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

Strategic Planning - Essay ExampleHence, strategic planning incorporates devise a strategy according to the succeeding(a) or present strategies of your competitors and customers and strategically placing yourself in a desir subject position (Plesk, 1997). Strategic management is somewhat homogeneous to strategic planning yet it is more present focused rather than only future oriented. It involves the proper allocation of resources and their utilization, setting 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, but involves the implementation of these policies and objectives according to the needs of the external environment (Goldstein, 1993). Discussion While it is real important for any business to plan, strategize, and implement its goals, policies, and objectives, it is just as important for institutions such as schools. Education is a highly competitive business arena in current times and in order to succeed and survive in this sector, strategic management and planning is just as essential as any other market (Whittington, 2007). The educational sector also has to focus upon competitors strategies, efficiency of resources, maintaining cost, and providing a high quality service. One of the most important move of strategic management for schools is maintaining personnel and qualified teaching staff as well as maintaining an appropriate curriculum according to the exemplifications expected by their consumers and the standard maintained by their competitors (Rosenhead, 1998). Moreover, there are several other decisions to take such as appropriate and easily accessible 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 crossing and maintaining quality standards may be difficult in ta ngible products, however they are even more difficult to maintain in intangible operate such as education. Customer satisfaction is difficult to measure and change of policies or strategies relative to competition is not as quick as in other regular businesses (Kalpic, 2002). There are various approaches or theories to strategic management which include the structured approach in which a manager who is unremarkably 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 pastime them throughout their operations instead of focusing upon the cycloramas of their stakeholders (Plesk, 1997). The structured approach is usually followed by large organizations which exist all over the world and are world(prenominal) entities. The entrepreneurial approach is followed by smaller organizations which exist in limited 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 developing a fair view of what the consumers need or prefer. They then focus on strategy formation and implementation rather than constant survey and analysis of market needs (Raduan, 2009).