Strategic Planning and Implementation

ASSIGNMENT

TITLE: STRATEGIC PLANNING AND IMPLEMENTATION

TASK 1: MANAGEMENT STRATEGY CONSTRUCTION

Introduction

A long-range strategic planning is so important to an organization because if you fail to plan, change in your business can be tough to handle and ultimately you are planning to fail. Strategic planning is one of the only ways a top management team can plan for economic, demographic, competitive, technological, and regulatory changes that affect the way your organization operates.

The firm must engage in strategic planning that clearly defines objectives and assesses both the internal and external situation to formulate strategy, implement the strategy, evaluate the progress, and make adjustments as necessary to stay on track.

TASK 1.A: IDENTIFY AN ORGANIZATION OF YOUR CHOICE WHICH YOU WILL DISCUSS AS AN EXAMPLE IN THIS ASSIGNMENT AND GIVE YOUR REASONS FOR CHOOSING THIS ORGANIZATION

Wal-Mart will be taken as the organization of my choice to discuss through the various aspects of this assignment.

Wal-Mart is the leader in retailing industry with fiscal revenue of $244.52 billion in 2003 making it the world’s largest corporation. Mike reports that Wal-Mart as of 2002 had 1,283,000 employees growing at 11.2%. The above data explains that strategy of Wal-Mart is extraordinary which manages and operates over 4150 retail facilities globally. The key components of Wal-Mart (The Value Chain), which offers cheap prices than its competitors includes firm infrastructure like frugal culture, no regional offices and pleasant environment to work. Managements take lots of visits and it is learnt there are no rehearsals before any meeting which is usually scheduled on every Saturday. In any organization, human resource is the key to development and Wal-Mart efficiently manages its sources. Wal-Mart terms its employees as associates. Manager compensation is linked to the profit of store operated by him, within promotions, compensation offered to...