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Business Strategy

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Introduction

Describe the strategy you would follow and explain the link between tactical decisions and strategy? (Strategy LO 3 & SS Organisation & Time Management LO 1 & LO 3) Before I detail what strategy I would follow in operating my business I will first go into some detail about what both each strategic and tactical planning are. I will also provide a conclusion which will detail the link between the two. Strategic Planning A definition of strategic planning that I think defines it well comes from a book by William Glueck, called Business Policy - Strategic Formation & Management Action. Glueck states that strategic planning is: "That set of decisions and actions which leads to the development of an effective strategy" Strategic planning is a management tool for organizing the present on the basis of the projections of the desired future. A strategic plan is a road map to lead a business from where it is now to where it would like to be in five or ten years. Strategic planning allows a business to plan a course of action that is dynamic and able to react to the current situation of the business and the market in which it functions. ...read more.

Middle

As the definition says, the point of tactical planning is to reach the goals and objectives of the strategic plan. However, markets and the business environment can very quickly change. When this happens, it is best for a business to have another look at how tactics are performing against stated goals and to make some changes to the tactics if necessary. Conclusion Strategic planning refers to the whole picture with the importance on the long term goals and objectives, usually from around a few years to five. However, tactical planning deals with the short term goals usually aimed at anything from a month to three years. Strategic planning looks at what and why whereas tactical refers to the how. When we talk about a strategic approach we generally look at the plans which involve the guiding principles of a business and its goals including the mission and vision. To give a better understanding of how both the strategic and tactical planning are linked, I will provide an example. A tactical plan lays out the procedures and plans for getting close to the defined strategy. An example would be the strategic plan is to become a market leader in men's designer clothes. ...read more.

Conclusion

The traits assessed on these scales include employee attributes such as cooperation, communications ability, initiative, punctuality and work skills competence. The nature and scope of the traits selected for inclusion is limited only by the imagination of the scale's designer, or by the organization's need to know. I will now provide some advantages of using this method of appraisal along with some disadvantages. Advantages The greatest advantage of rating scales is that they are structured and standardized. This allows ratings to be easily compared and contrasted - even for entire workforces. Each employee is subjected to the same basic appraisal process and rating criteria, with the same range of responses. Rating scale methods are easy to use and understand. Disadvantages It is inevitable that with a standardized and fixed system of appraisal that certain traits will have a greater relevance in some jobs than in others. Rating scales, and the traits they declare to measure, generally attempt to summarize all of the relevant indicators of employee performance. There is an assumption that all of the true and best indicators of performance are included, and all false and irrelevant indicators are excluded. Problems of perceived meaning occur when appraisers do not share the same opinion about the meaning of the selected traits and the language used on the rating scales. http://www.referenceforbusiness.com/encyclopedia/Per-Pro/Performance-Appraisal-and-Standards.html http://www.skills-thirdsector.org.uk/training_needs_analysis/what_is_training_needs_analysis/ http://upwardaction.com/wordpress/2007/10/22/strategic-planning-tactical-planning/ http://www.sla.org/pdfs/sphand.pdf http://ezinearticles.com/?The-Difference-Between-Strategic-and-Tactical-and-Why-Business-Owners-Need-To-Know-The-Difference&id=481852 http://www.performance-appraisal.com/ratings.htm ...read more.

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