MANAGEMENT Research Paper Example | Topics and Well Written Essays - 1250 words

MANAGEMENT - Research Paper Example The strategic organizations are able to exploit the benefits and opportunities with clear targets as well as required resources and dynamism (Burkhart & Reuss, 1993). A number of businesses are analyzing and applying strategic planning concepts and methodologies that have major contributions to successes in the business fields. The fundamental notion of strategic planning is to create plans, which help businesses to undertake in an uncertain future and are founded on clear visions. The future plans may have several years of strategic planning. Sometimes, it may be as long as of two decades (Anthony & Young, 1999). Strategy planning can be described as â€Å"the plans and activities developed by an organization in pursuit of its goals and objectives, particularly in regard to positioning itself to meet external environmental demands relative to its competition† (Kovner & Neuhauser, 1990). Strategic planning for example Wal-Mart offers a clear outline and that helps in coordinat ion endeavors and harmonization of the company. Moreover, it helps companies to have better decision-making, good internal and external communication in addition to improved motivations amongst participating members (Begun & Heatwole, 1999). Strategic planning covers future decisions by human resources of organizations. Strategic Planning helps the management of company the needed direction and goals for internal as well as external environments. Strategic Levels The contemporary organizations generally implement many levels for successful running of the organizations (Beamish, 2000). Each strategic level aims at distinct planning tasks and objectives. The strategic levels are meant to apply the decisions made by businesses and their impacts on the organizations. Following are levels of planning strategies: 1. Corporate strategy 2. Business strategy, and 3. Functional strategy. Corporate level strategy covers the decisions the company made regarding allocation of resources to achiev e the desired goals. It also makes the decisions regarding new services and diversifications provided by the company. Business level strategy concerns with the decisions regarding how the companies would be competitive in the business environment for a particular service or product. Functional level strategy focuses on how a particular business would undertake and operate various business strategies. The successful application of the planning strategies might include modern systems, employment, and training of staff in addition to and the creation of new business partnerships. However there are certain limitations for many organizations to execute some specific plans. The best method for the execution of strategic planning involves both a strategy formulation process and an implementation procedure. Formulation of the planning strategy decides about the modus operandi and its execution. Both these procedures are strongly interrelated and could be assessed individually. Strategy form ulation Strategy formulation is a quite flexible process and is employed to evaluate or re-examine a company’s core values and philosophy. Moreover it helps in development of company’s plans to realize its targets and goals (Beamish, 2000). Following are the key determinants in the strategy formulation procedures: 1. Consensus of mission and vision 2. Environmental assessment, and 3. Setting goals and objectives. Mission/Vision A good strategic plan ensures that a