Strategic Planning Essay Example | Topics and Well Written Essays - 2000 words

Strategic Planning - Essay display caseHence, strategic prep incorporates devising a strategy according to the future or present strategies of your competitors and customers and strategically placing yourself in a desirable position (Plesk, 1997). Strategic management is somewhat similar to strategic planning yet it is more present focused rather than only future oriented. It involves the meet allocation of resources and their utilization, scene of objectives and aims for the firm, and incorporating the firms vision, mission, and future goals. However, strategic management is not only based upon devising policies and objectives, alone involves the implementation of these policies and objectives according to the postulate of the external environment (Goldstein, 1993). Discussion While it is very important for some(prenominal) business to plan, strategize, and implement its goals, policies, and objectives, it is just as important for institutions such as schools. Education is a exceedingly competitive business sector in current times and in order to succeed and pass away in this sector, strategic management and planning is just as essential as any early(a) market (Whittington, 2007). The educational sector also has to focus upon competitors strategies, efficiency of resources, prolonging costs, and providing a high quality service. nonpareil of the most important parts of strategic management for schools is maintaining personnel and qualified teaching staff as well as maintaining an appropriate curriculum according to the standards expected by their consumers and the standard maintained by their competitors (Rosenhead, 1998). More all over, there are several other decisions to take such as appropriate and easily social location, safety standards, keeping costs to a minimum while providing a fully equipped infrastructure, proper curriculum, and fair/proper examination standards. While improving a defective product and maintaining quality standards whi tethorn be difficult in tangible products, however they are even more difficult to maintain in intangible services such as education. Customer satisfaction is difficult to measure and transmit of policies or strategies relative to competition is not as quick as in other steadfast businesses (Kalpic, 2002). There are various approaches or theories to strategic management which include the structured approach in which a manager who is usually operating a large global organization takes into account the opinions and needs of its stakeholders. The second approach is the entrepreneurial approach which involves the business setting its own standards and objectives and personifying them throughout their trading operations instead of focusing upon the views of their stakeholders (Plesk, 1997). The structured approach is usually followed by large organizations which exist all over the world and are international entities. The entrepreneurial approach is followed by smaller organizations which exist in check places and have access to limited or restricted means. Hence, they are not able to easily follow the needs of their stakeholders and constantly innovate to cater to their requirements. These firms simply set their own objectives by analyzing the competition and growing a fair view of what the consumers need or prefer. They then focus on strategy physical composition and implementation rather than constant survey and analysis of market needs (Raduan, 2009).