Strategy,Strategic planning and the tradtional steps to build an Essay

Strategy,Strategic planning and the tradtional steps to build an organizational strategic plan,Strategic management and Competititve Strategy - Essay Example On the other hand, strategic planning is the process through which an organization defines the strategy to achieve major, as well as minor goals. In other words, strategic planning is the directing and the making of crucial decisions that concern the allocation of the available resource as per the institutions strategy. The strategic plan also involves the control process of management as a way of implementing the decisions that encompass the strategic plan. The traditional planning method of building an organizations strategy comprises several steps. However, the tradition style of strategy planning omits the step of innovative thinking which to some works of research is the most important aspect of strategic planning is innovative thinking. It is significant also to state that the approach to strategic planning varies given the unique features of every organization. The unique features may include the purpose of every institution, the culture of each organization, the environment and immediate surroundings and the history of other plans; whether they were successful or not. The first step in strategic planning is the identification of the purpose of the planning process. The procedure makes up the mission statement. The step tends to put forward the reason behind the existence of the firm. The needs of the client makeup the basic purpose of the organization and thus are an outline in the first step. The second step enumerates the vision of the organization. The step’s main focus is the description of the future state of the business entity and the state of the clients of the organization in the future. The third step is the establishment of mandatory goals that the institution must reach in an attempt to achieve the set down goals as per the organization’s mission and vision. The step also tries to give answers for the prevailing challenges that the organization is undergoing through in its operations. The

Economist Assignment Example | Topics and Well Written Essays - 1000 words

Economist - Assignment Example Marshall started with metaphysics, specifically "the philosophical foundation of knowledge, especially in relation to theology." The Metaphysics led Alfred to ethics, specifically a Sidgwickian version of utilitarianism; ethics, on the other hand, led Alfred to economics. This was so because economics played an essential role in the provision of the preconditions for the improvement of the working class. Marshall’s ethical views continued to be a dominant force in his thinking even though he turned to economics (Marshall & Palgrave Connect, 2013). During his time, Marshall was viewed as the most influential economist. In his book Principles of Economics (1881), Marshall brought out the ideas of supply and demand, marginal utility and cost of production into a single whole. As an extension to what he had done, he brought up the elasticity price of demand. He in addition, contributed to the economic welfare both consumer surplus and producer surplus. He developed the standard demand and supply graph which demonstrates a number of basics that regards demand and supply including market equilibrium, law of diminishing returns, supply and demand curves, law of marginal returns, interrelationship between price and quantity with respect to demand and supply, and the ideas of producer and consumer surpluses (Marshall & Palgrave Connect, 2013). Economists now use this model in various forms using different variables in demonstrating several other economic principles. Ideas and theories that could only be explained in words can now be r epresented visually with the help of this model. Marshall’s models are now critical throughout the study of economics simply because they allow fundamentals or theories being explained to be represented clearly and concisely (Marshall & Palgrave Connect, 2013). Marshall had a vision of dramatic social change which involves the sharp reduction of inequality and the elimination of poverty. He saw that it was