1. MGT 498 Week 1 Discussion Question Answers
DQ 1: Why is strategic planning important to the organization? How does strategic
planning help the organization? What are some of the factors affecting strategy
execution?
The importance of strategic planning cannot be understated for large organizations.
Strategic planning is one of the most critical aspects of establishing and sustaining a
successful short-term and long-term organization as this business function allows
businesses to identify their goals and objectives, and the process (or discipline) it is going
to take for their organization to achieve those goals. Additionally, strategic planning is
also critical to the success and longevity of a business as this business function helps
businesses a) gain a clearer perspective and understanding of their organization’s mission
and vision. B) Improve their organization decision-making and operation (alignment,
evaluation methods, etc.) processes. C) Better prepare for any seen or unforeseen events
that could occur in their organization and market environment. D) Identify the areas of
their organization that needs to improve.
Past, present, and future companies have and will continue to use strategic planning as a
critical part of their organization’s success as this business process can help business
managers better supervise the growth and development of their managers and employees
to ensure that they are performing at their highest level. Some of the main factors that
affect that a firm’s strategic planning include things, such as their financial budget,
market environment (consumers behavior, market conditions, competitors, etc.),
conditions of success, etc.
DQ 2: Why is understanding sustainability of a strategy important to the overall
strategy process? How does an understanding of sustainability affect the strategy
process as it pertains to the organization’s stakeholders?
Why is understanding sustainability of a strategy important to the overall strategy
process?
Understanding the sustainability of a strategy is vital to the overall strategy process as
this concept helps businesses a) identify and develop different approaches (marketing,
quality control management, distributing, etc.) to grow and sustain their success in their
business market and country of operations. B) Grasp a clearer understanding of all
aspects (role and social responsibilities of their organization, employees, leadership
structure, business and government contracts, etc.) of their sustainability planning
development and implementation processes. C) Better evaluate their goals as well as the
wants, interests, and needs of their consumers and stakeholders. D) Helps businesses
identify how they should reward the successful accomplishment of their sustainability
initiatives.
How does an understanding of sustainability affect the strategy process as it pertains to
the organization’s stakeholders?
2. Understanding sustainability can affect the strategy process as it pertains to a company’s
stakeholders as this aspect of a business important as it 1) helps businesses generate
revenue so that an organization can sustain long-term profits and success. 2) Provides
businesses with a foundation on how to implement effective sustainability strategies that
will allow their organization to benefit in ways, such as environmentally, culturally, and
economically. 3) Identify the type of data techniques to use to evaluate the affects that
their strategies and policies have on their shareholders wants, needs, and interests. Each
of these methods will go a long way in satisfying the wants and needs of an
organization’s shareholders, and it will also increase the amount of new investors who
would want to invest into a company.
