StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Research Approach for a Strategic Plan - Essay Example

Cite this document
Summary
Strategic planning is one of the pillars of a successful business. In fact, successful organizations are reported to have their business operations aligned with their objectives, vision, mission, goals, and thoughts…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER92.4% of users find it useful
Research Approach for a Strategic Plan
Read Text Preview

Extract of sample "Research Approach for a Strategic Plan"

Research Approach for a Strategic Plan of   Research Approach for Strategic Plan Strategic planning is one of the pillars of a successful business. In fact, successful organizations are reported to have their business operations aligned with their objectives, vision, mission, goals, and thoughts. In essence, strategic planning entails the creation of values, mission and vision statements, an analysis of the competition levels, establishment of legal and ethical standards, creation of a balanced scorecard and tactics for operations, and effective communication machinery.

However, for an organization to be successful in implementing a strategic plan, these components of strategic plan have to be distinct and separated from one another. It is also of the essence that stakeholders such as customers, suppliers, employees, owners, managers, and even competitors have an idea where the organization is headed with reference to vision, mission, goals, and objectives. Through the development of mission and vision statements, goals, objectives and analyzing competition and competitive edge, an organization attains an upper hand in becoming successful.

A business should therefore have not only a clear but also a broad mission and vision that reverberate withal stakeholders, including the public and inform the, about the benefits of these vision and mission statements and the entire strategic plans (Olsen, 2012). It is of great necessity that strategic plans and their implementation are thoroughly researched for them to be effectively applied and reformed if need be (Mckeown, 2012). First, the research will be guided by the question of where the organization intends to be in the short-, medium-, and long-term period.

Second, the research will identify the business’ major goals, the required resources for a successful future, and the target suppliers and customers. Importantly, the strategic plan research will emphasize the organization as a whole rather than a few select departments. Collaboration and collectiveness will also play a rather crucial role in ensuring all stakeholders such as employees, leaders, and customers are involved in the charting of the business’ future. The research will also focus on validating the mission, vision and value statements, which will be based on goals-based planning.

To gather the required information on researching and developing the right strategic plan, stakeholders such as the Chief Executive Officer, members of the administration, Chief Operating Officer, the Chief Financial Officer, and other key stakeholders will be interviewed. These interviews will allow the collection of the right qualitative information and opinions from these stakeholders. The interview questions will target issues that concern the strategic plan, the issues to be resolved immediately and those to be resolved in the future.

Also to be largely focused on in the interviews are the current vision, values, goals, and mission of the organization and their implementation. The interviews will not be complete without an internal and external environmental analysis. The interviews will thus evaluate the probable effects of external and internal environmental forces and conditions that may impinge on the organization's survival and growth strategies. The external environmental analysis will collect data from studies on the business in relations to the entire industry, competition, politics, and social environment and factors.

Notably, data will be collected from and about factors such as competitors on which the organization has no direct control. Information will also be collected from the industry’s regulators such as government agencies. Data will also be obtained on the probable opportunities the business may pursue and the likely threats and risks that could jeopardize its drive towards success. Information on the internal and external environment will also be collected from customers and employees. Customer base will thus be a rather vital resource in this strategic plan research.

Thus, among the external environmental factors that will be explored in the interviewing of external stakeholders include customer bases, shifting demographics, trends and needs, competitive landscape, new technologies, the economic and political environments, and new regulations. The external environment research will thus explore and acknowledge all the stakeholders and factors that are outside of the business’ its control. An analysis of the internal environment will also be carried out.

Several tools or sources will be accorded keen interest in regard to internal environment analysis. The internal factors affecting the organization will be researched on the basis of these resources and the business’ capabilities. The resources will include profitability, existing overall brand, and relative cost of new products, employee capabilities, product portfolio analysis, sales, and product quality (Allison & Kaye, 2005). With regards to capabilities, the research will identify the business’ weaknesses, strengths, problems, constraints, uncertainties, and risks.

References Allison, M., and Kaye, J. (2005). Strategic planning for nonprofit organizations, second edition. John Wiley and Sons. Mckeown, M. (2012). The strategy book. FT Prentice Hall. Olsen, E. (2012). Strategic planning kit for dummies, second edition. John Wiley & Sons.

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Research Approach for a Strategic Plan Essay Example | Topics and Well Written Essays - 750 words”, n.d.)
Retrieved de https://studentshare.org/business/1482878-write-a-proposal-of-no-more-than
(Research Approach for a Strategic Plan Essay Example | Topics and Well Written Essays - 750 Words)
https://studentshare.org/business/1482878-write-a-proposal-of-no-more-than.
“Research Approach for a Strategic Plan Essay Example | Topics and Well Written Essays - 750 Words”, n.d. https://studentshare.org/business/1482878-write-a-proposal-of-no-more-than.
  • Cited: 0 times

CHECK THESE SAMPLES OF Research Approach for a Strategic Plan

Implementation Plan for Brooke Army Medical Center

This is why it is important in the first place to have all the stakeholders mentioned in the strategic plan's revision to be part of the process of formulating these revised strategic plans.... The control mechanism at BAMC will entail: Critical monitoring and accurate evaluation of the strategic thrusts which involves the revised strategic plan that is necessary to the success of BAMC.... These assessments will be linked to the various thresholds that had been singled out and this will touch on the portfolios illustrated in the strategic plan namely costs, success, market domain, product domain, knowledge base, time, and research and development, among others....
7 Pages (1750 words) Research Paper

Incident Response, Business Continuity, and Disaster Recovery Plans

The benefit of proper and organized response and recovery plan for various attacks to organizational computer systems is the reduction of the costs and time related to failure of continuity of business processes (Haddow, Bullock and Coppola, 2011).... The lack of effective implementation of incident response and recovery plans has been caused by lack of specific approach and strategies for establishment and application of these plans within the organization.... It thus becomes imperatively necessary to provide evidence and research based guidelines for effective implementation of incident response and disaster recovery plans for organizations which have employed the use of information and communication technology in their operations....
5 Pages (1250 words) Research Proposal

Without Strategies It Is Not Possible to Provide Direction for the Construction Companies

Corporate strategies have been divided into Five Ps by Mintzberg and they are plan, Ploy, Position, Pattern and Perspective.... The paper "Without Strategies It Is Not Possible to Provide Direction for the Construction Companies" discusses that the most suitable strategy will depend on external environments....
10 Pages (2500 words) Research Paper

Healthcare Strategies

Comprehensively, the facility offers services in mental health, dentistry, medicine, Healthcare Strategies: strategic plan of Bedford VA Medical Center, Massachusetts This paper is aimed at looking at the strategic planning of Bedford VA Medical Center in the hunt of establishing quality care and/or service to its patients.... ealthcare Strategies: strategic plan of Bedford VA Medical Center, Massachusetts Bedford VA Medical Center, from herein referred to as VA, is a facility that offers long-term care to psychiatric and aged patients (VA, 2012)....
2 Pages (500 words) Research Paper

HR Strategy of Brunazzi Sports Systems

Another significant aspect of the strategic human resource plan is the performance management of the employees.... hellip; Reportedly, the advent of the sub field of strategic human resource management (SHRM), devoted to exploring HR's role in supporting business strategy, provided one avenue for demonstrating its value to the firm.... strategic human resource management is the management of employees by thinking in advance.... In order to fulfill the expansion plans, adequate strategic resourcing, reward management strategies, performance management subfield and training, and development strategies need to be devised for the next five years....
21 Pages (5250 words) Research Paper

Strategic Risk of the Company and the Developing a Strategic Plan

Here arise a strategic joint venture with technological leaders like Apple Inc.... The Global Product research function is responsible for conducting all market research in support of GM's goal to infuse deep customer understanding of its brand and product development activities....
9 Pages (2250 words) Research Paper

Strategic Planning Revised for Brooke Army Medical Center

Critical monitoring and accurate evaluation of the strategic thrusts which involves the revised strategic plan that is necessary to the success of BAMC.... These assessments will be linked to the various thresholds that had been singled out and this will touch on the portfolios illustrated in the strategic plan namely costs, success, market domain, product domain, knowledge base, time, and... It is of greater necessity to come up with a plan on how the strategies on paper will be carried out in real sense....
7 Pages (1750 words) Research Paper

Incident Response, Business Continuity and Disaster Recovery Plans

"Incident Response, Business Continuity, and Disaster Recovery plan" paper present a proposal with a view of enabling organizations to implement effective response plans for business continuity.... nbsp;Many incidences of failure of business organizations to achieve business continuity after system attacks or breaches are attributed to a disorganized approach to the response and recovery from these attacks (Comfort, Oh, and Ertan, 2009).... It thus becomes imperatively necessary to provide evidence and research-based guidelines for effective implementation of incident response and disaster recovery plans for organizations that have employed the use of information and communication technology in their operations....
5 Pages (1250 words) Research Proposal
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us