Answer To: ENGR 590 Term Paper Assignment Instructions Principles of Strategic Planning Overview The purpose of...
Banasree answered on Jul 21 2022
APPLICATION OF THE PRINCIPLES OF STRATEGIC PLANNING 2
1. APPLICATION OF THE PRINCIPLES OF STRATEGIC PLANNING
2. Abstract:
This research is focus on basic theory and practical aspects of principles of the strategic planning in view of improving the quality of a product planning process. Researcher recommended, few methods at end of this paper. The quality analysis of a production company as well as the application of strategic planning model for improving the quality of the product. This project is based on scientific and experimental data.
2.1. Introduction:
A process of uniquely designed business strategies is well known for strategic planning. In other words, strategic planning is a process, which helps business/company to set an attainable goal and actions in a medium /long-term perspective. It is an important process for a company to accomplish its mission. Key advantages of this planning are, to provides a set of frameworks which helps company to assign resources correctly and utilizes them on right time. Therefore, company can achieve maximum output in terms of better product, on time delivery, customer satisfaction, concur all the possible outcomes. Strategic planning integrates with various department like accounts, finance, human resource, marketing etc.
In this project, researcher consider the application of strategic planning to improve the product quality of manufacturing company. To achieve this goal, first researcher has analyzed the exiting process of company’s product and their respective processes, then proposed a scientific approach to reach the set goal.
2.2. History:
The idea of the strategic planning, originally catch the lime light in between 1950s-1960s. During that period of time it was quite popular in the corporate world. However, in the 1980s suddenly it lost the track. It was revived in the 1990s. Since then, its evolving with new techniques for modern business every day.
2.3. Research using for Principles of Strategic Planning:
2.3.1. A research analysis of most relevant to the subject:
Principle of strategic planning, is to analyze the problem and applying complex scientific technique in methodological manner. There’s a most related journal named “The evolution of strategic quality management” by Luis Calingo. In his works, he integrated strategic management frameworks integrate planning, model and analysis to ensure TQM (Total quality management). That journal also recommends how to analyze progression, monthly performance measure and action plans.
The book named “Top priorities for tech product manager: Leadership vision for 2021” Gartner beautifully describes the detail steps and respective analysis how to achieve a long term set goat for production companies and role of their leaders. According to Gartner “Product strategy planning is the first step in the product management process. It’s critical for product manager to spend the time in the planning stage and go into enough depth to make sure they are set up for success”. Therefore, as a researcher point of view it is clear that company needs expertise to improve their product planning in regards to the principle of the strategic planning.
Some other research found that to ensure product quality of a company, research analyst first has to understand the core strength of the company, resources, management capabilities and the analysis of the existing system and their positive and negative methods.
2.3.2. Types of research analysis for strategic planning:
2.3.2.1. 5P Strategy analysis:
Plan - Strategy indicating activities to deal with present condition.
Ploy – Strategy to take in the opponent.
Pattern – Restriction of regular performance, either intended or not and which can be work as independent plan.
Position- Finding the drive point of the organization, which is similar to any “P” or all.
Perspective – Uniquely designed strategy to concur the world.
2.3.2.2. S.W.O.T analysis:
STRENGTHS – Organization core strength to compete the opponent.
WEAKNESS– Identify and develop a plan to improve upon.
OPPORTUNITITIES – Analysis the market trends.
THREATS – On which point competitor takes advantage of the organization.
2.3.2.3. Balanced Scorecard:
The balanced scorecard is a system, which ensure the objective of strategic planning goal’s by improving performance, resources and methods.
Financial Performance
Efficiency
Customer/ stakeholder Satisfaction
Knowledge & Innovation
Vision & Strategic planning
Strategic planning Map.
Performance measures & Targets
2.3.2.4. Value Organizational Culture:
Organization culture is the pivot of the strategic planning. Always respect that, it is the key component for any organization progress and vice versa. Right method of strategic planning always nurtures the culture.
2.3.2.5. P.E.S.T.E.L Analysis:
POLITICAL – TAX,GOVT RULE, STANDARDS ETC
ECONOMICAL – COUNTRY/REGION ECONOMIC HEALTH
SOCIAL – COMPANY’S OPERATION/TARGET MARKET
TECHNOLOGICAL – INTRODUCTION OF NEW TECHNOLOGY/ DISCARD OBSOLETE
ENVIRONMENT -WASTE DISPOSAL/ENERGY PROTECTION/ENERGY CONSUMPTION ETC.
LEGAL – HEALTH & SAFTY/PRODUCT REGULATION/EMPLOYMENT GUIDELINE ETC.
Above mentioned steps help organization to take control of their operating market and business environment. Health safety and environment are the most important factor for any kind of manufacturing business. Now a day people are more aware in terms of preservation of environment. Some research evident that 15% of the manufacturing company are not able meet the environmental standard, due to that either they improve the business strategy or shut down. Therefor PESTEL analysis works like a booster to the strategic planning.
2.3.2.6. Theory of change (TOC):
Improve of the quality of product by applying strategic planning, it does not mean that company should always take forward move. Some times it necessary to take backward move to achieve bigger picture. Theory of change meaning recalibrate the complete...