1 | P a g e © 247CAMPUS.CO.UK. ALL RIGHTS RESERVED STRATEGIC MANAGEMENT 2 | P a g e © 247CAMPUS.CO.UK. ALL RIGHTS RESERVED CONTENTS Sl No Description XXXXXXXXXXPage No PART-I: XXXXXXXXXXNATURE, SCOPE...

Construct a strategic plan for a named organisation


1 | P a g e © 247CAMPUS.CO.UK. ALL RIGHTS RESERVED STRATEGIC MANAGEMENT 2 | P a g e © 247CAMPUS.CO.UK. ALL RIGHTS RESERVED CONTENTS Sl No Description Page No PART-I: NATURE, SCOPE AND CONTEXT OF STRATEGIC MANAGEMENT 5 1 ROLE AND IMPORTANCE OF STRATEGIC MANAGEMENT FOR AN ORGANISATION 6 1.1 Concept of Strategy & Strategic Management 6 1.2 Business Environment 6 1.3 Strategic Intent 7 1.4 Organisational Internal Capabilities: Core Competence 7 2 BASIC STRATEGIC MANAGEMENT STRUCTURE FOR AN ORGANISATION 9 2.1 Strategic Intent & Vision 9 2.2 Vision, Mission and Objectives 9 2.3 Goals, Strategies and Policies 10 2.4 Strategic Framework 11 2.5 Levels of Strategy for an Organisation 12 2.6 Strategic Planning or Strategy Formulation 12 2.7 Process of Strategic Planning 13 2.8 Strategy Implementation 14 2.9 Strategic Control 14 2.10 Benefits of Good Strategic Planning 15 3 STRATEGIC PLANNING APPROACHES 16 3.1 Strategic Vision 16 3.2 Future Direction of the Ever-Changing Competition 16 3.3 Needs of the Customers 17 3.4 Organisations-for Profit vs Not-for-Profit Organisations 18 3.5 Planning Objectives: Gaining & Maintaining Competitive Advantage 18 3.6 Strategic Planning for ‘Profit-Oriented’ & ‘Not-for-Profit’ Organisations 19 PART-II: EXTERNAL ENVIRONMENTAL FACTORS AFFECTING AN ORGANISATION 20 4 BUSINESS ENVIRONMENTAL FACTORS INFLUENCING THE ORGANISATION 21 4.1 Business Environment 21 4.2 Economic Environment 22 4.3 Market Environment 22 4.4 Socio-Cultural Environment 23 4.5 Political and Legal Environment 23 4.6 Technological Environment 23 4.7 Environmental Scanning 23 3 | P a g e © 247CAMPUS.CO.UK. ALL RIGHTS RESERVED 5 TOOLS FOR STRATEGIC ANALYSIS OF ORGANISATIONS 25 5.1 Understanding Organisation’s Position in the Current Environment 25 5.1.1 Product Positioning 25 5.1.2 Value-Chain Analysis 25 5.2 Analysing the Changing Environment Factors 27 5.2.1 PESTEL Analysis 27 5.2.2 Porter’s Five Forces Method 29 5.2.3 Scenario Planning 29 5.2.4 SWOT Analysis 30 PART-III: STRATEGY PLANNING FOR AN ORGANISATION 32 6 ANALYSIS OF NEEDS & EXPECTATIONS OF THE SHAREHOLDERS & THEIR IMPACT ON STRATEGIC PLANNING 33 6.1 Socio Cultural Associations & Interactions 33 6.2 Stakeholders’ Relations & Expectations 33 6.3 Role of Stakeholders in Strategic Change in the Organisation 34 6.4 Communication with Stakeholders to Gain Agreement for Strategic Change 35 6.5 Stakeholder: Mapping & Grids 36 7 STRATEGY FORMULATION FOR AN ORGANISATION 37 7.1 Introduction to Strategic Planning 37 7.2 Strategic Decision Framework 38 7.3 Nature of Strategic Planning 39 7.4 Evaluation of Strategy Appropriateness 39 7.5 Modelling Tools for Developing Strategic-Options 40 7.5.1 Mintzberg’s Strategies 40 7.5.2 BCG Matrix Method 40 7.5.3 Ansoff’s Product-Market Grid / Matrix 42 7.5.4 Gap Analysis 43 7.5.5 Competitive Strategies 43 7.6 Feasibility/Desirability of Alternate Options 45 7.7 Examples of Strategy Options for a Business Organisation 45 7.7.1 Strategy for Market-Entry 45 7.7.2 Substantial Growth Strategy 46 7.7.3 Diversification Strategy 46 7.7.4 Limited Growth Strategy 47 7.7.5 Disinvestment Strategy 47 7.7.6 Turnaround Strategy 48 7.8 Selection of Most Appropriate Strategy Option 48 7.9 Assessment of Post-Strategy Reaction from Competitors 49 7.10 Contingency Strategy Plans 49 4 | P a g e © 247CAMPUS.CO.UK. ALL RIGHTS RESERVED PART-IV: IMPLEMENTATION OF NEW STRATEGY IN AN ORGANISATION 51 8 IMPLEMENTATION STRUCTURE FOR THE NEW STRATEGY PLAN FOR THE ORGANISATION 52 8.1 Introduction52 8.2 Prepare Detailed Plan for Implementation 52 8.3 Involving All Stakeholders in Implementation of Strategy 53 8.3.1 Formation of ‘Project Team’ for Strategy Implementation 53 8.3.2 Defining Responsibility & Accountability 54 8.3.3 Establish Communication Process to Gain Stakeholders’ Commitment to the Plan 54 8.4 Prepare Strategic Planning Document 55 8.5 Carry-out Criticality-Analysis for Resource-Requirement 56 8.6 Allocate Resources to Achieve the Strategy 57 8.7 Document the Progress & Problems Faced 58 8.8 Understand & Identify the Barriers to Strategy Implementation 58 8.9 Overcoming Barriers to Strategy Implementation 58 9 MONITORING SYSTEMS FOR IMPLEMENTING NEW STRATEGY 60 9.1 Monitoring through SMART Targets Set for Strategy 60 9.2 Monitoring through Benchmarking 61 9.3 Operational Targets for Strategy Implementation 61 9.4 Individual Targets for Strategy Implementation 62 9.5 Sequencing of Activities for Strategy Implementation 62 10 SYSTEMS FOR EVALUATION & CONTROL FOR IMPLEMENTATION OF NEW STRATEGY 63 10.1 Strategy Control for Effective Implementation 63 10.1.1 Need for Effective Coordination of Strategy Related Tasks 63 10.1.2 Barriers in Strategy Evaluation 63 10.2 Systems and Approach for Strategy Control 64 10.2.1 Traditional System for Strategy Evaluation & Control 64 10.2.2 Modern Approach and System for Strategy Evaluation & Control 64 10.3 Requirement for Effective Evaluation 65 10.4 Strategic Control in Changing Environment 65 5 | P a g e