HCS 568 WEEK 6 Final Strategic Plan and Presentation

HCS 568 WEEK 6 Final Strategic Plan and Presentation
HCS 568 WEEK 6 Final Strategic Plan and Presentation
Resource: Strategic Plan located on the student website
Organize Parts I through III for your strategic plan as follows:
Reason for your strategic plan
Part I: Organizational Structure
Part II: Environmental Analysis and Setting Strategic Goals
Part III: Financial Plan
Complete Parts IV and V of your strategic plan and add them to Parts I through III.
Part IV: Implementation
Similar to your Learning Team assignment last week, describe how you plan to implement your strategic plan. In 700 to 1,050 words, address the following:
The potential barriers you anticipate and how you plan on overcoming them
How you will communicate your plan to all the organization’s employees
Your market entry strategy and the procedure you plan on using to implement your strategic plan
Part V: Evaluation and Control
In 700 to 1,050 words, answer the following questions:
What measurement guidelines should be used to verify strategy effectiveness?
If your strategy does not go according to plan, at what point would you consider altering the strategic plan you have suggested?
What tolerance range should be in place that would call for corrective action if exceeded?
What corrective action would you need to make if the organization’s performance fell outside the tolerance range?
Submit the assignment as a complete plan, including Parts I through V.
Cite at least five sources to support your information.
Format your paper consistent with APA guidelines.
Present a completed strategic plan to the board of directors or funding source of your organization for approval.
Outline your strategic plan in a 12- to 15-slide Microsoft® PowerPoint® presentation with extensive speaker notes and references.
Describe why the organization needs a plan and walk the audience through every step in the strategic management process. Include the following:
How the plan fits with the company’s current mission, vision, and values
Environmental scanning for competitive advantages
Setting strategic goals
Internal dynamic and resource considerations for strategy implementation, including key budget information
Measurement guidelines
What feedback considerations the organization should put into place to ensure the success of the company
Keep your audience in mind and make your strategic plan convincing.
Strategic Planning Process
The strategic planning process requires considerable thought and planning on the part of a company’s upper-level management. Before settling on a plan of action and then determining how to strategically implement it, executives may consider many possible options. In the end, a company’s management will, hopefully, settle on a strategy that is most likely to produce positive results (usually defined as improving the company’s bottom line) and that can be executed in a cost-efficient manner with a high likelihood of success, while avoiding undue financial risk.
The development and execution of strategic planning are typically viewed as consisting of being performed in three critical steps:
1. Strategy Formulation
In the process of formulating a strategy, a company will first assess its current situation by performing an internal and external audit. The purpose of this is to help identify the organization’s strengths and weaknesses, as well as opportunities and threats (). As a result of the analysis, managers decide on which plans or markets they should focus on or abandon, how to best allocate the company’s resources, and whether to take actions such as expanding operations through or merger.
Business strategies have long-term effects on organizational success. Only upper management executives are usually authorized to assign the resources necessary for their implementation.
2. Strategy Implementation
After a strategy is formulated, the company needs to establish specific targets or goals related to putting the strategy into action, and allocate resources for the strategy’s execution. The success of the implementation stage is often determined by how good a job upper management does in regard to clearly communicating the chosen strategy throughout the company and getting all of its employees to “buy into” the desire to put the strategy into action.
Effective strategy implementation involves developing a solid structure, or framework, for implementing the strategy, maximizing the utilization of relevant resources, and redirecting marketing efforts in line with the strategy’s goals and objectives.
3. Strategy Evaluation
Any savvy business person knows that success today does not guarantee success tomorrow. As such, it is important for managers to evaluate the performance of a chosen strategy after the implementation phase.
Strategy evaluation involves three crucial activities: reviewing the internal and external factors affecting the implementation of the strategy, measuring performance, and taking corrective steps to make the strategy more effective. For example, after implementing a strategy to improve customer service, a company may discover that it needs to adopt a new customer relationship management (CRM) software program in order to attain the desired improvements in customer relations.
All three steps in strategic planning occur within three hierarchical levels: upper management, middle management, and operational levels. Thus, it is imperative to foster communication and interaction among employees and managers at all levels, so as to help the firm to operate as a more functional and effective team.
Benefits of Strategic Planning
The volatility of the business environment causes many firms to adopt reactive strategies rather than proactive ones. However, reactive strategies are typically only viable for the short-term, even though they may require spending a significant amount of resources and time to execute. Strategic planning helps firms prepare proactively and address issues with a more long-term view. They enable a company to initiate influence instead of just responding to situations.
Among the primary benefits derived from strategic planning are the following:
1. Helps formulate better strategies using a logical, systematic approach
This is often the most important benefit. Some studies show that the strategic planning process itself makes a significant contribution to improving a company’s overall performance, regardless of the success of a specific strategy.
2. Enhanced communication between employers and employees
Communication is crucial to the success of the strategic planning process. It is initiated through participation and dialogue among the managers and employees, which shows their commitment to achieving organizational goals.
Strategic planning also helps managers and employees show commitment to the organization’s goals. This is because they know what the company is doing and the reasons behind it. Strategic planning makes organizational goals and objectives real, and employees can more readily understand the relationship between their performance, the company’s success, and compensation. As a result, both employees and managers tend to become more innovative and creative, which fosters further growth of the company.
3. Empowers individuals working in the organization
The increased dialogue and communication across all stages of the process strengthens employees’ sense of effectiveness and importance in the company’s overall success. For this reason, it is important for companies to decentralize the strategic planning process by involving lower-level managers and employees throughout the organization. A good example is that of the Walt Disney Co., which dissolved its separate strategic planning department, in favor of assigning the planning roles to individual Disney business divisions

Don't use plagiarized sources. Get Your Custom Essay on
HCS 568 WEEK 6 Final Strategic Plan and Presentation
Get a 15% discount on this Paper
Order Essay
Quality Guaranteed

With us, you are either satisfied 100% or you get your money back-No monkey business

Check Prices
Make an order in advance and get the best price
Pages (550 words)
$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know that being a student these days is hard. Because of this, our prices are some of the lowest on the market.

Instead, we offer perks, discounts, and free services to enhance your experience.
Sign up, place your order, and leave the rest to our professional paper writers in less than 2 minutes.
step 1
Upload assignment instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
s
Get personalized services with My Paper Support
One writer for all your papers
You can select one writer for all your papers. This option enhances the consistency in the quality of your assignments. Select your preferred writer from the list of writers who have handledf your previous assignments
Same paper from different writers
Are you ordering the same assignment for a friend? You can get the same paper from different writers. The goal is to produce 100% unique and original papers
Copy of sources used
Our homework writers will provide you with copies of sources used on your request. Just add the option when plaing your order
What our partners say about us
We appreciate every review and are always looking for ways to grow. See what other students think about our do my paper service.
Nursing
Thank you for a great paper.
Customer 452707, August 6th, 2022
Other
good
Customer 452813, June 30th, 2022
English 101
I'm glad i came to you guys
Customer 452519, May 11th, 2021
Other
NICE
Customer 452813, June 25th, 2022
Education
Thank you so much
Customer 452631, October 5th, 2021
Criminal Justice
Impressive! Will be using the service again.
Customer 452485, December 5th, 2021
Management
Comprehensively done. Thank you
Customer 452583, July 20th, 2021
Human Resources Management (HRM)
Great Work!
Customer 452767, November 18th, 2022
IT, Web
Paper was great and accomplished everything I needed.
Customer 452885, October 27th, 2022
Technology
Great job on the paper!
Customer 452885, December 14th, 2022
Business and administrative studies
GREAT
Customer 452813, June 30th, 2022
Other
GREAT
Customer 452813, June 25th, 2022
Enjoy affordable prices and lifetime discounts
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Order Now Order in Chat

Start off on the right foot this semester. Get expert-written solutions at a 20% discount