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3. RESERCH QUESTION
4. RESEARCH OBJECTIVE
5. LITERATURE REVIEW
"Strategy is choosing to perform different activities that can be preserved and that will
provide a sustainable competitive advantage. (Mitchell 2007)
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One of the biggest problems that companies are limiting future thinking based on current
reality. Instead of working from what could be, they are working from what is. They let the
problems of the past keep them realizing the vision of the future. Data shows that
90% of strategy plans are never effectively implemented and 30% of
those companies on the top of their industry won’t be there in five years.
2006 Helen M. Mitchell, Strategic Management Resources
http://www.straegicmgmtresources.com
1. Business strategy
2. Operational strategy
3. Corporate strategy
When planning for the future, companies need to analyze the present,
identify the gaps and figure out a plan to manage growth. "The common
thread in all the organization we realized need to think strategically and
to simplify the complexity of their situation, some of the mistake we
realized
1. Lack of Integration
2. Looking at only a part of the business and not the whole.
3. Not thinking BIG enough.
4. Limiting future thinking based on current reality
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5. Not including key stakeholders.
6. Ignoring the very important data.
7. Not measuring key activities aligned with the vision.
Strategic management seeks to align the firm's activities with its external
environment. At the heart of this management approach is the strategic
planning system. As firms face increased environmental change (e.g., more
globalization) theorists (Grant, 2003) argue that firms benefit from strategic
planning.
There are many benefits to developing a strategic plan for your company.
Here are four primary benefits of strategic planning:
(http://www.orgresuls.net/newsblog)
• First, an effective strategic plan allows your organization to chart its own
course instead of allowing your competitors to decide what customers they will
take while leaving you with the leftovers.
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• Second, the goal of the strategic planning effort is to identify not only markets
where you can compete, but also to identify market segments in which you can
dominate. If you can dominate a market segment, you are driving what
happens in that segment. You’re not one of the “also rans” left to compete for
business solely on the basis of the cheapest price.
• Finally, the strategic planning process forces you to live in the real world. If a
train is headed right for you, an effective plan gives you the time to see it and
do something about it. Do your customers see the strengths that you say you
have? Is the market opportunity as large as your sales manager says it is?
Will there ever be a return on investment for a product that requires a capital
intensive investment on the front end?
6. EXPECTED OUTCOME
7. RESEARCH METHODOLOGY
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• General details of the Strategic Planning
1. Journals & secondary research article downloaded form the
Word
Wide Web.
2. Text books (Refer Reference list)
3. Discussion with consultant & lectures etc.
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8. REFERENCE:
• Journal Article 2006 Helen M. Mitchell, Strategic Management
Resources http://www.straegicmgmtresources.com
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• Richard B Chase & Robert Jacobs - Operations
Management for competitive advantage, Eleventh
Edition