bus 475 week 1 discussion questions

bus 475 week 1 discussion questions - Select a small...

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Select a small business that you may want to start. What is strategic management and planning? Why would a strategic plan be important to the success of this business? How are the four functions of management relative to creating and implementing a strategic plan? If I were to start a small business it would have to be something that I am very familiar or experienced with, passionate about, and a business that I believed I could be profitable and successful with. With that said, I may want to open a machine shop because my professional working experience of 30 plus years has been in the aerospace manufacturing industry. Strategic management is defined as the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s objectives”, (Pearce, & Robinson, 2009, p. 3). “Strategic planning is the systematic process of envisioning a desired future, and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them” (No Author, 2011). The importance of a strategic plan to opening a machine shop would be defining the goals and objectives necessary to be successful. A strategic plan would determine the market the business was entering, and what the competitive factors are. What the marketing strategy would be to attract customers. It would determine the resources necessary to open the business including, labor, equipment, logistical aspects, overhead and management staff requirements. Strategic planning will also determine financial aspects of the business including owning or renting the site, raw material costs, consumable costs, maintenance costs, and labor and salary costs. Because machine shops carry chemicals for various processes Environmental Health and Safety (EHS) issues and costs would have to be determined and addressed. The four functions of management, as we have learned in previous classes, are planning, organizing, leading, and controlling. This is comparative to implementing a strategic plan because the steps are similar. First the strategic plan must be created, a vision of what the company wants to be in 5 years. Next the company must organize their resources toward this vision or goal by assigning the proper personnel. Leading is not the same as managing because you have to relate a sense of purpose to the team to motivate them to accomplish the tasks assigned. Controlling is the monitoring phase of the project that identifies whether the goals and visions were met or not, and if not what actions will be taken to correct the discrepancies. References
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This note was uploaded on 01/27/2012 for the course BUS 475 475 taught by Professor Webster during the Winter '09 term at University of Phoenix.

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bus 475 week 1 discussion questions - Select a small...

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