How does a business develop its strategic direction? , management homework help

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Business Finance

Description

  1. How does a business develop its strategic direction? What are the key inputs?
  2. When it comes to strategic planning, what is the role of stakeholders? Do they have a say in business decisions?
  3. What is strategic management and planning? Why would a strategic plan be important to the success of this business? Can a business survive without a strategic plan?

Chapter 1

4. When it comes to learning from mistakes, at what point to managers reprimand employees who consistently make mistakes?

5. Strategic management is a significant part of strategic planning. How often should a business overall strategic plan be reviewed? What are some of the trigger points that would suggest a change in current strategy?

6. When it comes to strategic planning, what is the difference in duration between short and longterm planning. What occurs at each phase?

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Explanation & Answer

Attached.

Surname 1
Student
Tutor
Course
Date
Question One
Organizations have learned to develop strategic plans in ensuring their success. Strategic
plans are important in helping the organizations to design their organization’s future. For the
successful implementation of the organization’s strategic plan, there are five important factors to
consider: engagement of the organizational staffs in all the levels of management;
communication from the employees up to the managers by giving out their input through
meetings, surveys and focus groups; innovation among the employees in creation of strategies
for the new services and products for the business; culture of the organization from the values,
behaviors of the employees, the attitudes in the organization, beliefs ; and proper management in
identification of the required projects that would ensure the success of the organization’s strategy
as well determining which projects to give priority for better resourcing to ensure that the
success of the business strategy is achieved. Therefore, for the success of the strategic plans of an
organization there should be proper engagement of all the stakeholders involved, good
communication with among the employees and the managers, encouraging innovation among
employees in creating the new services and products for the business, creation of projects that
can ensure all the strategies go successfully and they are prioritized for thorough resourcing, and
the culture of the organization should be reshaped to be accommodative enough to the alterations
needed in the business in ensuring success of the strategic plan.

Surname 2
Stanleigh, M (2017). 5 Key Factors To Successful Strategic Planning. Retrieved from
https://bia.ca/5-key-factors-to-successful-strategic-planning-2/

Question Two
Key stakeholders with invested interests in the organizational success should be involved
in the strategic planning of the business organization. These stakeholders include the customers,
regulatory agencies, shareholders, customers, employees, community members and the unions of
the organizations. Each stakeholder has got the unique part to play in the strategic planning of
the business organizati...


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