Strategic planning concepts with those of strategic intent and skill-based strategic thinking. Explain how the differences in these concepts can lead to better business strategy practice.
Compare and contrast conventional strategic planning concepts with those of strategic intent and skill-based strategic thinking. Explain how the differences in these concepts can lead to better business strategy practice.
Strategic planning concerns analysis - establishing and formalizing systems and procedures. Strategic planning, is the systematic and logical application of strategies. It covers a broad range of management approaches including development and implementation of an organizational strategic plan. Evident in both approaches is a clear link between leadership and strategic management.
Strategic planning is often used to create a solution to a specific problem. For example, restaurants that have great nighttime business but no volume during the day would benefit from a strategic plan specifically focused on increasing daytime business.
Strategic intent is a high level statement usually incorporates stretch targets, which force companies to compete in innovative ways which design the desirable future. Strategic intent implies a sizable stretch for an organization. Capabilities of the organization can be achieved through the strategic intent. The Uniqueness and the innovation makes strategy intent come to life very effectively important for employees and they can understand and believe according to it. This forces the organization to be more inventive, to make the most of limited resources. To achieve a strategic intent, a company must usually take on larger, better-financed competitors. That means carefully managing competitive engagements so that scarce resources are conserved.
Managers cannot do that simply by playing the same game better by making marginal improvements to competitors' technology and business practices. Instead, they must change the game in ways that disadvantage incumbents like devising novel approaches to market entry, advantage building, and competitive warfare. For smart competitors, the goal is not competitive imitation but competitive innovation, the art of containing competitive risks within manageable proportions.
Skill based strategic thinking is an individual thinking activity that benefits organizations. Its purpose is to discover competitive strategies to position the organization significantly differently from the present. Thinking strategically is not the same as preparing a strategic plan, which details tactics to be taken to achieve goals and objectives. Strategic thinking is thinking that contributes to broad, general, overarching concepts that focus the future direction of an organization based on anticipated environmental conditions.
Strategic thinking takes a holistic or systems view. It requires an orientation to the whole, rather than a focus on just part of the whole. Strategic thinking positions strategy formulation and implementation as interactive processes rather than as sequential and systematic activities evident in traditional organizational planning processes. Strategic thinking focuses on intent. Strategic thinking involves purpose and has a definite direction. It also unfolds in a process of discovery or learning which takes time to complete, if it is ever complete.
b.Explain the relationships between business models, business strategies, and strategic intent and skill-based strategic thinking. Include an explanation of how these concepts can help avoid myopic business strategy development.
Business Model is one of the most important aspect of the business. It is mostly discussed but less understood, it's quite simple. Every Business have their defined and distinguished model in different ways. So as to generate the revenue from the earning or making profit from operation business models are created. It includes the functions as well as the components of the business with revenue and the profit it will earn from it. Business. It varies from that of business nature, its operation and its function.
Business Strategies is the a set of rules that are made by any organization to achieve desired ends and objectives. Its simply long term goal or planning. It cover mostly 3-5 year's time frame. Business strategy is mostly concerned with business activities and its scope. Like What to produce, where to produce, for whom to produce are some of the actitivities that business strategies seeks for. Business strategies are of two types.
a.)Generic Strategy
b.)Competitive Strategy
Generic Strategy makes strategy for growth , development, operation and on what you do best where as Competitive Strategy helps to gain competitive advantage from rivals. It provides how to get market.
Strategic intent is a high level statement usually incorporates stretch targets, which force companies to compete in innovative ways which design the desirable future. Strategic intent implies a sizable stretch for an organization. Capabilities of the organization can be achieved through the strategic intent. The Uniqueness and the innovation makes strategy intent come to life very effectively important for employees and they can understand and believe according to it. This forces the organization to be more inventive, to make the most of limited resources. To achieve a strategic intent, a company must usually take on larger, better-financed competitors. That means carefully managing competitive engagements so that scarce resources are conserved.
Skill based strategic thinking is an individual thinking activity that benefits organizations. Its purpose is to discover competitive strategies to position the organization significantly differently from the present. Thinking strategically is not the same as preparing a strategic plan, which details tactics to be taken to achieve goals and objectives. Strategic thinking is thinking that contributes to broad, general, overarching concepts that focus the future direction of an organization based on anticipated environmental conditions.
Strategic thinking takes a holistic or systems view. It requires an orientation to the whole, rather than a focus on just part of the whole. Strategic thinking positions strategy formulation and implementation as interactive processes rather than as sequential and systematic activities evident in traditional organizational planning processes. Strategic thinking helps to make it in a systematic and effective way to operate and get the work done.
Strategic myopia is a irregular aspect which has negative aspect in any form of business. The above concept provides a platform to overcome the problems that occurs in any business. This strategies can be gained from each and every concept discussed above. This is mostly effective only when executive level personnel makes and effective decision regarding to it for the development of the business.
References:
Pearce II, J. &. ((2011)).Strategic Management: Formulation, Implementation, and Control. McGraw-Hill Irwin.
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