Is excellent strategic planning enough to achieve a competitive advantage?
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127 Citations | Larger firms benefit less, not more, from strategic planning for improving firm performance. |
The findings show that a large number of cities use strategic planning with a high level of satisfaction; however, questions are raised about the true level of strategic capacity. | |
30 Jun 2013 | The study demonstrated strategic planning as a learning tool and a strategic resource which is consistent with the underlying assumptions of resource based theory, systems theory, chaos theory and balanced score card model assumptions. |
530 Citations | It is concluded, in general, that strategic planning is a beneficial activity for small firms. |
However, strategic planning is found to be positively and significantly related to organisational effectiveness. | |
28 Apr 2014 47 Citations | The results confirm that strategic planning has a positive association and predictive relationship with the performance of SMEs. |
50 Citations | The paper also shows that the resources required for adopting a strategic planning approach do not form a significant obstacle; and the higher the position, the more likely is participation in the strategic planning pr... |
The overall conclusion is that a small but positive relationship between strategic planning and performance exists, and persists. | |
10 Citations | This study focused on strategic planning systems as predictors of performance in a developing country context. |
This suggests that a closer analysis of process characteristics in the analysis of strategic planning may help mitigate the divergent results in strategic planning research. |
Related Questions
Why need to Strategic planning?4 answersStrategic planning is necessary due to several reasons. Firstly, it helps organizations adapt to the dynamic external environment, high competition, and achieve their ultimate goals. Secondly, it determines the direction of development and identifies activities that contribute to goal achievement, especially in large organizations. Thirdly, strategic planning creates a competitive advantage and sustainable profits by making coherent decisions about an organization's place in the industry. Additionally, strategic planning is crucial in political contexts as it emphasizes the importance of specifying goals, resources, and assumptions. Furthermore, it enables careful thought and preparation for implementing change interventions, providing a clear roadmap for achieving desired outcomes. Lastly, strategic planning is essential in organizing business events to ensure feasibility, desired outcomes, value creation, and attendee experience.
How can strategy be used to achieve competitive advantage and sustainability?5 answersStrategy can be used to achieve competitive advantage and sustainability by incorporating various elements. Digital marketing, such as social media green marketing and cause-related marketing, has a positive relationship with sustainability competitive advantage. Core competence development, resource-based view, and VRIO assessment can help identify competencies that can be developed for a competitive advantage. A sustainable business approach, considering economic, socio-cultural, and environmental dimensions, is essential for sustainable competitiveness. Big data management, sustainability commitments, and marketing play a role in obtaining competitive advantage. Strategic sustainability management, including the formulation of appropriate sustainability strategies, is crucial for gaining a competitive advantage in the mining industry. By integrating these strategies and approaches, organizations can enhance their competitive advantage while also promoting sustainability.
Purpose of Strategic Planning?5 answersStrategic planning is a vital and ongoing process that helps organizations define their purpose, set goals and objectives, and determine the actions needed to achieve them. It is a management tool that allows organizations to focus their energies, align their resources, and ensure that all employees are working towards the same goals. Strategic planning also helps organizations evaluate and adjust their direction in response to environmental variables. It is considered a fundamental tool for achieving organizational goals and increasing sales and profitability. Strategic planning is a meso-level approach to strategy formulation, providing a systematic and deliberate process for formulating organizational strategies. It is also a key component of market success and a basis for the entire management system. Overall, the purpose of strategic planning is to guide organizations in preparing for the long term, making informed decisions, and achieving sustainable development.
Wht is STRATEGIC PLANNING?4 answersStrategic planning is a managerial approach used to formulate organizational strategies through a systematic and deliberate process. It involves considering various aspects of public management and governance, such as transnational and network governance, public values and stakeholder expectations, rules and regulations, organizational and societal change, and public governance in complex systems. The process of strategic planning in a political context involves careful planning to achieve goals by specifying objectives, assumptions, and available resources. However, it is important to also predict the moves and reactions of opponents and revise the strategy if assumptions prove to be wrong. Strategic planning is crucial for organizations and businesses to plan for the long term and make the right strategic decisions based on the problems, constraints, and challenges faced. It involves understanding the elements and tools needed for sustainable development at both national and regional levels. Empirical studies have shown that strategic planning has a direct and significant impact on the quality of local emergency management programs. Overall, strategic planning is an ongoing process that defines an organization's purpose, direction, and action steps needed to achieve its goals and objectives.
How top companies have improved their strategic human resource management to gain a competitive advantage?0 answersTop companies have improved their strategic human resource management (SHRM) to gain a competitive advantage by integrating HRM with their overall business strategies. They recognize that human resources are valuable and play a crucial role in organizational success. By developing HR strategies that align with their business goals, companies can attract, develop, and retain high-quality employees, which in turn contributes to organizational performance and competitive advantage. Effective HRM practices, such as resourcing, motivating, valuating, learning and development, reward, and employee relations, are key to building strategic capabilities and achieving sustainable competitive advantage. Companies also focus on investing in human capital and ensuring that their employees have the necessary skills to adapt to changes in the business climate. Additionally, companies that prioritize internal communication and employee participation/autonomy have seen an impact on sales growth, further enhancing their competitive advantage.
Can an organization have a good strategy and still fail to achieve competitive advantage?8 answers