Global Strategic Planning Process Eestjohn
STEPS IN THE GLOBAL STRATEGIC PLANNING PROCESS
AND REASONS FOR PLANNING GLOBALLY
Following are detailed steps for the global strategic planning process:
Analyze the company's external environments: Examine the political, economic and cultural environments of the proposed country for strategic investment. Ensure these are compatible with the company's proposed international direction (portability and conversion of earnings, conducive to foreign investment).
Analyze the company's internal environment: Make sure that the internal environment supports global expansion through applicable human resources policies (selection, training, relocation and repatriation of expatriates), appropriate legal and financial support and a corporate culture that functions within foreign cultures.
Define the company's business and mission: Company direction must be clearly articulated, to ensure that the desired results for globalization are understood by shareholders, management, employees and relevant host country parties.
Set corporate objectives: Financial performance and strategic performance objectives must be established within the global context in which the company will operate.
Quantify goals: Quantify financial objectives (such as targets for revenue growth, cash flows, returns on invested capital, profit margins, etc.), and temporal objectives stating targets that support the financial objectives (within five years, one year, one quarter, etc.)
Formulate strategies: Strategies to support the achievement of the previous stages in the strategic planning process must be developed. These strategies must be framed within a global context, to ensure successful achievement of the proposed global directions.
Make tactical plans: These plans are targeted to support globalization and must include sufficient details to guide implementation of the plan. The plans must be specific, concise and contain adequate detail for successful implementation in a foreign country.
Implement and Evaluate: Once the tactical plans are developed, implement the plans. Ensure that relevant evaluation tools are in place to monitor implementation and compare actual performance against targets. Revise and adapt as global presence is established.
By following the above steps when planning globally, a firm will be positioned to successfully pursue globalization. Through the use of global strategic planning, the desired outcomes for globalization are clearly stated, and the necessary steps to successfully implement these outcomes are developed.
Strategic Planning Process Scenario Situational Overview- Forming a company that will market and distribute farming equipment into the country of Romania. Initial situational analysis shows unique challenges based on several factors in the country: long history of communism and corrupt infrastructure; rocky, mountainous soil; little experience in entrepeneurialship; some bureaucratic and/or logistical challenges to getting product into the country (supply chain). Strategic Planning Process Overview- When contemplating a new venture, one cannot
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1. From whom did you gather the information for the paper? Information for this paper was obtained from Col. Cheatham: he provided the 501 CSW Strategic Planning Final Draft Results and slides. Col. Cheatham is the Vice Wing Commander of the 501st Combat Support Wing (CSW) and is tasked with supplying world-class combat support from eight different installations. Col Cheatham obtained his commission in 1996 from the U.S. Air Force Academy
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