Formal strategic planning for business, Strategic Management

Assignment Help:

LD is the owner and manager of her own florist business, LD Flowers. Although starting out initially as a hobby, it has developed into a sustainable business. LD's original business was based on using only flowers from her garden, but as the business has grown she has been forced to searching alternative supplies of flowers. Though, she has remained loyal to her ethical stance by choosing and buying her flowers only from local growers that she knows. She feels that this, together with her certain design of contemporary flower arrangements, differentiates LD Flowers from the other local florists and supermarkets which tend to offer more traditional arrangements using flowers imported from overseas.

Discuss whether or not LD is right to be doubtful about the relevance of formal strategic planning for her business.

The formal approach to strategic planning usually results in a consciously thought out or deliberately intended strategy. It supposes that strategy making is a rational process with methods based on careful analysis of the opportunities and threats posed by the external environment, and consideration of the organisation's strengths and weaknesses, relative to other players in the industry.

Whilst there can be advantages to adopting such an approach, the formal process may not be suitable for a small business like as LD's for the following reasons.

  • A formal approach can be very costly, time consuming and complicated for little businesses. LD is right to be concerned about the opportunity cost, not only in terms of attending the seminars, but also in terms of spending time on planning which could take her away from the major operations of her business.

 


Related Discussions:- Formal strategic planning for business

Explain business strategy, Explain Business strategy Business strategy...

Explain Business strategy Business strategy is concerned with how an operating unit or strategic business unit approaches a certain market. This is the level where competitiv

Explain developing a strategic vision, Developing a Strategic Vision: Phase...

Developing a Strategic Vision: Phase 1 of the Strategy Executing, Strategy Making Process 1.   Very early in the strategy making process, a company's higher-ranking managers mu

Blueprinting a full-service travel agency experience, Blueprinting a full-s...

Blueprinting a full-service travel agency experience 1.Present this service organisation as a blueprint with a flowchart and 500 words minimum.Flowchart Must show time dimensions

Show the example on residual income, Q. Show the example on residual income...

Q. Show the example on residual income? Division A makes and sells a single product and is assessed by the residual income it earns, the head office of the group uses a 10% cos

Show the 4c''s in performance measurement, Q. Neely's 4Cs in performance me...

Q. Neely's 4Cs in performance measurement 1.  Check position e.g. where are we now? 2.  Communicate position e.g. to internal and external stakeholders. 3.  Confirm pri

Principles of hyper competitive strategies., how might the principles of hy...

how might the principles of hyper competitive strategy b apllied to a fashion retailing industry

Mensa Inc., Describe the situation facing Mensa at time of the case. This ...

Describe the situation facing Mensa at time of the case. This should include major issues facing the company and the decisions that need to be made.

Activities in strategic management process, a) identify and explain the key...

a) identify and explain the key activities in the strategic management process. b) why do businesses need to go international .?

Characteristics of organic verses mechanistic organisations, Characteristic...

Characteristics of 'organic' verses 'mechanistic' organisations   Organic Mechanistic Management Style Partici

Analyze and diagnose a current and significant organization, Option A. ...

Option A. Identify, analyze, and diagnose a current and significant organization problem or objective that directly involves any one or more of the following organizational be

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd