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ADMS 3430 (6)
Chapter 1

Chapter 1 hr planning.docx

15 Pages
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Department
Administrative Studies
Course Code
ADMS 3430
Professor
Len Karakowsky

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Chapter 1 strategic managementStrategyis the formulation of organizational objectives competitive scopes and action plans for gaining advantage Strategy is the plan for how organization intends to achieve its goals The means it will use the courses of action it will late and how it will generally operate and compete constitute the organizations strategy The top management teams determine strategy through a process of environmental analysis and discussions The strategy developed by senior management is then approved by the board and negotiated and revised as they filter throughout the organization The organization then develops plans which include HRM programs to achieve its goals Various organizational outcomes provide a feedback loop to the strategic planning process sled by senior management who will continuously monitor the dynamic environment to make adjustments to the strategyStrategic planning requires thinking about the future Planning for the long term is difficult and would be more appropriately judged as a best guess Strategic planning must be viewed as a dynamic process moving shifting and evolving as conditions warrant changes Emergent strategy the plan that changes incrementally due to environmental changes This cumulative process can look like a dramatic revolutionary change to those on the outside but to those on the inside the strategy has been incrementally implemented Intended strategy is the one that was formulated at the beginning of the period formulated planRealized strategyis of course what actually happened Implemented planYou may be asking why develop a strategy if the organization must continually change it to accommodate unforeseen changes Think of strategy as a game plan or a fight plan The reality of the strategic processEmergent strategy created from new ideas and conditionsIntended strategy the agreed upon strategy arrived at through the formal planning process Realized strategy executed representing some planned and some emergent strategy Discarded strategy deemed inappropriate due to changing circumstancesDescriptions of strategyStrategya declaration of intentStrategic intent a tangible corporate goal a point of view about the competitive positions a company hopes to build over a decadeStrategic planning the systematic determination of goals and the plans to achieve them Strategy formulation the entire process of conceptualizing the mission of an organization Identifying the strategy and developing longrange performance goalsStrategy implementationthose activities the employees and managers of an organization undertake to enact the strategic plan achieve the performers goalsObjectives the end the goalsPlans the product of strategy the means to endStrategic plan a written statement that outlines the future goals of an organization including long term performance goalsPolicies broad guidelines to action which establish the parameters or rules Triggering events to stimulate a change in strategyA new CEO may ask questions about the assumptions underlying the strategy and challenge the status quoThreat of a change in ownership similarly to a change in CEO new owners cause a reconsideration of the effectiveness of the strategy External intervention examples are a customer who accounts for a large portion of sales defecting to another company or lodging a serious compliant about a defect or a financial backer refusing to invest any more in the organizationPerformance gap when sales or profit targets are not being met most organizations will review the strategy
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