You may have heard the idea that failing to plan is planning to fail. In the business world, it seems impossible that any company could succeed without a well-constructed plan and the structures in place to support the execution of that plan. Strategic planning includes the processes and systems that allow business leaders to map out their vision for achieving success. Critical to this success is the importance of not only understanding the foundational theories behind strategic planning but knowing how to apply those theories as a business practitioner and leader within an organization.
This week, you will begin by analyzing the role of strategic planning in establishing an organization’s competitive advantage. Then, you will take a quiz to validate your understanding of APA formatting and citation criteria relevant for supporting doctoral course work. Finally, you will evaluate the benefits and challenges of implementing strategic planning with an identified organization.
Independent scholars will:
- Analyze the role of strategic planning in establishing competitive advantage
- Validate understanding of APA formatting and citation criteria to support doctoral course work
- Evaluate the benefits and challenges of implementing strategic planning within an organization
The foundations of strategic planning include a diverse group of theories, models, and real-world application opportunities. One of the most crucial skills for a strategic planning professional is knowing not only how to implement a plan, but why it is necessary. Part of this skill can also involve business professionals taking into account potential strategic planning considerations like benefits, challenges, and possible reasons not to use it at all.
To prepare for this Assignment, consider the need for and importance of strategic planning in an organization. Further, consider any potential ramifications of strategic planning, including both minor and major organizational changes. Be sure to consider your experience as a business practitioner and independent scholar in developing your perspective.
By Day 7
Submit a 3- to 5-page evaluation of the benefits and challenges of implementing strategic planning within an organization. Your evaluation should include the following:
- What are the steps of the strategic planning cycle? Be sure to include a condensed description of the value of each step to a professional organization.
- What are the long-term business benefits of strategic planning?
- What are the unique hurdles that companies need to be aware of when implementing the foundations of strategic planning? Explain with specific examples from scholarly sources.
- Based on your research and/or personal experience, would there ever be a reason why an organization would benefit from not utilizing strategic planning? Provide a rationale for your answer with specific examples from scholarly sources.
Note: Be sure to use the APA Course Paper Template (6th ed.), found in this week’s Learning Resources, to complete this Assignment. Also, refer to the Week 1 Assignment Rubric for specific grading elements and criteria. Your Instructor will use this rubric to assess your work. Please Note: For each page of your paper, you must include a minimum of two APA-formatted scholarly citations.
Dyer, J. H., Godfrey, P., Jensen, R., & Bryce, D. (2016). Strategic management: Concepts and tools for creating real world strategy. Hoboken, NJ: John Wiley & Sons.
- Chapter 1: “What Is Business Strategy?” (pp. 2–19)
- Chapter 2: “Analysis of the External Environment: Opportunities and Threats” (pp. 20–45)
- Case 01: “Walmart Stores: Gaining and Sustaining Competitive Advantage” (pp. C-2–C-11)
ereznoi, A. (2014). Business model innovation in corporate competitive strategy. Problems of Economic Transition, 57(8), 14–33. doi:10.1080/10611991.2014.1042313
Note: Retrieved from the Walden Library databases