Strategy and Planning
Jeffrey Stewart
MGT 521
September 07, 2015
Alisa Fleming
Strategy and Planning
The three management tiers are responsible for setting out their plans for success based on the Mission and Vision statements of the company. In looking at the different strategies these tiers use, it will become clear that having a concise plan will give the company and its employee’s direction and goals.
Top Management and Strategic Planning
The CEO, President, General Managers or Division heads are required to set out a company’s long range goals based on being able to forecast what they will need to sustain the business one to five years down the road. (Kumpf, 2004) stated that “Strategic planning is developing a structured scheme or method for effectively achieving a specific goal or objective”.
Strategic plans are important because they provide management as well as employees the structure and direction for pursuing the goals and objectives important to the business, and they provide measurable points to monitor progress and determine whether or not any corrective action is necessary. Having a strategic plan is a five step process that looks at certain criteria to make the plan work. These steps are all based on the “SMART” process, which is looking at the goals in a realistic sense and making sure they are specific, measurable, and attainable, that they achieve results and are time targeted. The first step is having a vision of a goal or objective that is both recognizable and measurable. The second is to list all the major obstacles that would keep you from achieving the desired outcome of the goal. Thirdly, being able to have new approaches in overcoming or eliminating obstacles that may be keeping you from reaching your goals. This also includes having an in-place plan of action for putting these approaches in play. And lastly, being able to monitor the plan on a periodic basis to make sure it is on track and to make any...