1. Discuss the accuracy of this statement: Formal strategic planning systems are irrelevant for firms competing in high-technology industries where the pace of change is so rapid that plans are routinely made obsolete by unforeseen events.
Formal strategic planning systems are not the best when competing in high-technology industries where the pace of change is so rapid that plans are routinely made obsolete by unforeseen events. Strategy is important in any business for the benefit of success. What is formal strategic planning? Strategic planning is a development in a business that is comprised of goal planning that are short and long in term. The formality is incorporated when goal planning is developed with a set mission statement along …show more content…
Competitive advantage is established when an unpredicted strategy is executed successfully that are “rare, valuable, and non-substitutable” (SBA, 2014). A company’s competitive advantages are likely to endure over time if there is low to no competition in the same area of business. A business will also maintain the advantage over competition if the surrounding atmosphere has no demand. “Competitiveness derives from an ability to build, at lower cost and more speedily than competitors, the core competencies that spawn unanticipated products” (Prahalad & Hamel, 1990). Built within a company’s formal strategic plan would be specific and identifiable proficiencies that allow a competitive advantage to be developed using a well detailed palpable set of assets. Times will continue to change and a company must develop the ability to sustain for the long-term. What is desired today may no longer have a demand in the future. Continuous improvements developed within a company allows for frequent advancement to maintain that competitive advantage over the competition. For example, Cornell University uses a continuum improvement model to maintain excellence. Wheatley (2014) explained that Cornell understands the need to continuously improve and the “synergy and power that …show more content…
Goal planning is developed with a mission statement and goals aligned with objectives to meet the needs of the business. Strategy and luck can play apart in businesses success and demise. Great companies can be are lucky as they decide what to do in these particular situations and achieve the most from the opportunity (Raynor, Ahmed & Hamilton, 2009). To sustain success for extended periods of time, strategic planning is necessary. “Luck is in eliminable one is never in complete control of ones actions and omissions” (Zimmerman, 1987, p. 382). Luck is a small portion that can be attributed to the success of a business, but not all successes are attributed to luck. Strategic planning incorporates what to do in situations that also may include the lucky moments as well; but success and failure cannot be attributed to just luck. Luck is the grand equalizer, because almost everyone can benefit from it (Gresham,
Formal strategic planning systems are not the best when competing in high-technology industries where the pace of change is so rapid that plans are routinely made obsolete by unforeseen events. Strategy is important in any business for the benefit of success. What is formal strategic planning? Strategic planning is a development in a business that is comprised of goal planning that are short and long in term. The formality is incorporated when goal planning is developed with a set mission statement along …show more content…
Competitive advantage is established when an unpredicted strategy is executed successfully that are “rare, valuable, and non-substitutable” (SBA, 2014). A company’s competitive advantages are likely to endure over time if there is low to no competition in the same area of business. A business will also maintain the advantage over competition if the surrounding atmosphere has no demand. “Competitiveness derives from an ability to build, at lower cost and more speedily than competitors, the core competencies that spawn unanticipated products” (Prahalad & Hamel, 1990). Built within a company’s formal strategic plan would be specific and identifiable proficiencies that allow a competitive advantage to be developed using a well detailed palpable set of assets. Times will continue to change and a company must develop the ability to sustain for the long-term. What is desired today may no longer have a demand in the future. Continuous improvements developed within a company allows for frequent advancement to maintain that competitive advantage over the competition. For example, Cornell University uses a continuum improvement model to maintain excellence. Wheatley (2014) explained that Cornell understands the need to continuously improve and the “synergy and power that …show more content…
Goal planning is developed with a mission statement and goals aligned with objectives to meet the needs of the business. Strategy and luck can play apart in businesses success and demise. Great companies can be are lucky as they decide what to do in these particular situations and achieve the most from the opportunity (Raynor, Ahmed & Hamilton, 2009). To sustain success for extended periods of time, strategic planning is necessary. “Luck is in eliminable one is never in complete control of ones actions and omissions” (Zimmerman, 1987, p. 382). Luck is a small portion that can be attributed to the success of a business, but not all successes are attributed to luck. Strategic planning incorporates what to do in situations that also may include the lucky moments as well; but success and failure cannot be attributed to just luck. Luck is the grand equalizer, because almost everyone can benefit from it (Gresham,