BUS 475 – Discussion Question Week 1 – 5

Select a small business that you may want to start. What is strategic management and planning? Why would a strategic plan be important to the success of this business?

 

What are the four functions of management relative to creating and implementing a strategic plan?

 

What is the difference between mission and vision statements? What factors must be considered to produce an appropriate mission and vision statement for an organization?

 

What is a SWOTT analysis? What is its purpose in strategic planning? Must you conduct a

SWOTT analysis to have an effective strategic plan? Why or why not?

 

What are the primary internal organizational considerations for the development of a

strategic plan?  

 

Which consideration is the most important? Why?

 

What are the key planning factors for competitive success? Provide an example of an

organization that has achieved competitive success through planning. Provide an example of an

organization that has failed to achieve competitive success as the result of failed planning.

 

What are the different types of strategies? What are the differences among these strategies? How do you determine which type of strategy is most appropriate for your organization? 

 

What is the difference among strategic, long-term, and short-term objectives? What is

the relationship between objectives and goals? What are examples of this relationship?

 

What is corporate governance?

 

What role does corporate governance play in strategic planning?

 

Why is it important? Explain your answer and provide an example.

 

Why is it important to continuously update the implementation and communication of a strategic plan? Who should be responsible for updating and communicating a strategic plan? Why?

 

Has your organization’s strategic plan been communicated to you? If so, how and by whom? If not, how would such communication improve your organizational effectiveness? Is it important for employees to know the strategic plan of a company? Why or why not? 

 

What things should be taken into consideration in the creation of a roadmap for a strategic plan? What are examples of external and internal change agents?

 

Why is it necessary to monitor and control strategic plans? Who should be responsible for monitoring

and controlling strategic plans? Why?

 

As an employee of an organization, what role do you play in the strategic planning

process? What role do you play in the implementation process? What role do you play in

the monitoring and controlling process?

 

 What are examples of regulatory issues that affect the controlling aspect of a strategic

plan? What are examples of organizations that have failed to comply with regulatory

requirements in controlling their strategic plans?