MGT510 Strategic Management and Business Plan

Stuck on Your Question?

Get 24x7 live help from our Top Tutors. All subjects covered.

Enter e-mail

Phone no

Pages

250 words

Deadline

Order description (write / attach)

I accept the T&C and other policies of the website and agree to receive offers and updates.

Students Who Viewed This Also Studied

15 Pages

In Ethnographic Research

Course

HC3131

Subject

Management

University

Holmes Institute

Season

Fall

View Document

55 Pages

The Dominant Contemporary Discourses

Running Head: SOCIAL WELFARE CONSTRUCTION Social welfare constructio n Name of the student: Name of the university: Author note: 2 SOCIAL WELFARE CON ...

Course

2013HSV

Subject

Management

University

Griffith University

Season

Spring

View Document

20 Pages

External Reliability

Approaches to reliability and validity 1. Adapting concepts from quantitative research  Little change of meaning  Quality, rigour, and wider potential  External reliability (replication) ...

Course

HC3131

Subject

Management

University

Holmes Institute

Season

Fall

View Document

40 Pages

Commercial Value to the Innovation

Running head: MANAGEMENT Creativity and I nnovatio n : Name of the Student: Name of the University: Authorâ€™s Note: 1 MANAGEMENT Question1: The concept ...

Course

ENT10002

Subject

Management

University

Swinburne University of Technology

Season

Spring

View Document

MGT510 Strategic Management

Question

Answered

Task:

A formal, written strategic business plan is an important strategic tool, which all organisations should have for the following reasons:

A clear and unambiguous direction is laid out for the organisation. Without a formal plan, there will inevitably be subsequent disagreement about what the organisation is trying to do and what was actually agreed in the strategic planning process. Writing it down makes it objectively clear exactly what the organisation is trying to achieve.

Key assumptions for the organisation are explicitly recognised. Having a formal plan makes it clear what assumptions have been used in preparing the plan. For instance, assumptions about economic growth rates, sales growth rates, margins and inflation rates can clearly be seen, either from the words in the plan or from analysis of the numbers in the plan.

Everyone in the organisation is able to act in a manner consistent with the goals specified. While the strategic thinking and analysis processes may have been confined to a small number of people in the organisation, making the plan explicit and communicating it widely enables everyone in the organisation to see how all the planned actions, activities and units fit together to implement the plan.

All actions can be assessed against the stated business and functional strategies. The plan provides a control against which actual performance can be measured. This is a fundamental issue for assessing performance in any area of activity. Failure to have a formal plan means this basic control tool does not exist.

Strategic planning is not the same as strategic thinking. Mintzberg argued that ‘strategic planning’ is really ‘strategic programming’ that is, the articulation and elaboration of strategies or visions that already exist. Strategic planners supply some of the strategic business plan Summarises and documents the strategic analysis and the implementation plans.

MGT510 Strategic Management

Answer in Detail

i Solved by qualified expert

Get Access to This Answer

Get Answer

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

Page 1 of 9

8 More Pages to Come in This Document. Get access to the complete answer.

More MGT510 MGT510 Strategic Management: Questions & Answers

Management

HC3131

Holmes Institute

In Ethnographic Research

Ethical Principles Based on Diener and Chandall (1978) there are four main categories: •whether there is harm to participants; •whether there is a lack of informed consent; •whether there is an invasion of privacy; •whether deception is involved. Harm to participants • Potential harm ...

View Answer

Management

2013HSV

Griffith University

The Dominant Contemporary Discourses

Running Head: SOCIAL WELFARE CONSTRUCTION Social welfare constructio n Name of the student: Name of the university: Author note: 2 SOCIAL WELFARE CONSTRUCTION The dominant contemporary discourses about the unemplo yme nt and work ar ...

View Answer

Management

HC3131

Holmes Institute

External Reliability

Approaches to reliability and validity 1. Adapting concepts from quantitative research  Little change of meaning  Quality, rigour, and wider potential  External reliability (replication)  Internal reliability (inter -observer consistency)  Internal validity (good fit between data ...

View Answer

Management

ENT10002

Swinburne University of Technology

Commercial Value to the Innovation

Running head: MANAGEMENT Creativity and I nnovatio n : Name of the Student: Name of the University: Authorâ€™s Note: 1 MANAGEMENT Question1: The concept of entrepreneurship and innovation actually revolves around developing new solutions whi ...

View Answer

Choose Our Best Expert to Help You

Denis Payne

Master of Healthcare Management

2847 - Completed Orders

Hire Me

Murray Barrett

Master of Pharmacy

493 - Completed Orders

Hire Me

Daniel McPherson

Pursuing PhD in Nursing with Specialization in Geriatric Nurse

2039 - Completed Orders

Hire Me

Charles Fitzpatrick

Master of Human Resource Management

1098 - Completed Orders

Hire Me

Securing Higher Grades Costing Your Pocket? FLAT 25% OFF on all orders

Phone no. Missing!

Files Missing!

Guaranteed Higher Grade!

MGT510 Strategic Management