Miscellaneous / Maeket Analysis

Maeket Analysis

This essay Maeket Analysis is available for you on Essays24.com! Search Term Papers, College Essay Examples and Free Essays on Essays24.com - full papers database.

Autor:  anton  19 July 2011
Tags:  Maeket,  Analysis
Words: 1078   |   Pages: 5
Views: 586

Strategic Plan

MBA 580

Strategic Plan

Summit Medical Center is fortunate to have a defined, working mission, vision, and values statement. In a commitment to these statements, one has devised a strategic roadmap to align with the mission and vision of the organization. In this paper, one will distinguish between strategy and tactics apply strategic choice to determine long-term objectives, create a road map for implementation, develop a tactical plan, forecast financials, and identify controls.

Strategy vs. Tactics

Strategy is the thought process behind a plan or change. A strategic plan identifies the goal that need to be accomplished in order to achieve. Tactics are a part of a strategy. They are merely considered when outlining a strategy. Wisegeek.com states, “Tactics are the meat and bread of the strategy. They are the �doing’ aspect that follows the planning. Tactics refer specifically to the action.” In other words, tactics are the actions needed to achieve the objectives designated by strategies. An example of a strategy for Summit Medical Center is increasing market share. Tactics are the ways leadership within the organization goes about increasing market share.

Strategic Choice in Achieving Long-Term Objectives

The long-term objective for Summit Medical Center incorporates increasing profitability, competitive position, productivity, employee relations, public responsibility, and customer service. In short, the company has a responsibility to uphold the vision, mission, and values through long-term objectives.

One strategy for the organization is to use opportunities to overcome weaknesses. Summit can develop ways to enter into new, desolate areas. Another strategy is to use organizational strengths to overcome threats. The company can do this by creating a new professional float pool for staffing deficiencies.

In an effort to determine and achieve long term goals the company should apply criteria like measurability, achievability, flexibility, and acceptability. All aspects of the SWOT analysis should be considered based on the overall environmental scan. One has selected a long-term plan based on the strengths and opportunities facing the organization. The plan is to use great cash positioning to enter new markets. This plan is flexible geographically, measurable, acceptable, and achievable.

Critical Success Factors for Implementation

Critical success factors play more than one role when implementing a strategy. These factors help in both directing and measuring the success of a strategy. They also define what is absolutely vital to the success of a strategy. In serving as a point of definition and evaluation, critical success factors are important. John F Rockart of MIT’s Sloan School of Management defined critical success factors as, “The limited number of areas in which results, if they are satisfactory, will ensure the successful competitive performance for the organization. They are the few key areas where things must go right for the business to flourish. If results in these areas are not adequate, the organization’s efforts for the period will be less than desired.” (http://www.dau.mil/pubs/pm/pmpdf01/so-dob.pdf). Rockart also devised a 6-step process to identify critical success factors for a business.

In using Rockart’s process to define critical success factors for Summit Medical Center, one knows the limitations for success. One can also further align strategies with the mission and vision of the company. In reference to Summit, critical success factors to achieve objectives include retaining staff, location, leadership skills, increasing competitiveness, cost control, and communication.

Location is a critical factor since it is part of the long-term goals in expansion. It affects the profitability and expansion of the company as a whole. Leadership skills are significant because these board members lay the foundation for the company and continue the legacy and dominance of Tri Star Health Systems. All employees look to leadership to successfully define and implement strategies. Meeting budget criteria is always essential to the success of strategies. Hitting numbers ensures the company remains profitable. Increasing competitiveness is also important to maintaining customer satisfaction and ensuring repeat customers. Without a competitive edge, the company is without business.

Road Map to Implementation

A strategic road map shows the path for future actions the company should take in accomplishing goals. A synonym for a strategic roadmap is simply a plan or blueprint. Like an actual map, a strategic roadmap shows different options a company has when choosing a specific path. It serves as a link between strategy, actions, and goals. In addition, these road maps also help to identify possible obstacles which may present themselves.

Technology Futures Incorporated has devised a strategy for creating strategic roadmaps. In creating their strategic roadmap, they first, �identify actionable steps necessary to get to specific destinations. Next, interdependencies among these steps are identified. Last, alternate routes needed to pick specific paths that optimize resources and limit risk are identified.” www.tfi.com. All in all, the roadmap begins with the mission and vision of an organization which leads to development and implementation. The most important objective in implementing such a plan is communicating effectively and ensuring all team members are on the same page.

Tactical Plan

A tactical plan is made up of the actions needed to enforce the objectives outlined in the roadmap. As stated before, tactics are the actions needed to implement a strategy. In other words, the tactical plans make up the strategic roadmap. These are the smaller projects which comprise the entire map or plan for the organization. It is a more detailed description of the execution.

Forecasting Financials

With regard to Summit Medical Center, financial forecasting is necessary before implementation can begin. Financial values must be inputted into the strategy and operational plan for approvals before further consideration can take place. Understanding what drives cost is also pertinent. New facilities take millions of dollars to build. Summit Medical Center will need approval for at least $50 million dollars to break ground on two 700-bed facilities in desolate areas. In addition, the company will need to allot $1 million for the creation of another professional float pool.

Effective Strategic Planning and Controls

The best way to effectively strategically plan in one’s opinion is to evaluate the progress periodically by answering specific questions like, “Can the organization perform these activities in different ways that will cost less? Has the organization seen increased customer satisfaction and productivity? Is the implementation on schedule or behind schedule? If so, why? Is it possible to reduce expenses? Are there ways to get more productivity for the amount of money spent?”

To be successful, companies must devise and implement business strategies. People, process, leadership, resources, and money all influence organizational strategy. Without one of the missing links, an organization will likely suffer.

References

Retrieved June 21, 2008 from http://www.dau.mil/pubs/pm/pmpdf01/so-dob.pdf

Retrieved June 21, 2008 from http://www.wisegeek.com/what-is-the-difference-between-a-strategy-and-a-tactic.htm

www.tfi.com.



Get Better Grades Today

Join Essays24.com and get instant access to over 60,000+ Papers and Essays

closeLogin
Please enter your username and password
Username:
Password:
Forgot your password?