chapter 5 addresses critical success factors B u s i n e s s F i n a n c e
Chapter 5 addresses critical success factors. Take a look at the Mission Vision and Strategic planning. As we take a look this week at Part 1 for your final, consider the definition for Strategic planning. Strategic planning is the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities. This will take you into the corporate mission and vision and on to strategic planning.
Strategic planning sets the stage for the rest of the planning in the firm. Companies usually prepare annual plans, long‑range plans, and strategic plans. The annual and long‑range plans deal with the company’s current businesses and how to keep them going. Let’s make this discussion interesting as you did last week! Consider the following.
Take a look at page 133 those following; show your colleagues how you understand the difference between vision and mission? Include in your discussion your understanding of how the company mission, vision and objectives, if your research has taken you that far in the planning process and connect the dots to your company, it mission vision and strategic plan for existing products or your plan for a new product?
Here are some items you might include in your discussion:
- What is your company’s mission? Why do visions often fail?
- What do you see as the possible value you bring to the company you have selected, in the role of consultant or outside help in terms of forming a strategic plan for the product you have selected or you’re planning to offer?
- Let’s give you the title of Chief Strategy Officer for the company you have selected; explain, based on reading Chapter 5 and your external research, what a complete strategic plan and business plan would look like including the process and essential data analysis (see the check list on page 155.
- Required text: Hillestad SG, Berkowitz EN. Health Care Market Strategy: From Planning to Action 5th ed. Sudbury, MA: Jones & Bartlett Learning; 2021. Students can either buy the book or ebook, or rent the book.. The book will not be available through the Boxer Library.