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Strategic Management 1
Creation and Execution of Organization’s Strategic Plan
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Strategic Management 2
Develop an argument supporting the importance of a strategic plan for the success of
the defined business.
In the globalization era, competitive pressures are compelling business organizations
to be in state of constant change. Changes are bound to occur on account of global exchange
of information, knowledge explosion, cross-cultural revolution, rising customer expectations
and increasing competitiveness. Being an entrepreneur of the restaurant in the hospitality
industry, the organizations is faced with number of challenges like diverse consumer base,
health conscious customers, the objective of expanding business to global market and thereby
earn higher profitability and market share. These challenges presented due to globalization or
borderless market, increased competition and others’ has placed strategic planning as of
critical importance.
Strategic planning as it provides a framework for developing new business
development opportunities, vision, goals, and mission for a company. It provides a plan for
long-term growth and survival. It comprised of four basic steps i.e. defining mission of the
company, setting goals and objectives, outlining business portfolios and developing a
functional plan for business. Moreover, it is a tool that provides a long-term view of an
organization, to understand the market dynamics, competitive environment and actions to be
taken in the marketplace (Daft and Marcic, 2010). It helps organization in developing
business aims and objectives. Further, it helps in viewing the future need of funds for the
business and how it can be allocated effectively. Perhaps, strategic planning provides
supports in complementing business’s strength with marketplace opportunities. In addition to
this, it provides a definite direction to achieve goal. Since, it covers diverse areas such as
finance, marketing, customers, reputation, and others bonded in a unified manner. Moreover,
without these planning, every business’s future action will be hazy and unclear. Thus, it
Strategic Management 3
positively affects both performance and financial success of an organization or ensures the
success of the business (James, 2009). Therefore, for any business, strategic planning is very
important as well as crucial factor for organization’s continued growth, survival and to
remain competitive in the market place. As it provide a means to examine resources planning
and policy issues in both long term as well as short-term perspective. So, it helps in
determining the objectives and setting of priorities along with help in determining possible
threats or opportunities. Thus, the strategic planning is of utmost importance for the success
of the organization.
Create a mission statement for the company explaining how the mission will be essential
to the company’s success.
For the organization under study - restaurant, the mission statement states is created
as:
“Become world leader in the hospitality industry through creating most exotic and fun
place delivering nutrition, quality, consistent performance, and value for money across the
globe.
The mission statement is very important for the success of the company as company’s
mission statement is to apply the high standard of characteristics and to be most successful
company in the world at serving the best customer experience in markets. ...