Importance of Strategic Planning and Management in the Business Environment Paper
Tight Lines Sport Fishing is the vision of Captain Alex Smith to provide an outstanding and unforgettable fishing experience for his clients. With 20 years of experience fishing the local waters of the San Francisco Bay Area and the Kona coast of Hawaii Alex plans on employing all his knowledge and experience combined with the lessons he has learned from other chartering experiences to provide exceptional value to his customers. Experience and a vision will not guarantee success, a strategic plan that will provide a roadmap on how success will be measured and achieved.
“Strategic management is the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s objectives.” (Pearce II & Robinson Jr., 2004) With several tasks required in the development of a strategic plan for Tight Lines Sport Fishing. Beginning with an outline of the company’s vision and the means by which they will go about implementing and reviewing the plans successes and failures will be required. Starting with the vision and mission statement Alex will set the foundation for Tight Lines Sport Fishing. Defining long-term objectives and strategies that will achieve the company’s goals will require the input from various levels of the organization. “Implementing the strategic choices by means of budgeted resource allocations in which the matching of tasks, people, structures, technologies, and reward systems is essential and evaluating the success of the strategic process as an input for future decision making will allow the company to adapt to changes in the market.” (Pearce II & Robinson Jr., 2004) Analyzing the company’s capabilities will allow the company to maximize it resources and not over commit itself fiscally, this will take input from boat captains and deck hands. The boat captains can be looked at as the managers within the...
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