization. The organization must first determine where they are now and where we want our organization. By using a Strength, Weakness, Opportunity & Threat (SWOT) Analysis, we can determine our interior and exterior advantages and deficiencies. Then we determine a direct route of how we will move our organization over time to meet this objective. The next step is to determine our long-term goals broken down over the time frame in which we expect to meet our overall goal (Olsen, 2016). Now we can measure the progress of these annual goals by quarters where …show more content…
Kryscynski tells us what to expect and what we will accomplish from taking this course. A company must define what they do and what they do not do. While also understanding what they do best, which can be different from what they do. Also, they should list the resources needed to do business. Dr. Kryscynski says there are three questions a company must answer. Where do they compete, how do they compete and how do they execute (Kryscynski, 2016). We need to determine what tangibles and intangibles we will use to compete, while determining what motivation, incentives and control systems should be in place. All this is accomplished by putting a strategy together. A strategy has three pillars, market opportunity, resources and execution. Keep in mind, you need a good strategy and good execution to be successful in business. So, your strategy formulation has to consider external and internal resources and how they will be implemented. Dr. Kryscynski states we will learn diagnostic reasoning skills to accurately come to a conclusion without having all the information. Some of the tools are reading articles and listen to online lectures, engage with real businesses and participate in a business simulation. Where we will analyze strategic solutions and improve our communication skills (Kryscynski, …show more content…
There was the negative growth towards income and consumers changing their attitudes towards purchasing products and brands. Companies had to change their approached towards marketing with different consumers for product distribution and communications (Shriram, 2016). Even though progress in developing countries was better compared to the United States and Europe, a slowdown in countries like China, changed the consumers behavior and created a market response. In developed and emerging markets, there is a bigger diversity between consumers. While progress is evident at the top of the market and the bottom, the middle of the market is dwindling (Shriram, 2016). Adjusting to the division of marketing channels has motivated companies to innovate, by managing new digital retailing and communications paths. Manufactures are now moving to the innovation cycle where they identify and double down on what works (Shriram,