I’m working on a business discussion question and need an explanation to help me understand better.
Post a total of 3 substantive responses. This includes your initial post and 2 replies to classmates or your faculty member.
Respond to the following in a minimum of 175 words:
- In strategic planning, what components would you consider necessary for creating a strategic plan?
- Using your chosen company for this course, explain what components they use and whether they do a good job of communicating their plan to their workforce.
Post 2 replies to classmates or your faculty member. Be constructive and professional.Student 1 (ZB)
The components necessary for strategic planning are knowledge and communication. The people creating a strategic plan need to have the knowledge necessary for the task and the communication skills to convey the plan to the people that will implement it. The people with the knowledge will use tools such as a SWOT analysis combined with the company’s vision, mission, values, and goals to create a strategic plan and then communicate the plan to the managers and frontline employees that will implement the plan.
Delta Airlines, Inc. uses its mission, vision, and goals to form a strategic plan that allows them to be a leader in the airline industry. The upper management does an excellent job communicating the strategic plan to the managers and frontline employees based on the results that they are achieving in both their community outreach programs and the profitability of the company. If a company does not communicate its intentions well, then there would be less profitability due to the need to micromanage and continuously correct actions that were done differently than it was supposed to be. In all aspects of a company, communication continues to be the keystone of companies that succeed and the lack of for those that fail.
Student 2 (CC)
When creating a strategic plan I think the components that are necessary are the companies’ vision, mission, strengths, weaknesses, and ultimate goals. I think the vision and mission are necessary in a strategic plan because it defines or explains the goal of the company and what the company would like to achieve. To me those components would be a road map or an outline to begin with strategic planning.
The company that I chose is Netflix. Netflix has used their vision, mission, strengths and weaknesses to come up with a strategic plan for them to continue entertaining the world. I would definitely say they do a good job of communicating their plan to their workforce because in the earlier weeks I discovered Netflix has an open door policy. They also make all of their documents that are business related, whether it is financial information or disputes available to all of their employees. It seems they are housed electronically and all employees are able to review the information at any time. Netflix also allows all of its employees to give input on ideas and solutions to any problems.