Concepts in strategic management and business

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Week 5 Team Presentation
Strategic Plan
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Develop
 Strategic Plan
○ Environmental Scan
○ Strategy Formulation
○ Strategy Implementation
○ Evaluation and Control
Environmental Scan
Strength
Internal
Analysis
Weakness
Environment
Scan
Opportunities
External
Analysis
Threats
Internal Analysis
• Strengths
– Patents
– Strong band names
– Good reputation among customers
• Weaknesses
- A Weak brand name
- A lack of access to key distribution channels
- High cost structure
External Analysis
• Opportunities
– Arrival of new technology
– Loosening of regulations
– A unfulfilled customer need
• Threats
– New regulations
– Increased trade barriers
– Emergence of substitute products
Competitive Advantages
• Innovative Trend Setting
– Building Sustainability
• State of the art Capabilities
– Efficient & Effective
• Creative Marketing Strategies
– Building for the best and worst economic times
Strategic Plan

Riordan Manufacturing
Social Responsibilities
• Identify Employee Rights
• Identify Community Rights
• Identify Social Obligations
Ethical Responsibilities
• Fairness
• Integrity
• Potential Implications
Competitive Advantages
• Innovative Trend Setting
• State-of-the-Art Design
• Constant Assessment of Goals
Competitive Strategies
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Improve Human Life
Improve the Environment
Develop Fair Procedures
Commitment to Planet Earth
Ethical and Social Responsibilities
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Economic
Legal
Ethical
Discretionary
Procedures
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Paperless
Mandatory Recycling
Water Conservation
Energy Conservation
The Importance of Strategic Planning
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Future Goals
Total Quality
Growth
Development
Budget Planning
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Improvements
Review Leadership
Products
Services
Technology
Pricing
Effectiveness
• Commitment
• Communication
• Creditability
• The mentioned topics are critical to the success of the
organization through the application of a strategic plan.
Suggested Outline
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Create a Mission Statement
Establish a timeline 3-5 years
Create an annual objective
Implement the Plan
Conduct regular reviews
Why a Strategic Plan
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It forces the organization to review
The plan provides a future goal/goals
Provides awareness internal and external
Gives direction
Focuses on the mission and objectives
Internal Dynamics
• Internal Dynamics
– Tangible Goals
– Innovative Practices
– Internal Influence
• Senior Leaders
• Environmental Scan
• Workforce Culture
– Assessing cultural matches
External Dynamics
• External Dynamics
– Sustainability
– Threats
– External Influence
• Competition
• Market Sustainability
Assessment and Feedback Controls
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New Technology
Telecommunications
Communication
Loyal Employees
– Employee Relations
– Create Career Day
– Compensation Package
Benchmark
1.
2.
3.
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5.
6.
7.
Provides the capability to quantify measures of performance.
Quantifies the gap between your organization and best practices.
Encourages new ideas, innovation and creative thinking.
Provides a foundation for strategic planning and operations improvement.
Maximizes the fact that physicians are researchers and generally accept an objective data
driven process.
Provides an objective basis for discussing operations improvement.
Identifies specific improvement opportunities
Justification of Decisions
 What decisions?
 Why?
Conclusion

Environmental Scan
 Identified organizational needs
 Identified competitive advantages
• Developed strategic plan
References
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Bono, E. d., & Heller, R. (2006). Thinking managers. Retrieved -, from http:// www.thinkingmanagers.com
Ekarius, C. (2010). Up your sustainability. Retrieved -, from http://www.hobbyfarms.com
Gyermeh, D. (2009). How TQM can benefit your business. Retrieved -, from
http://www.businessknowledgesource.com
Mallinger, M. (2001). Personality traits and workplace culture. Retrieved -, from http://www.gbr.pepperdine.edu
Wheelen, T. & Hunger, J. (2008). Concepts in strategic management and business policy, eleventh
edition.[University of Phoenix Custom Edition e-text]. Upper Saddle River, NJ: Pearson Education. Retrieved
February 2, 2011, from University of Phoenix, rEsource, MGT498 – Strategic Management Course Web site.
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