Each organization requires different strategic planning, as there is no single strategic planning model that suits all organizations. Every organization has to develop model of strategic planning according to its own development, its nature of business and as per their own planning process. These models provide an extent of options on the basis of which different organizations might be able to select an approach and initiate to grow their own strategic planning process. Any organization might select to combine the models suitable to their planning process, for example, they can use a Basic model to recognize strategic issues and aims, and then they can select an issues-based model to develop approach to initiate the issues and grasp the aims. Few prominent models are explained as under.
i. Basic Strategic Planning/Model
According to O'Regan and Ghobadian, (2002) basic strategic planning process is commonly adopted by the organizations which are very small, engaged, and those who have not executed basic planning earlier. The process is suitable to equip the company in initial years to get a reason of how planning is organized, and then geared up in subsequent period with increased planning stages and activities to secure selective direction. Top-level management usually carries out planning. The basic strategic planning process includes: a. Ascertain the identity of purpose (mission statement) – First of all the purpose of existence of organisation is to be found out i.e. the basic purpose of an organisation. It should be specified what types of customers are needed to be contacted and with what type of services are to be rendered. The higher management should grow and accede to the identification of purpose. Over the years, however, the statements can be changed. (O'Regan and Ghobadian, 2002). b. Selecting the targets an organization should compete if they have to achieve the mission - Targets are those goals that an organisation needs to achieve to complete the purpose, or mission, and point out major issues, which an organisation faces. c. Identifying particular approaches and schemes that should be implemented to complete the targets - The strategies are described as the schemes which change the most in the organization to be conducted the more robust strategic planning, specially by way of closely analyzing the internal and external surroundings of the organization. d. Make out action plans to execute each strategy - These are the necessary activities to be performed by each major function (section, department) so as to execute each strategy successfully. The objective should be clearly defined to enable the people whether they have achieved it or not. The Top Management should form specific committees having a separate work plan and objectives. (O'Regan and Ghobadian, 2002). e. Regular Monitoring and updating – Planners should regularly and continuously monitor and see to what extent the goals are being met and whether action plans are being implemented. The feedback from the organization’s customers is the most reliable source for this. (O'Regan and Ghobadian, 2002).
Marks and Spencer
Marks and spencers a very well know business organisation all over the world and especially very famous in the European union made its mark in the 20th century Marks and Spencer, sometimes is also referred to as or “M and S”, made its reputation in the 20th century on a policy of only selling British-made goods. The organisation entered intoa long term business process with the British clothing manufacturing sector "St Michael" brand (trademark registered in 1928), a name which honours its co-founder Michael Marks. It also accepted the return of unwanted items, giving full cash refund if the receipt was shown, no matter how long ago the product was purchased. It has now adopted a 90-day returns policy (M&S, 2009)....
References: Byars Lloyd L, Rue Lesie W and Zahra Shaker A. (1996), Strategic Management, IRWIN. Richard D. Irwin, a Times Mirror Higher Education Group, Inc. company: London
Pearce, J. and Robinson, R. (2005). Strategic Management: Formulation, Implementation, and Control, 9th edition. McGraw-Hill: New York
Taylor, Lumpkin and Dress. (2005), Strategic Management, 2nd Edition, McGraw-Hill: New York
Thompson and Strickland, (2001), Crafting and Executing Strategy, 12th edition,
Thompson A. and Strickland (2003), Strategic Management: Concept and Cases, McGraw-Hill: NY
M&S (2009), Retrieved from: http://marksandspencer.com, (accessed August 30 2010)
J-sainsbury (2009), Retrieved from: http://www.j-sainsbury.co.uk/cr/index.asp?pageid=10 (accessed August 30 2010)
Retailtech (2009), Retrieved from: http://www.retailtech.nl/rubrieken/?id=274&page=detail (accessed August 30 2010)
Robbins, S.P. and Coulter, M. (2005), “Management”, 8th edn, Pearson Education Inc, Upper Saddle River, New Jersey
Bradford, Robert W., Duncan, Peter J., Tarcy, Brian, 2008
Aaker, David A. (2005), Strategic Market Management, John Wiley & Sons, Inc: U.S.A
Beugre, Constant D., Acar, William
Johnson, G., and Scholes, K. (2002). Exploring Corporate Strategy:Text and Cases. Prentice Hall. pp.48-49.
Meat & Livestock Australia (2001), ‘GM feed and the livestock industry’, September, Available from: http://www.mla.com.au/ (accessed August 30 2010)
BBC News. (2001), How fear will change our shopping habits, 27 September, Available from: http://news.bbc.co.uk/1/hi/business/1564827.stm (accessed August 30 2010)
Jobber, D. (2001), Principles & Practice of Marketing, (3rd edition), London: McGraw-Hill, pp.148-150
Zakon, R.H. (1999), Hobbes’ Internet Timeline v 8.2, Avalible from: http://www.zakon.org/robert/internet/timeline/#1990s (accessed August 30 2010)
Christie M. (2002), “Marks and Spencer Enhances Customer Service Across Multiple Channels” Available from: http://betty-sung.tripod.com/marks_&_spencer.htm (accessed August 30 2010)
Stewart, A. (2000), ‘Marks and Spencer facing its toughest battle’, Available from: http://www.thisisthelakedistrict.co.uk/money/in_the_city/NEWS0.html (accessed August 30 2010)
Mullins, L. J. (2002), Management and Organizational Behavior, 6th edition, UK: Prentice Hall
Marketing Teacher Ltd, (2009), “SWOT Analysis Nike, Inc”, accessed August 30 2010, available at http://www.marketingteacher.com/SWOT/nike_swot.htm
Maxi-Pedia, (2009), “BCG Matrix Model”, accessed August 30 2010, available at http://www.maxi-pedia.com/BCG+matrix+model
Datamonitor (2009), Company Spotlight: Marks and Spencer Available at www.datamonitor.com
Please join StudyMode to read the full document