BUS475 Tutorial - 7108

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  • From: Business,
  • Posted on: Mon 09 Apr, 2012
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1. What are your thoughts on the differences of strategic planning at small versus large companies? Do you think a mission/ vision is more or less (or equally) important at a small company over a large company? Why? What might be different at one over the other? Why? (100 word)

 

2. what are the differences between strategic planning and strategic management? Do you think there is a difference? (100 word)

 

3. I particularly agree with goal-setting and benchmarking practices of looking outside of a structured environment to improve what is happening within the walls of that same environment. Strategic planning needs to be uncomfortable at times, including evaluations of what has gone wrong within a business or set of business practices as well as laying a foundation for success. When attempting a start-up, are there a particular set of benchmarking tools that might be helpful - given that the business one starts might be outside the box of anything traditional? Sometimes it's difficult to compare your desire to provide a service with other similar businesses - we always want to think our idea or service is better, more colorful, or just better planned than our potential competitors. Thoughts? (100 word)

 

4. I think a restaurant is a good choice. There is so much a restaurant can do and so many goals and objectives you can set up to make your restaurant successful. Another reason I think a restaurant is a good example is because you notice that restaurants can either be really successful or they can fail and go out of business. I think a good plan set and objectives to reach goals can help that. I think so many people go into the restaurant business not doing some good planning and then end up failing. What are your thoughts? (100 word)

 

5. My husband and I have thought about opening up a pub or pizzeria. We both love to cook and I would love to own my own business. How would use strategic planning and the four functions of management to successfully set up goals for the restaurant? (100 word)

 

Solution Description

1. What are your thoughts on the differences of strategic planning at small versus large companies? Do you think a mission/ vision is more or less (or equally) important at a small company over a large company? Why? What might be different at one over the other? Why? (100 word)

Many people wrongly believe that strategic planning is for large businesses only, such as Nokia, Toyota, McDonald, etc. Strategic planning is as essential for small businesses as large businesses. Strategic planning for small businesses does not have to be as formal and detailed as large businesses. It is equally as important for small businesses to create a dialogue between  customers, employees, vendors, investors, and stay updated about competitors. It is important to discuss strategic issues and their bearing on the future if business. Without strategic planning a small business will be unprepared for surprises and without a vision, the employees in  a small business may not be able to work towards a common goal.

 

2. what are the differences between strategic planning and strategic management? Do you think there is a difference? (100 word)

The purpose of strategic management of a business organization is to determine the