This assignment engages you with a key component of the strategic planning process, critically thinking through the options of conducting either a formal or informal planning process within the organization, including the pros and cons of each option. As you participate in the strategic management process within your organization, this exercise will develop your skill set.
Upon completion of this assignment you should be able to:
· Analyze a business situation from multiple perspectives.
· Explain key concepts related to strategic management, including the concept of competitive advantage.
· Textbook:Strategic Management: A Competitive Advantage Approach (ISBN 0-13-344479-1)
1. Review Chapter 1 and table 1-2 on page 18, “Seventeen Guidelines for the Strategic-Planning Process to be Effective” in your textbook. Focus on the concept of competitive advantage in your review of this material. (pg 18 attached)
2. Navigate to the threaded discussion below and respond to the following:
1. Discuss the notion of strategic planning being more formal versus informal in an organization, including pros and cons.
2. On a scale of zero to ten, with zero being formal and ten being informal, what number represents your view of the most appropriate approach? Why?
3. In terms of formal versus informal, how would you describe the strategic planning process used within the organization where you work or have worked?