Week 5 Team Presentation. Strategic Plan Develop Strategic Plan ○ Environmental Scan ○ Strategy Formulation ○ Strategy Implementation ○ Evaluation and.

Week 5 Team Presentation

Strategic Plan

DevelopStrategic Plan○ Environmental Scan○ Strategy Formulation○ Strategy Implementation○ Evaluation and Control

Environmental Scan

• Strengths– Patents– Strong band names– Good reputation among customers

• Weaknesses- A Weak brand name- A lack of access to key distribution channels- High cost structure

Internal Analysis

• Opportunities– Arrival of new technology– Loosening of regulations– A unfulfilled customer need

• Threats– New regulations– Increased trade barriers– Emergence of substitute products

External Analysis

Competitive Advantages• Innovative Trend Setting

– Building Sustainability

• State of the art Capabilities– Efficient & Effective

• Creative Marketing Strategies– Building for the best and worst economic

times

Strategic Plan

Riordan Manufacturing

•Identify Employee Rights•Identify Community Rights•Identify Social Obligations

Social Responsibilities

•Fairness•Integrity•Potential Implications

Ethical Responsibilities

• Innovative Trend Setting• State-of-the-Art Design

• Constant Assessment of Goals

Competitive Advantages

• Improve Human Life• Improve the Environment• Develop Fair Procedures• Commitment to Planet Earth

Competitive Strategies

• Economic• Legal• Ethical• Discretionary

Ethical and Social Responsibilities

• Paperless • Mandatory Recycling• Water Conservation• Energy Conservation

Procedures

• Future Goals• Total Quality• Growth • Development• Budget Planning

• Improvements• Review

Leadership• Products• Services• Technology• Pricing

The Importance of Strategic Planning

• Commitment• Communication• Creditability

• The mentioned topics are critical to the success of the organization through the application of a strategic plan.

Effectiveness

• Create a Mission Statement• Establish a timeline 3-5 years• Create an annual objective• Implement the Plan• Conduct regular reviews

Suggested Outline

• It forces the organization to review • The plan provides a future goal/goals• Provides awareness internal and

external• Gives direction• Focuses on the mission and objectives

Why a Strategic Plan

• Internal Dynamics– Tangible Goals – Innovative Practices– Internal Influence

• Senior Leaders• Environmental Scan• Workforce Culture

– Assessing cultural matches

Internal Dynamics

• External Dynamics– Sustainability– Threats– External Influence

• Competition• Market Sustainability

External Dynamics

• New Technology• Telecommunications• Communication• Loyal Employees

– Employee Relations– Create Career Day– Compensation Package

Assessment and Feedback Controls

1. Provides the capability to quantify measures of performance.

2. Quantifies the gap between your organization and best practices.

3. Encourages new ideas, innovation and creative thinking.4. Provides a foundation for strategic planning and

operations improvement.5. Maximizes the fact that physicians are researchers and

generally accept an objective data driven process.6. Provides an objective basis for discussing operations

improvement.7. Identifies specific improvement opportunities

Benchmark

Justification of Decisions

What decisions?Why?

Conclusion

Environmental ScanIdentified organizational needsIdentified competitive advantages

• Developed strategic plan

References

Bono, E. d., & Heller, R. (2006). Thinking managers. Retrieved -, from http:// www.thinkingmanagers.com

Ekarius, C. (2010). Up your sustainability. Retrieved -, from http://www.hobbyfarms.com

Gyermeh, D. (2009). How TQM can benefit your business. Retrieved -, from http://www.businessknowledgesource.com

Mallinger, M. (2001). Personality traits and workplace culture. Retrieved -, from http://www.gbr.pepperdine.edu

Wheelen, T. & Hunger, J. (2008). Concepts in strategic management and business policy, eleventh edition.[University of Phoenix Custom Edition e-text]. Upper Saddle River, NJ: Pearson Education. Retrieved February 2, 2011, from University of Phoenix, rEsource, MGT498 – Strategic Management Course Web site.