Comm320-07-StrategyWK7

Comm320-07-StrategyWK7 - Strategy And Planning Managing a...

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    Strategy And Planning Managing a SMALL – MEDIUM SIZED ENTERPRISE
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    Managing The Small-Medium  Sized Enterprise Managing an SME requires STRATEGIC PLANNING: Setting objectives (goals)  --  determine the future  course of action (where do you want the business to be in  the next 1-3 years)  Planning  --  the process by which objectives are reached Includes: setting strategy, determining required  resources, devising an implementation plan Organizing/Controlling  --  specifying the structure of  the firm and determining lines of authority (mechanistic,  organic)  
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    Strategic Planning The evaluation of the internal and  external environments to determine a  firm’s strategy and the  objectives  required for implementation  The strategic planning process:  is a  feedback loop that involves continually  evaluating: the  firm’s strategy , the  actions of  external players  (competitors,  customers), the effectiveness of  operational planning and forecasts and  the their fit with a firm’s  core competency     Small firms are known to lack proper  planning and generally plan  informally, sporadically and  REACTIVELY CORE COMPETENCY THE ENVIRONMENT FIRM’S STRATEGY
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    Strategy Formulation Core Competency The key variable that defines a firm’s ability and competency The skills or activities that a firm can do best in comparison to rival firms (experience,  quality of product or service, customer relationship management, design/production,  Competitive Advantage The adaptation of one of the following strategies: Cost leadership, Superior product or service, Quality,  Location, Reputation, Reliability, etc.  An example of this is Honda’s core competency of Engineering  proficiency and their competitive advantage of product quality  (reliability)
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Comm320-07-StrategyWK7 - Strategy And Planning Managing a...

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