You may have heard the idea that failing to plan is planning to fail. In the business world, it seems impossible that any company could succeed without a well-constructed plan and the structures in place to support the execution of that plan. Strategic planning includes the processes and systems that allow business leaders to map out their vision for achieving success. Critical to this success is the importance of not only understanding the foundational theories behind strategic planning but knowing how to apply those theories as a business practitioner and leader within an organization.
This week, you will begin by analyzing the role of strategic planning in establishing an organization’s competitive advantage. Then, you will take a quiz to validate your understanding of APA formatting and citation criteria relevant for supporting doctoral course work. Finally, you will evaluate the benefits and challenges of implementing strategic planning with an identified organization.
The foundations of strategic planning include a diverse group of theories, models, and real-world application opportunities. One of the most crucial skills for a strategic planning professional is knowing not only how to implement a plan, but why it is necessary. Part of this skill can also involve business professionals taking into account potential strategic planning considerations like benefits, challenges, and possible reasons not to use it at all.
To prepare for this Assignment, consider the need for and importance of strategic planning in an organization. Further, consider any potential ramifications of strategic planning, including both minor and major organizational changes. Be sure to consider your experience as a business practitioner and independent scholar in developing your perspective.
By Day 7
Submit a 3- to 5-page evaluation of the benefits and challenges of implementing strategic planning within an organization. Your evaluation should include the following:
Note: Be sure to use the APA Course Paper Template (6th ed.), found in this week’s Learning Resources, to complete this Assignment. Also, refer to the Week 1 Assignment Rubric for specific grading elements and criteria. Your Instructor will use this rubric to assess your work. Please Note: For each page of your paper, you must include a minimum of two APA-formatted scholarly citations.
Dyer, J. H., Godfrey, P., Jensen, R., & Bryce, D. (2016). Strategic management: Concepts and tools for creating real world strategy. Hoboken, NJ: John Wiley & Sons.
ereznoi, A. (2014). Business model innovation in corporate competitive strategy. Problems of Economic Transition, 57(8), 14–33. doi:10.1080/10611991.2014.1042313
Note: Retrieved from the Walden Library databases.