Strategic management


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Strategic management

  1. 1. Strategy planning<br />Strategy plan is define as what a business wants to achieve & also lays down on action plan in the market place as to how to achieve. The basic objective of any corporation is to survive in the market & sustain itself by creating value to all stakeholder in the dynamic business world. <br />
  2. 2. TOP FIVE REASON<br />WHY STRATEGIC PLANS FAILS?<br /><ul><li>Communications
  3. 3. Leadership
  4. 4. No Plan Behind the Idea
  5. 5. Passive Management
  6. 6. Motivation and Personal Ownership</li></li></ul><li>Communications<br /><ul><li>Poor communications seems to take many forms. Apparently, some groups like to develop strategic plans, and then hide them under a rock.
  7. 7. Poor communications among team members responsible for decisions in implementation. Expectations and opinions are not shared openly, thoroughly, and effectively."
  8. 8. The failure to communicate the vision and strategic objectives to stakeholders</li></li></ul><li>Leadership<br /><ul><li>Failing of leadership starting and ending at the top." "Lack of a true motivating leader." This contributes or offered some specificity: "Weak leadership.
  9. 9. This results in improper resource allocation, lack of buy-in, poor follow-through, inadequate checks, misaligned goals/ strategies/ actions, inefficient rewards and punishments, cover-ups, etc." </li></li></ul><li>No Plan Behind the Idea<br /><ul><li>Most great plans aren't. They are just nice, high-level ideas
  10. 10. A strategy document almost never actually states what is to be done from day to day and a way for employees to track their actual progress.
  11. 11. Most strategies stop at the 'conceptual stage' rather than actually give very Specific tasks to be done</li></li></ul><li>Motivation and Personal Ownership<br /><ul><li>More effort is needed to help people understand how getting behind the company's goals can support their personal goals.
  12. 12. What are the symptoms when there is no motivation/personal ownership?
  13. 13. Inability of individuals to view strategic planning an important and exciting part of their job."
  14. 14. Lack of employees' support.
  15. 15. Lack of better sales efforts.
  16. 16. Lack of initiative at the lower levels of implementation, the 'front lines'.</li></ul> In summary is this prediction: "The project will never succeed if there is no emotion or passion involved." <br />
  17. 17. Passive Management<br /><ul><li>This is characterized by assuming that things will run themselves after we get them started,
  18. 18. When the implementation phase begins there is not enough follow-through -- or follow-up for that matter -- from senior management." “
  19. 19. Poor and inexperienced management to execute the plan.</li></li></ul><li>Reasons why strategic plans fail<br /><ul><li>Failure to understand the customer
  20. 20. Why do they buy
  21. 21. Is there a real need for the product
  22. 22. inadequate or incorrect marketing research
  23. 23. Inability to predict environmental reactionWhat
  24. 24. will competitors do
  25. 25. Fighting brands
  26. 26. Price wars
  27. 27. Will government intervene </li></li></ul><li><ul><li>Over-estimation of resource competence
  28. 28. Can the staff, equipment, and processes handle the new strategy.
  29. 29. Failure to develop new employee and management skills.
  30. 30. Failure to coordinate
  31. 31. Reporting and control relationships not adequate.
  32. 32. Organizational structure not flexible enough </li></li></ul><li><ul><li>Failure to obtain senior management commitment
  33. 33. Failure to get management involved right from the start
  34. 34. Failure to obtain sufficient company resources to accomplish task
  35. 35. Failure to obtain employee commitment
  36. 36. New strategy not well explained to employees
  37. 37. No incentives given to workers to embrace the new strategy </li></li></ul><li><ul><li>Failure to manage change
  38. 38. Inadequate understanding of the internal resistance to change
  39. 39. Lack of vision on the relationships between processes, technology and organization
  40. 40. Poor communications
  41. 41. Insufficient information sharing among stakeholders
  42. 42. Exclusion of stakeholders and delegates </li></li></ul><li><ul><li>Under-estimation of time requirements
  43. 43. No critical path analysis done
  44. 44. Failure to follow the plan
  45. 45. No follow through after initial planning
  46. 46. No tracking of progress against plan
  47. 47. No consequences for above </li></li></ul><li>Conclusion<br />Pay attention to the above factor and you'll be ahead of the strategic planning game. These observations and insights can help you improve your success rate with implementing strategic plans, <br /> so it doesn't feel like doing the splits over a case of dynamite.<br />