Lecture # 04
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The document discusses the concept of strategic planning in the corporate sector, highlighting its importance in defining organizational direction and priorities. It outlines the key components and five-step process of strategic planning, which includes goal-setting and strategy implementation. The responsibility for strategic planning primarily lies with top leadership, while strategic thinking is emphasized as a valuable tool for decision-making.
Lecture # 04
- 1. SEPT 26th , 2018 PROF DR AKHLAS AHMED IHM – Dow University of Health sciences CONCEPT OF STRATEGIC PLANNING IN CORPORATE SECTOR
- 2. CORPORATE SECTOR BUSINESS WORLD STRATEGIC PLANNING TRATEGIC PLANNING PROCESS
- 3. CORPORATE MEANS: Corporate means relating to business corporations or to a particular business corporation.
- 4. CORPORATE SECTOR: CS is the part of the economy made up by company. It is subset of domestic economy. It excludes the economic activities of government, private household, non profit organizations serving individuals.
- 6. STRATEGIC PLANNING Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy. It may also extend to control mechanisms for guiding the implementation of the strategy…Wikipedia
- 7. Strategic planning is an organizational management activity that is used to set priorities, focus energy and resources, strengthen operations, ensure that employees and other stakeholders are working toward common goals, establish agreement around intended outcomes/results, and assess and adjust the organization's
- 8. STRATEGIC PLANNING: Strategic planning is a tool that is useful for guiding day-to-day decisions and also for evaluating progress and changing approaches when moving forward
- 9. STRATEGIC PLANNING IMPORTANCE: Strategic planning is important to an organization because it provides a sense of direction and outlines measurable goals.
- 10. Who is responsible for strategic planning? All managers will have some responsibilities for plan implementation, and communicating the essence of the plans to employees, but if a strategic plan fails, or the implementation is faulty, it's the CEO (or other leaders) that are responsible. Regarding implementing a strategic plan, the buck stops at the top.
- 11. KEY COMPONENTS OF A STRATEGIC PLAN: It includes… Mission Vision Aspirations Core values Strengths, weaknesses, opportunities, and threats. Objectives Strategies Operational tactics Measurements and funding streams
- 12. PURPOSE OF STRATEGIC PLANNING: To set overall goals for business and to develop a plan to achieve them. It involves stepping back from day-to-day operations and asking where business is headed and what its priorities should be.
- 13. FIVE STEPS IN SPP: The five stages of the process are goal- setting, analysis, strategy formation, strategy implementation and strategy monitoring. Clarify Your Vision. The purpose of goal- setting is to clarify the vision for your business. ... Gather and Analyze Information. ... Formulate a Strategy. ... Implement Your Strategy. ... Evaluate and Control.
- 14. PROCESS OF STRATEGIC PLANNING: 5 Step Process for Developing a Strategic Plan Step 1: Write a Vision Statement. Step 2: Write a Mission Statement. Step 3: Perform a Gap Analysis. Step 4: Write SMART Goals. Step 5: Monitor Progress
- 15. STRATEGIC THINKING SKILLS: It is a process that defines the manner in which people think about, assess, view, and create the future for themselves and others. Strategic thinking is an extremely effective and valuable tool. One can apply strategic thinking to arrive at decisions that can be related to your work or personal life
- 17. TEST # 2 (26 SEPT 2018) WRITE UP THE ATTRIBUTE OF BUSINESS SECTOR.
- 18. Q/A Session
Editor's Notes
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- #18: Organizational culture is a system of meaning that members share and that distinguishes the organization from others. The dominant culture expresses the core values shared by a majority of the organization’s members. However, subcultures exist in any organization. Developing along departmental or geographical lines to reflect common problems, situations, or experiences faced by members, subcultures include core values of the dominant culture plus additional values unique to members of the department. If organizations had no dominant culture and were composed, instead, of numerous subcultures, the value of organizational culture as an independent variable would be significantly lessened because there would be no uniform interpretation of what represented appropriate and inappropriate behavior. It is the “shared meaning” aspect of culture that makes it such a potent device for guiding and shaping behavior.
- #19: Organizational culture is a system of meaning that members share and that distinguishes the organization from others. The dominant culture expresses the core values shared by a majority of the organization’s members. However, subcultures exist in any organization. Developing along departmental or geographical lines to reflect common problems, situations, or experiences faced by members, subcultures include core values of the dominant culture plus additional values unique to members of the department. If organizations had no dominant culture and were composed, instead, of numerous subcultures, the value of organizational culture as an independent variable would be significantly lessened because there would be no uniform interpretation of what represented appropriate and inappropriate behavior. It is the “shared meaning” aspect of culture that makes it such a potent device for guiding and shaping behavior.