Importance Of Strategic Planning

Similarly, it is also essential to assess the feasibility of the constructed business strategy to determine whether it can be implemented to new product concept development successfully or not. It depicts that for Marks and Spencer the proposed business strategies in reference to new product development must be scaled. This process is started while idea generation and financial planning as well as continue to the process of implementation. Here there are number of aspects that are necessary to take in consideration such as company should make sure can the developed business strategy be funded, organisation have the capability to meet the required level of performance in terms of products quality, store services and other. At the same time, it is also essential for Marks and Spencer to determine the marketing and management capabilities needed to maintain the achieved market and competitive position.

By using the three main categories for Corporate Strategy which is stability, growth and retrenchment would guide the corporations toward its goal and objective. The advantage of corporate strategy in connection with the corporation’s goal and objectives is that a corporation can gain financial advantage if it enters into a joint venture or acquires other companies it can increase profits, cash flow and borrowing power. Another strategy is functional strategy. This is used to maximize resource productivity and achieve corporate and business unit objectives and strategies. It is concerned with developing and nurturing a distinctive competence to provide the corporation with competitive advantage.

Strategic planning is the procedure and decisions made about an organisation’s long term goals and strategies. The company formulates a strategy on how to sustain their position in a very competitive environment. Human resource planning, by comparison, is the process of providing management with effective manpower, at the right time and place to achieve the organisation’s goals. The human resource planning is an ongoing process which looks to insure flexible re-sourcing connected to internal and external environmental pressures. Strategic human resource management is a combination of strategic planning and HR planning, it utilizes human resource and human resource activities in the achievement of strategic goals.

A strategic orientation will enable the firm’s proper adaptation to its environment. The Strategic Orientation term as used by practitioners reflects the strategic directions implemented by a firm to guide its activities towards continual superior performance (Gao et al., 2007).Strategic Orientation focuses on the way a firm adapts to and interacts with its external environments (Zhou and Li 2010). Strategic Orientation has also been described as strategic fit, Strategic readiness, strategic thrust, and strategic choice (Morgan and Strong 2003). The term of strategy is defined as “the basic long term goals and objectives of an enterprise and the adoption of courses of actions and the allocation of resources necessary for executing these goals” (Chandler,

RODUCTION Achieving a competitive advantage position and enhancing firm performance relative to their competitors are the main objectives that business organizations in particular should strive to attain. A well designed organizational strategic plan and strategic human capital plan is essential. Raduan C. et al (2009) contends that Strategic planning helps determine the direction and scope of an organisation over the long term, matching its resources to its changing environment and, in particular, its markets, customers and clients, so as to meet stakeholder expectations (Johnson and Scholes, 1993). The business environment is constantly changing and being associated with

Organizational Strategy and Objectives The foundation of Wells Fargo’s strategy is its focus on customers. The company’s strategy tends to drive the choices they make and also enable them to prioritize its efforts, differential from peers, and build a lasting value for customers, employees, communities, and shareholders. The diversified business model tends to provide the company with the stability and the strength as it assures communities and customers that it exists to serve them and also the future generations. The objectives of the company are to be the leader in financial services in areas of team member engagement, customer services and advice, shareholder value, innovation, corporate citizenship, and risk management (Wells Fargo n.d). Through the use of innovative technology, Wells Fargo aims at creating new kinds of lasting value for businesses and customers and also increase efficiency for the internal

This focus is important in growing the company and staying competitive in the market. The company’s effort on managing human resources when using subsidiary companies and maintaining their core values and goals. As stated in ICMR case study “HRM is a strategic function concerned with recruitment, training and development, performance appraisal, communication and labor relations. HR policies guide the various functions of HRM. The need for a particular type of HRM is determined by the need for standardization or adaptation” (ICMR center for management research, 2011).

2. Analyzing and Evaluating Implications of the Internal Environment Companies use the VRIOS framework as a tool to analyze its resources and capabilities internally. By understanding these resources and capabilities clearly, it can identify strategic areas that makes the company distinctive, valued and to maintain its competitive advantage. By “completing this analysis, Nando’s can strategically action whether to: • Defend the current means of value-creation. • Increase the advantage gained from these means.

Critical Assumptions can be described as facts or characteristics that must be true in the real world for your suggestion to be successful. Every business comes up with critical Assumptions that will define if it can survive or not. The more accurately you can identify and test these assumptions; the prospect of facing risks will be minimal. As assumptions may lead to a change in the business plan, advocates of assumption-based planning argue that it should be at the core of business planning. RAND Corporation (Research ANd Development) defines an assumption as “an assertion about some characteristic of the future that underlies the current operations or plans of an organization.” There are many types of assumptions.

Work within a multi-disciplinary team in a critical and lead role; identifying chances, predicting production and reserves, checking impact of change to production, cost or schedule, providing economic gain. Being able to influence team members through important tasks and be able to make and inform a personal team work. Provide production predictions and reserve tasks through application of appropriate logical and reservoir simulation techniques on assigned fields. Help coordinate multi disciplinary team, focus and deliver work in order to meet project targets. Provide economic observations to support, justify and optimize existing and future producing tasks and ensure recommended projects meet or pass corporate investment criteria.