The professor suggests that even if buying a franchise is less risky, there are several disadvantages involved in this process. Firstly, professor mentioned about the recent study which calls a doubt on buying a franchise license. Study suggests that brand companies are forcing their franchise owners to buy very specific goods and services which are highly expensive in the competitive market.
Strategy What result does the value chain end with? Strengths 4 What denotes skills or expertise in an activity that constitutes the roots of competitiveness in an organization?
What does Dr O indicate that an organization can obtain by this method? Situational analysis — Within their time and resource constraints, planners should gather, interpret, and summarize all information relevant to the planning issue in question.
A thorough situational analysis studies past events, examines current conditions, and attempts to forecast future trends. It focuses on the internal forces at work in the organization or work unit and, consistent with the open-systems approach.
This step in the process should stress creativity and encourage managers and employees to think in broad terms about their jobs. One type of plan is called a contingency plan which is similar to a DR plan. The evaluation process will identify the priorities and trade-offs among the goals and plans.
Managers and employees must understand the plan, have the resources to implement it, and be motivated to do so. Including employees in the previous steps of the planning process paves the way for the implementation phase. As we mentioned earlier, employees usually are better informed, more committed, and more highly motivated when a goal or plan is one that they helped develop.
Finally, successful implementation requires a plan to be linked to other systems in the organization, particularly the budget and reward systems.
If the manager does not have a budget with financial resources to execute the plan, the plan is probably doomed.
Many organizations use incentive programs to encourage employees to achieve goals and to implement plans properly. Commissions, salaries, promotions, bonuses, and other rewards are based on successful performance.
As we mentioned earlier, planning works in a cycle; it is an ongoing, repetitive process. They will also need to develop control systems to measure that performance and allow them to take corrective action when the plans are implemented improperly or when the situation changes.
Strategic plans have a strong external orientation and cover major portions of the organization. Senior executives are responsible for the development and execution of the strategic plan, although they usually do not formulate or implement the entire plan personally.
Three major types of managers: Because planning is an important management function, managers at all three levels use it.
However, the scope and activities of the planning process at each level of the organization often differ. Tactical plans focus on the major actions a unit must take to fulfill its part of the strategic plan. For example, if the strategy calls for the rollout of a new product line, the tactical plan for the manufacturing unit might involve the design, testing, and installation of the equipment needed to produce the new line.
Examine the industry, organizational stakeholders which includes buyers, suppliers, competitors, government and regulatory agencies, unions, and employee groups, the financial community, owners and shareholders, trade associations. The environmental analysis provides a map of these stakeholders and the ways they influence the organization.
Successful strategic management depends on an accurate and thorough evaluation of the competitive environment and macroenvironment. A Core competency is something a company does especially well relative to its competitors.
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Summarize the types of choices available for corporate strategy. A high-quality strategy is often more difficult for competitors to imitate. Functional strategies are implemented by each functional area of the organization to support the business strategy. An effective strategy provides a basis for answering five broad questions about how the organization will meet its objectives: Depending on how it is applied, benchmarking may be of limited help in that it only helps a company perform as well as its competitors; strategic management ultimately is about surpassing those companies.
Besides benchmarking against leading organizations in other industries, as Great Ormond Street Hospital did, companies may address this problem by engaging in internal benchmarking. The organization structure, technology, human resources, employee reward systems, information systems, organization culture, and leadership style must all support the strategy.
The remainder of this section discusses these factors and the ways they can be used to implement strategy. Second, many organizations are extending the more participative strategic management process to implementation.
Managers at all levels are involved with formulating strategy and identifying and executing ways to implement it. Senior executives still may oversee the implementation process, but they are placing much greater responsibility and authority in the hands of others.
Why should companies engage in strategic planning? Articulate in simple language what a particular business must do to create or sustain a competitive advantage.Integrated Business Topics Strategic Plan, Part II SWOTT Analysis Write a 1, to 1,word synopsis in which you analyze at least seven of the forces and trends from the list above.
Your analysis must: Include economic as well as legal and regulatory forces and trends. Critique how well the organization adapts to change. Conceptualizing a Business - Bus Conceptualizing a Business: Part I UNIVERSITY OF PHOENIX Integrated Business Topics BUS/ Conceptualizing a .
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Strategic Plan Part 1: Conceptualizing a Business Essay Words | 6 Pages. Strategic Plan Part 1: Conceptualizing a Business Strategic Plan Part 1: Conceptualizing a Business Strategic planning is critical to the success of any business, especially new emerging ones.
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Final Strategic Plan and Presentation. Final Strategic Plan PAGE * MERGEFORMAT 1 Running head: FINAL STRATEGIC PLAN AND PRESENTATION Final Strategic Plan and Presentation BUS/ University of Phoenix Strategic Plan, Part 1: Conceptualizing a Business Every business company eventually goes through changes, whether it is developing a new business or changing the direction of .