Crafting and Executing Strategy

CRAFTING AND EXECUTING

Crafting and Executing Strategy

Business Management

July 14, 2012

Develop an argument supporting the importance of a strategic plan for the success of the defined business

Strategic planning is critical to business success. Different from classic business planning, the strategic variety involves vision, mission and outside-of-the-box thinking. Strategic planning describes where you want your company to go, not necessarily how you're going to get there. However, like all other "travel plans," without knowing where you want to go, creating details on how to arrive are meaningless. Strategic planning defines the "where" that your company is heading. (Pirraglia, n.d) Thomas, Strickland, and Gamble (2010) describe a strategic plan as something that lays out its future direction, performance targets, and strategy. Strategic plans provide important key factors that describe the present and future successes of the business. These plans are provided to all decision makers in the companies such as managers and some employees. Without a strategic plan, it is a possibility that the company may fail at the least. If a company does not have a vision for itself in the current, it will not know where it will need to go in the future. Having a proper strategic planning in place is helpful to all levels of hierarchy that can leverage the company. A strategic plan is a road map for your business. It includes the goals and objectives for each critical area of business including organization, management, marketing, sales, target customers, products, services and finances. These business areas are laid out in a cohesive system that enables an organization to successfully plot a path and assess progress towards the goals.

Create a mission statement for the company explaining how the mission will be essential to the company’s success.

“Rags to Riches clothing store aims to be the leading retailer in discount clothing while meeting the needs and...