Chose a firm or organisation (your own if possible). Develop a Strategic Plan for this organisation. A guide to the preparation of this plan is given below: The plan is designed to test your understanding of the subject. In particular you should focus on: – Strategic Intent and Mission – Ethics and Social Responsibility – Situation Analysis – External and Internal – Development and Evaluation of Strategic Options – Strategy Implementation and your ability to apply your theoretical understanding to a real-world situation. (I hope it will also be of value to yourself and/or your employer) Both the Readings and the lecture materials are relevant. Approximately 3000-3500 words I suggest your plan should include:
1. An Executive Summary (1-2 pages) 2. The Vision and Mission Statements 1). Vision Statement A short and succinct statement that identifies the long‐term strategic purpose of the organisation • memorable and inspiring • future oriented • enduring • organisation specific (not applicable to rivals) • a mental picture of the organisation in the future
2). Mission statement What the organisation plans to do, which if performed well, will lead to organisational success • operationalises the vision statement • focuses on the current business • what are we doing now, which over the longer term, will lead us to achieving our vision?
3. Objectives (objectives should be quantifiable, measurable and apply to a planning horizon of between 5 and 10 years)
4. An analysis of the external factors impacting on the organisation, including – customers, competitors, suppliers, governments and other important stakeholders. The list of questions on Page 70 of the Thompson and Strickland reading gives a guide to what should be included. You don’t need to cover every question in detail – the key issue is the relevance of the environmental factor to your situation (eg, if the aging population is not directly relevant to your situation, leave it out). In the competitor section, identify the competitors, give your best estimate of KPIs such as market share, profitability etc and make some judgment of impact of environmental changes on them. Use tools such as Porter’s five forces model as appropriate. What Threats and Opportunities are posed by these environmental forces?
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