BUS 482 Chapter 3: Ch. 3 Notes

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 482
• Professor: Jim Utley

Document Summary

Strategic planning = process that involves describing org"s destination, assessing barriers, & selecting approaches for moving forward. Main goal: allocate resources in a way that provides org w/ competitive advantage. Strategic plan serves as blueprint, defines how org will allocate resources to pursue goals. Process of linking performance management to the strategic plan. To ensure strategy cascades down the org & leads to concrete actions, effort must be made to link strategic plan w/ indiv performance. As soon as org strategies defined, senior management needs to meet w/ department managers who then create unit-level mission/vision statements/goals/strategies. Critical to ensure each department"s goals aligned w/ those of org. Steps in creation of successful strategic plan: conduct enviro analysis (identify internal & external parameters of enviro in which org operates) Step back to take in the big picture. I. e. economy, politics/law, society, technology, competition, customers, suppliers. I. e. org structure, org culture, politics, processes, size.