Week 5 Team Presentation Strategic Plan 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 • • • • Improve Human Life Improve the Environment Develop Fair Procedures Commitment to Planet Earth Ethical and Social Responsibilities • • • • Economic Legal Ethical Discretionary Procedures • • • • Paperless Mandatory Recycling Water Conservation Energy Conservation The Importance of Strategic Planning • • • • • Future Goals Total Quality Growth Development Budget Planning • • • • • • 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 • • • • • Create a Mission Statement Establish a timeline 3-5 years Create an annual objective Implement the Plan Conduct regular reviews Why a Strategic Plan • • • • • 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 • • • • New Technology Telecommunications Communication Loyal Employees – Employee Relations – Create Career Day – Compensation Package Benchmark 1. 2. 3. 4. 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 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.