• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Business Strategy

Extracts from this document...

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.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level People & Operations Management section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level People & Operations Management essays

  1. Marked by a teacher

    Roles and Responsibilities of Staff Members at McDonalds.

    5 star(s)

    A crew member must be able to provide a friendly, courteous and helpful behaviour which is sensitive to customers, a crew member must be timely and accurate on the order when on counter service whilst delivering a consistently and high quality product.

  2. Presenting Business Information

    Use of standard methods of communication within the organisation, Tesco: Another important aspect in communication is that the business should be presented in such a way to maximise the benefits of communication within the organisation. This is the reason why team structures are very constructive because they open up a multi channel of communication between the levels of management.

  1. Personal Development Planning

    The best way of getting started is to do an audit of your skills and subject- specific knowledge, showing how you have developed these. Your skills audit should: * Review the skills you currently possess * Record the activities/contexts in which you have developed them, including the coursework and feedback

  2. Teamwork. There are several reasons why a business may organise their staff into teams. ...

    In Autocratic management style, power and authority are exercised by the manager without reference to others within his or her team. The autocratic manager plans and controls the activities of the team, dictating what id to be done , leaving nothing open for discussion.

  1. The main aim of this research is to evaluate the information on the human ...

    It is important that linkage strategy and human resource management needs the series of practice choice. The challenge is to develop the human resource practice choice that will be helpful in implanting the organization strategy and increase its competition. 2.11 Human resource development Human resource development is the executing and

  2. Career planning - Investment Banking

    Investment banking is a notoriously challenging field to break into. The business involves heady, high stakes deals, huge sums of money and, bailout years excepted, unusually high levels of compensation. It's no surprise that this is a tough area to get into.

  1. Motivation within a workplace - examples from Asda.

    At the end of the saving contract an employee can have their saving and bonus back in cash. There is also a chance to benefit from any increase in the ASDA share price. In addition to this the employee is also provided the option to transfer their share into an individual saving account (ISA)

  2. Managing my own performance in a business Environment

    ARTIS Training Solutions Ltd are recognised as a source of information and intelligence regarding skills for employers within the relevant industries and sectors. ARTIS Training Solutions Ltd leadership is embedded within provision delivery and it is flexible, responsive and innovative.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work