Crafting and Execution Strategy
Crafting Executing Strategy Due Week 2 worth 280 points Assume a business owner business professional, a company industry choice, responsible creating executing company's strategic plan.
Crafting and Execution Strategy
Description of the company
Our company deals in distribution of imported tires for both trucks and small and medium sized motor vehicles. The company operates under the name Motor Tire Limited. In the region of operation, there are two other major suppliers who deal in imported tires only. One deals in imported tracks tires while, the other deals in imported small and medium size motor vehicles tires. In the market of tires, there are small companies who deal with supply of tires on demand basis but, they have slowly started expanding their operations with the realization that the two wheel motor vehicle industry is growing and, there are no key players in the industry.
Importance of Strategic Plan
A strategic plan is an outline of an organization's desired projection or direction Beasley M.S., Frigo M.L., & Litman J., 2007.
The understanding of the strategic plan as a guide emphasizes not only its importance but also the key role it plays. Setting up an organization means that an individual or group of individuals has a desired goal. Strategic management helps the management team to have a comprehensive perspective for each and every aspect touching on the organization. It will also guide, in the formulation of short-term goals and directing the employees and resources within the organization towards attainment of the goals.
In the case of a sale and distribution company such as Motor Tire Limited, the overall goal is to control at least over 60% of the market share in order to make desired profits and guarantee their future growth. This goal is more long-term than short-term and strategy needs to be devised on what should come first to yield the goals.
Strategic planning also helps in the coming up with identified measures of resources and input required. Setting up goals in an organization is not enough the capacity of the organization physical and human power needs to be assessed. Strategic management creates avenues for an overall evaluation of the resources in the organization and assessing their capacity. The assessment helps in the allocation of the resources according to their capacity. Where the capacities in these resources are inadequate,...
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