Argument For The Importance Of Strategic Planning Business Essay

Argument For The Importance Of Strategic Planning Business Essay This paper discusses about organizational strategic planning and the concepts of strategic planning. It also describes an argument that supported to the strategic planning for the success of business. This paper creates a mission statement for the organization that will be essential to the success of organization and also examines the vision statement in order to supporting to the mission of organization. It establishes the key objectives for the organization that encompasses operational, financial and human resources aspects of the business and details the essential of these objectives. This paper concludes with the key objectives in order to support the mission and vision statement of the company. Crafting and Executing Strategy Strategic management was a set of decisions and actions that results the information and implementation of plans for achieving the organizational goals and objectives. Each and every successful business was dependent upon the effectiveness of the strategic planning in the organization. The strategic planning could create the past performance and also it could predict the organizational performance in future. 1. Argument for the importance of strategic planning The strategic planning was the one that formulated the mission of the organization by including statements about the purpose, philosophy as well goals. Theses inclusion can define the ways to success the goals and implementation of the organization. This was the task or argument of a strategic planning in order to make the organization successful. The second argument was analyzing the conditions and capabilities of an organization internally. This can be made by strategic planning in making the organizational rules and regulations effectively. The strategic planning was used to analyze the resources by matching with the external environment in order to evaluate the strength of the organization. The desirable options of the organization could be identified by evaluating each option in the organizational mission for making the organization perfect. This action was performed by the implementation of strategic planning in an organization. Select the set of long-term objectives and strategies that will achieve the most desirable options of an organization. This was the argument that supported to the importance of strategic planning and the strategic planning was important for an organization in setting the long term objectives (Thompson, 2006). Development of annual objectives and short-term strategies that was compatible with the selected set of long term objectives and strategies. This was the argument for delivering the importance of strategic planning in order to make the success to organization. Allocation of matching of tasks, people and structures and technologies could be possible by the implementation of strategic planning for the success of an organization. The strategic planning also evaluates the effective decision making in making the management of an organization perfect. Hence these elements are delivering the points for the importance of strategic planning to make the organization. 2. Mission statement for the organization The strategic planning was important to the success of business and because it will create the business goal for an organization. The mission was to describing the function, markets and competitive advantages of an organization and also it was the short written statement of business goals and philosophies. The organizational mission statement was to identify the products and services and also to describe the geographical location of operation in an organization. The mission of the organization was to enable the people and businesses throughout the world for realizing their full potential. This corporate mission statement was an essential ingredient to the success of the organization. This mission statement provided the clear sense of direction to top management and employees in the organization. This mission statement was also to focus the attention of management and employees in the organization in order to create the desired outcome in the organization. The scores of business planning and strategic planning stated this mission for raising the fund of organization (Hough, 2007). If the business of organization was enabled throughout the world, then it will make the better outcome to the organization in the case of increasing profits, enhancing the management and employees, improving the activity of an organization as well as achieving the goals and objectives of an organization. This mission statement also contributed more for the organizational success. This mission statement delivered the effectiveness of an organization throughout the world in order to make the innovation for particular company or corporation. It also created the new ideas and methods to the market place in the case of offering the products and services throughout the world. The unique brand positioning and the maintaining of solid brand recognition and high quality of design standards were possible by enabling the products and services of an organization throughout the world. This mission statement also conveyed the core beliefs and values of business. The expression of the organization could also be enhanced by enabling people and business throughout the world. This mission statement could solve the complex network computing problem in an organization by making effective ideas and so on. 3. Vision statement for the organization The vision statement was used to identify the organizational mission and also uncovered the real and human values in that mission. The vision statement also identified values of customers and stakeholders in order to achieve the organizational mission. The mission statement and values can be combined by the vision statement in order to energize and motivate the people inside as well as outside of organizations. The organizational vision statement also contributed to the organization in achieving the goals and objectives. The vision statement was engaging in sustainable practices and anticipating the requirements of customers and also maximizing the return to stakeholders when maintain the quality of organizational products as well as services. This was the best vision statement in order to making the organizational products and services effectively. This vision contributed more to the employees in developing their attitude and knowledge in the organization. It maximized the profits and values of an organization by engaging in sustainable practices and anticipating the requirements of customers. The employees can also get value by means of implementing perfect works to their customer by following this vision statement. This vision statement also supported to the mission statement that was enabling people and business throughout the world to realize their full potential. The full potential of organizational people and business could be realized when entering with the products and services of organization into the market. The effectiveness of an organization based upon by developing quality products and services rather than other organization thats why organization will get higher priority among the global marketing. For that, this mission as well as vision statements will be helpful. This vision statement was also helpful for enabling the people and business of an organization throughout the world (Chris Jeffs, 2008). The full potential of an organization was realized by making better outcomes thats why management can get more profits. This vision statement supported the organizational mission statement by maximizing the stakeholders to realize the full potential of organizational people and business. This vision statement helped to the long -term goal and objectives of an organization. Hence the mission statement of an organization based upon the vision statement. 4. Business key objectives High quality and service and satisfaction This was the organizational key objective in order to encompassing the operational, financial as well as human service aspects of business. This key objective contributed to the business in making the higher quality and services to the organization. The operational and financial aspects were based upon the high quality and services thats why customers will get satisfaction about the products of business. The satisfaction of customer provided more benefits and profits to the business. Growth and profitability This was the second key business objectives to encompass the operational, functional as well as human aspects of business. The growth of products enhanced the operational and functional aspects of business and the human service based upon this production growth and profitability. The profitability was the objective that can move the operational and financial as well as human services into next evolution. Hence this key objective was essential for an organization. Continuous quality improvement This was the third key objective for the aspects of business and this objective enhanced the continuous quality improvement of products and service. This improvement only can encompass the operational, financial as well as human aspects of business. This key objective provided the better outcome to the business in making the business aspects better. Product and process innovation This was very important key objective for the aspects of business that contributed more to the enhancement of business. The organizational development was based upon the product and process innovation and for that it was necessary to make the quality products and services. This objective was mostly used for encompassing the operational, financial and human aspects of business. The popularity of organization was possible by making the innovations to the products and process for the satisfaction of customers. Simple and effective process This was also the important key objective in encompassing the operational, functional and human aspects of business. This objective can improve the process of organization in order to encompass the business aspects. This objective will make the effective products and services in order to improve the profits and business methods by making the process implementation. Hence this key objective also contributes to the aspects of business. 4. Key objectives for mission and vision statements The five key objectives also contributed more to support to the organizational missions and visions. The key objectives implemented the high quality customer services for enabling the businesses throughout the world for the realization of potentials. The growth and profitability of an organization can make the products and service throughout the world and this can improve the value of mission and vision statements. The continuous quality of improvement was an objective that supported to the mission and the vision statements in order to make the organizational innovations. The mission and vision statements will be valuable by the growth and profitability of improvement in organizations. The mission and vision statement will be proved when the organization is getting the production growth and profitability. The continuous quality was also an objective that made the mission and vision statement perfect. This key objective supported to the mission as well as vision objective by making the continuous enhancement in the case of products and a service thats why mission as well as vision statements will be proved (Adrian Haberberg, 2007). The product and process innovation also supported to the mission as well as mission statements in the organization. The products and process innovation provided the better capacity as well as capability to the organization in order to making the business throughout the world for the realization. The product and process innovation contributed more the mission as well as vision statements. Simple and effective process was also the key objective of business in an organization. This key objective made the better process in order to proving the mission as well as vision statements. Hence the vision and mission statement also based upon these key objectives. Conclusion The organizational strategic planning and the concepts of strategic planning were discussed. The mission and the vision statements of an organization in order to making the business successfully were included. The five key objectives for the enhancement of business aspects were also examined. The key objectives for mission and vision statement were concluded.

Walmart

WAL-MART’S COST LEADERSHIP STRATEGY HISTORY OF WALMART ? 1962, Sam Walton starts WAL-MART ? In 5 years expanded to 24 stores revenue more than 12. 6 million in sales ? 1972, listed in New York Stock Exchange MARKETS OF WAL-MART (2003) o Total Sale of Wal-mart o Total Retail Area o Total Employers US $ 313 Billion 663 Million Sq. ft. 1700,000 SALES & INCOME GROWTH (PAST 12 MONTH) COMPANY INDUSTRY SALES GROWTH INCOME GROWTH 12. 00% 5. 20% 11. 50% 5. 90% NET PROFIT MARGINS (%) COMPANY COMPANY 5YEAR AVG. INDUSTRY 3. 6% 3. 5% 3. 6% WAL-MART TODAY ? Operates 6,500 stores in 15 countries ?Serves more than 176 million customers around the globe ? Employs 1. 8 million worldwide ? Health plans insure more than 1 million people ? Saves the average American household more than $2,300 per year Let us start the journey†¦. 1960’s†¦.. The Success Term was EDLP ? EVERY DAY LOW PRICING ? To provide customers – a wide variety of high quality, branded and unbranded product s at the lowest possible price, offering better value for their money EDLP : The strategy ? To procure products in bulk at the lowest possible prices from the manufacturers ? Sharing the savings with customers ?Wal-Mart’s products were usually priced 20% lower than its competitors Wal-Mart’s advertisement describing EDLP said: â€Å"Because you work hard for your every dollar, you deserve the lowest price we can offer every time you make a purchase. You deserve our Every Day Low Price. It’s not a sale; it’s a great price you can count on every day to make your dollar go further at WalMart † Explaining his pricing strategy Mr. Sam Walton said: â€Å" By cutting your price, you can boost your sales to a point where you earn far more at the cheaper retail price than you would have by selling the item at the higher price.In retailer language; you can lower your markup but earn more because of the increased volume† EDLP : WAS A HIT ? This led to increase loyalty from priceconscious rural customers. ? The surplus generated was re-invested in – Building facilities of an efficient scale – Purchasing modern business related equipment – And employing the latest technology Other areas where the cost was checked ? The stores were set up in large buildings, while ensuring that the rent paid was minimal ? Not much emphasis was laid on the interiors of the store ? Did not invest in standardized ordering programmes ?Did not even have a standard distribution system in place ? Accounting data were manually written-up ? There was a high check in recruiting the staff 1970’s†¦. ? Wal-Mart became public-held company ? Equipped with funds, it started reorganizationing its business activities. ? The foremost challenge was to put in place a standard distribution and interstore communication system ? So it came up with the most popular Hub And Spoke Structure The Hub And Spoke Structure ? Goods were centrally or dered ? Assembled at the distribution center (hub) ?From where they were dispatched to the individual stores (spokes) as per the orders received from stores. STORE STORE D. C. STORE STORE The benefits of Hub and Spoke structure ? Centralized purchase of goods in huge quantities ? Distribution of them through its own fast and responsive logistics infrastructure to the retail stores ? By passing all intermediaries, they managed to get the goods at lowest price ? The company was able to replenish the store twice a week ? In 1978, Wal-Mart became the first company to establish a fullyautomated distribution centerClaude Harris once stated that : â€Å"Don’t ever feel sorry for a vendor. He always knows what he can sell, and we want his bottom price. We would tell the vendors ‘ don’t leave in any room for a kickback because we don’t do it here. † Massive expansion strategy ? Strategy was to build stores around the distribution centers ? That is to be effe ctively served by the center and controlled by district managers and to management at Bentonville ? The store needs to be a maximum of a day’s drive away from the center Benefits of massive expansion strategy Wal-Mart was able to accelerate its revenue growth and reap significant economies of scale ? As the number of store increased the popularity of the company increased ? Since the company generated tremendous word of mouth publicity, it was able to minimize spending on advertising and promotion activities 1980’s†¦..Maintaining cost through re-investment ? In 1983, Wal-Mart ventured into the membership club business – called Sam’s Club ? Installed the Point of Sale (POS) scanning system to further reduce the cost Maintaining cost through re-investment (contd. ) In 1987, it installed a Satellite Communication System (SCS) ? In December 1987, Wal-Mart opened its first hyper-mart in the US 1990’s†¦.. ? Supercenters and Sam’s club we re more focused to fuel the growth ? In 1994, Wal-Mart bought 99 Pace membership warehouses Wal-Mart’s store count (1991-2003) Format________ year 1991 1992 1993 1994 1995 Discount Sam’s club stores 1573 1720 1850 1953 1990 Super center 3 6 30 68 143 Neighbourhood markets – 148 208 256 419 428 1996 1997 1998 1999 2000 2001 2002 1995 1960 1921 1869 1801 1736 1647 433 436 443 564 721 888 1066 219 44 441 451 463 475 500 1 1 7 19 31 2003 1568 1258 525 49 Source : Wal-Mart Annual Report 2003 ? Employed improved inventory management practices and upgraded its IT systems ? Electronic Data Interchange (EDI) AND THE RESULTS WERE GOOD†¦. ? Amount of inventory reduced by an estimated $ 2 billion ? Savings of $ 150 million on interest cost were generated 2000’s†¦.. ? Wal-Mart launched a programme called ‘Store of the community’ ? ‘Global Sourcing’ was initiated (2002) Strengths of Wal-Mart Wal-mart’s SUBSIDIARIES Discount st ores Neighbourhood market Sam’s Club Super centerYearly sales Total employees across the globe (approximately) Number of stores worldwide Number of new stores opened in 2003 (worldwide) Total number of suppliers Wal-Mart’s rank/position among all retailers across the globe (in terms of sales) Number of pallets shipped by Wal-Mart truck every week (2002) Total occupied floor area of Wal-Mart (2002) Yearly advertising expenditure (2002) Highest one-day sales record till date (November 28, 2003) Number of customers every week at Wal-Mart stores worldwide (approximately) Estimated market capitalization of Wal-Mart in 2020 Source : Wal-Mart Annual Report 2003 244. 5 billion 1. 3 million 4,688 274 65,000 1 50 million 18. 3 square miles $498 million $1. 52 billion 138 million $11. 1 trillion Revenue (%) of the major consumer goods companies in the US through Wal-Mart Company P&G Tandy Brand’s Accessories RJR Tobacco Dial’s Del Monte Foods’ Clorox’ Revlon’s % Share (As a % of total sales) 17 % 39 % 20 % 28 24 % 23 % 23 % Source : BusinessWeek, October 2003 †¦. and the journey still continues †¦ PRESENTED BY :~ o o o o o o Prashant Wankhede Prajakta Sane R. Maruthi Yeshwanth Vikram Gharmalkar Mehul Chheda Nitin Agrawal

Wal Mart The Key Elements And Problems That Occurred...

The key elements/problems that occurred within the Wal-Mart case studies consist of the following features: The companies’ lack of ability to construct a balance between the executive officials and those with a direct interest or stock in the company. These unbalances between these created issues within the business sector. â€Å"The obvious problems associated with the companies policies of poor management involve taking care of their employees, suppliers, the environment, and the economic dynamics of the community (Ferrell, O., Fraedrich, J., Ferrell, L. (2011).† In the companies lack of management these strategic efforts did not pay off. Their approaches for success were tarnished due to the company’s unethical policies and procedures. For example, the right of the woman was a form of stiff discrimination, social activists rights were ignored as well. When accessing these methods one would have to examine the labor unions, belief’s that Wal-Mart would not comply to providing their consumers with lower prices. â€Å"This approach was an error on behalf the previous CEO Jim Weir (Ferrell, O., Fraedrich, J., Ferrell, L. (2011)†. This plan was a wrong decision that would later become the start of the meltdown with the company. Some of the other issues surrounding these mishaps involved ensuring the product to different global regions around the world, which caused a chain reaction with the companies’ efforts of expansion. 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Phonics Program The Effectiveness On Kindergarten Dibels

Fundations Phonics Program in Kindergarten: The effectiveness on Kindergarten DIBELS Phonemic awareness is a vital role in literacy instruction. Many schools and districts adopt a commercially published basal reading program and it becomes the cornerstone of their instruction ( (David Chard, n.d.). We also know that through investigation and research it has shown us that word-recognition instruction and instruction in oral language skills related to word recognition were inadequately represented. (David Chard, n.d.) The same researchers have found that the reading passages that students are reading didn’t relate to the words they were learning. In order for students to read at grade level or above a supplemental program should be implemented. I have found that at my school we are lacking a phonics program that will reach different students abilities and make them successful in reading. 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