Application of strategic planning in an organization Case Study

Application of strategical planning in an organization - Case Study subjectStrategic planning is an organizational process of laying out strategies and making fine-grained decisions on mental imagery allocation towards achieving the goals of the organization. A strategically managed organization defines its prospects in the future by grimaceing at its accredited position and implementing changes through perfectly structured procedures. It requires an understanding of the current position of the business and the possible slipway through which it can visits the organizational goals. Most organizations use their missions and visions to determine the strategies required to achieve that its objectives and stimulate conjunction to the vision and strategic plan. The ability of organization to execute its strategic plans is therefore directly affected by its ability to understand and make a clear exhibit of the strategy to the employees, shareholders and managers of the organizatio n. For most organizations, it is valuable to build a successful tool for implementing and managing the overall business strategy. This calls for the development of a balanced scorecard and applying the apprehension of strategic chromosome mapping in the aligning the organizations units. A balanced scorecard is a business presentation model that allows the organization to relate its financial and non-financial aspects for strategic planning of the business goals and prospects. Present day organizations find out it increasingly difficult to remain competitive because the strategies used and the business issues change constantly whereas the tools for measuring the long suit of these strategies record very minimal change. Many organizations use tools that measure success based on discernible assets whereas constant changes in technology dictate that all business units be linked together to meet the principals of strategic management. A balanced scorecard can be used to link the intangible asset and the tangible assets and help eliminate most of the challenges faced by modern day organizations. The scorecard concept is construct upon good design guidelines for the business units to describe and implement their strategies by mapping strategic objectives into performance in different perspectives which include internal processes, customers, finance and learning and growth. These perspectives provide relevant feedback on the progress of the strategic plan of any given organization so that adjustments and efficient changes can be made where necessary. In addition to measuring the current performance of the organization towards meeting its goals, a Scorecard evaluates the firms efforts for future cash advance based on its progress in terms of profit creation and provision of satisfactory good to its customers. It signifies a quantitative and qualitative performance and multidimensional balance between the firms short-term and long-term objectives, financial a nd non-financial measures, lagging and leading indicators, and the internal and external performance. Strategy maps display the qualitative measures such as employee satisfaction, consumer loyalty and corporate mission that transform a balanced scorecard from performance measuring stick to a performance management tool that is strategically driven. By using strategy maps of cause and effect, intangible assets can be manipulated combined with other assets for value addition to produce goods and services that meet the consumers inescapably and demands. Strategy maps illustrate the transformation of intangible assets into tangible consumer products and provide a strategic framework to look into a value creation strategy in the internal business process. The strategy map project of a Scorecard presents the organizations strategy with a series of linked objectives that explain the important priorities for the organization. It also holds specific measures that represent expected level of success and strategic initiatives for the organization. The concept of strategy mapping can be explained and implemented in an organization by taking into