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Business Strategy: Evaluating and Executing the Strategic Plan
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February 19, 2024
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July 7, 2024
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September 30, 2024
Explore the concepts and tools of strategic business management.
Learn more about the organizational strategy within which managers make decisions and how it relates to competitive advantage.
What You'll Learn
Understanding how your role is linked to your company’s strategy will help you determine the key issues and priorities needed to focus and align your work with your company’s strategic goals and objectives.
In this online program, you will learn how to identify your organization’s strengths, weaknesses, resources, capabilities, and core competencies, and use strategic tools to evaluate competitive forces, industry attractiveness, and environmental threats and opportunities.
In addition, you will learn to sharpen your vision, critical thinking, and decision-making skills by analyzing various companies’ strategies, as well as assessing the strategy of the company you work for, including how your department can help the company strengthen its strategic position, and build a sustainable competitive advantage.
The online program offering is highly interactive and consists of business cases, interactive discussions, presentations, and group exercises.
- Perform external and internal analyses for companies and evaluate the dynamics of competition
- Build strategies using appropriate frameworks and tools
- Understand your own company’s strategy
- Align your role with your company’s strategic goals and objectives
- Develop recommendations to strengthen your company’s strategic position and competitive advantage
- Understand the basics of strategy implementation and control
- Earn a digital Certificate of Participation from the Harvard Division of Continuing Education
- The process of crafting and executing a strategic plan
- Frameworks and tools to conduct external and internal analyses
- Evaluating the competitive conditions and industry attractiveness
- Assessing a company’s resources, capabilities, competencies and competitive advantage
- Different types of business strategies
- Strategic moves companies make to strengthen their competitive position in the market (i.e., blue ocean and disruptive innovation strategies amongst other strategies).
- Effective strategy implementation and the strategic change process
Who Should Enroll
This online program is designed for:
- Professionals and managers at all levels of the organization who have limited exposure to strategy
- Managers with some strategy experience who are looking to refresh their business strategy knowledge and skills
- Business owners and employers from any industry who are interested in developing the skills needed to analyze and execute strategies.
Considering this program?
Send yourself the details.
- Advanced Business Strategy Training: Gaining a Competitive Edge
- Leading Your Organization’s Digital Transformation – 4-Day Training
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Week 2, Day 2
- Strategic Leadership
October schedule, areen shahbari, certificates of leadership excellence.
The Certificates of Leadership Excellence (CLE) are designed for leaders with the desire to enhance their business acumen, challenge current thinking, and expand their leadership skills.
This program is one of several CLE qualifying programs. Register today and get started earning your certificate.
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The Division of Continuing Education (DCE) at Harvard University is dedicated to bringing rigorous academics and innovative teaching capabilities to those seeking to improve their lives through education. We make Harvard education accessible to lifelong learners from high school to retirement.
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Ideas and insights from Harvard Business Publishing Corporate Learning
Strategic Thinking: Because Good Ideas Can Come From Anywhere
As part of our update to the Harvard ManageMentor Strategic Thinking topic, we asked Mason Weintraub, Director of Digital Engagement at Oxfam America, about the importance of strategic thinking. Here’s what Mason had to say:
I often think I’m expected to have all the answers about what to do with digital strategy. But the reality is that I lead a very talented team, and one of the ideas that we have tried to engender on the team is that good ideas can come from anywhere.
“Good ideas can come from anywhere.” Most of us recognize the wisdom embedded in that statement, yet we still see strategy as the realm of our organization’s senior leaders. That may be because of our tendency to equate strategic thinking with strategic planning. Although these practices are related and equally necessary for organizational success, they are actually quite distinct.
Strategic planning vs. strategic thinking
In strategic planning, leaders gather data and decide on the path the organization will take to achieve its goals. With strategic thinking, employees at all levels and in all functions continually scan for new ways to contribute to the organization’s success. They apply those insights as they carry out organizational priorities and provide input to the overall strategy. In this way, strategic thinking is part of everyone’s job – whatever their role or level of responsibility.
Why is this ability to think strategically especially important now? Today’s organizations are more dispersed and less hierarchical than ever before. With the pace of change continuing to rise, it’s no longer feasible for people to wait for “orders from above.” All employees must keep an eye on the future, not just react to what’s happening in the present. They need to look beyond their functional areas to become aware of the bigger context in which they operate. And they have to be agile learners who identify opportunities by challenging their own and their team’s assumptions about how things work in their organization and industry.
Becoming a strategic thinker
With strategic thinking taking on even greater importance in organizations, we’ve made key updates to the Harvard ManageMentor Strategic Thinking topic. The content we’ve added is geared to helping people boost their productivity and effectiveness by making strategic thinking a habit, and includes practical ways that enable them to do so.
One practice is simply making the time to think strategically – something that’s not always easy in today’s fast-paced business settings. Another involves inviting dissent on your team. To make strategic decisions, you need people on all sides of an issue to speak their minds. By letting team members know that speaking up is an important part of their jobs, you free them to provide important input.
Other strategic thinking practices are useful for training yourself to see opportunities and threats well before they happen. For example, most of us are comfortable using convergent thinking – analysis, logic, and reasoning – to come up with the “best” option from a set of choices. We tend to be less adept at divergent thinking, which involves generating lots of ideas with the goal of finding innovative solutions. This isn’t an either-or process: When you first diverge as a team to generate ideas and then converge on a path forward, you improve your ability to design and implement strategic actions.
Don’t let the future surprise you
The future will undoubtedly look a lot different from today. No one can predict tomorrow, but by identifying different scenarios, you and members of your team stretch your thinking about what opportunities and threats might emerge, how they might impact your organization, and what you can do about them. You learn to enact truly meaningful change rather than make incremental improvements. And it all begins with strategic thinking.
How do you foster strategic thinking throughout your organization?
Janice Molloy is a content researcher with Harvard Business Publishing Corporate Learning. Email her at [email protected] .
Change isn’t easy, but we can help. Together we’ll create informed and inspired leaders ready to shape the future of your business.
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Business Strategy: Evaluating and Executing the Strategic Plan
Explore the concepts and tools of strategic business management. Learn more about the organizational strategy within which managers make decisions and how it relates to competitive advantage.
Harvard Division of Continuing Education
Professional & Executive Development
Learn strategic tools and evaluation frameworks for building a strategic vision for your organization. You'll sharpen your critical thinking and decision-making skills to strengthen your company's competitive advantage.
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What Is Business Strategy & Why Is It Important?
- 20 Oct 2022
Every business leader wants their organization to succeed. Turning a profit and satisfying stakeholders are worthy objectives but aren’t feasible without an effective business strategy.
To attain success, leaders must hone their skills and set clear business goals by crafting a strategy that creates value for the firm, customers, suppliers, and employees. Here's an overview of business strategy and why it's essential to your company’s success.
Access your free e-book today.
What’s a Business Strategy?
Business strategy is the strategic initiatives a company pursues to create value for the organization and its stakeholders and gain a competitive advantage in the market. This strategy is crucial to a company's success and is needed before any goods or services are produced or delivered.
According to Harvard Business School Online's Business Strategy course, an effective strategy is built around three key questions:
- How can my business create value for customers?
- How can my business create value for employees?
- How can my business create value by collaborating with suppliers?
Many promising business initiatives don’t come to fruition because the company failed to build its strategy around value creation. Creativity is important in business , but a company won't last without prioritizing value.
The Importance of Business Strategy
A business strategy is foundational to a company's success. It helps leaders set organizational goals and gives companies a competitive edge. It determines various business factors, including:
- Price: How to price goods and services based on customer satisfaction and cost of raw materials
- Suppliers: Whether to source materials sustainably and from which suppliers
- Employee recruitment: How to attract and maintain talent
- Resource allocation: How to allocate resources effectively
Without a clear business strategy, a company can't create value and is unlikely to succeed.
To craft a successful business strategy, it's necessary to obtain a thorough understanding of value creation. In the online course Business Strategy , Harvard Business School Professor Felix Oberholzer-Gee explains that, at its core, value represents a difference. For example, the difference between a customer's willingness to pay for a good or service and its price represents the value the business has created for the customer. This difference can be visualized with a tool known as the value stick.
The value stick has four components, representing the value a strategy can bring different stakeholders.
- Willingness to pay (WTP) : The maximum amount a customer is willing to pay for a company's goods or services
- Price : The actual price of the goods or services
- Cost : The cost of the raw materials required to produce the goods or services
- Willingness to sell (WTS) : The lowest amount suppliers are willing to receive for raw materials, or the minimum employees are willing to earn for their work
The difference between each component represents the value created for each stakeholder. A business strategy seeks to widen these gaps, increasing the value created by the firm’s endeavors.
Increasing Customer Delight
The difference between a customer's WTP and the price is known as customer delight . An effective business strategy creates value for customers by raising their WTP or decreasing the price of the company’s goods or services. The larger the difference between the two, the more value is created for customers.
A company might focus on increasing WTP with its marketing strategy. Effective market research can help a company set its pricing strategy by determining target customers' WTP and finding ways to increase it. For example, a business might differentiate itself and increase customer loyalty by incorporating sustainability into its business strategy. By aligning its values with its target audiences', an organization can effectively raise consumers' WTP.
Increasing Firm Margin
The value created for the firm is the difference between the price of an item and its cost to produce. This difference is known as the firm’s margin and represents the strategy's financial success. One metric used to quantify this margin is return on invested capital (ROIC) . This metric compares a business's operating income with the capital necessary to generate it. The formula for ROIC is:
Return on Invested Capital = Net Operating Cost After Tax (NOCAT) / Invested Capital (IC)
ROIC tells investors how successful a company is at turning its investments into profit. By raising WTP, a company can risk increasing prices, thereby increasing firm margin. Business leaders can also increase this metric by decreasing their costs. For example, sustainability initiatives—in addition to raising WTP—can lower production costs by using fewer or more sustainable resources. By focusing on the triple bottom line , a firm can simultaneously increase customer delight and margin.
Increasing Supplier Surplus & Employee Satisfaction
By decreasing suppliers' WTS, or increasing costs, a company can create value for suppliers—or supplier surplus . Since increasing costs isn't sustainable, an effective business strategy seeks to create value for suppliers by decreasing WTS. How a company accomplishes this varies. For example, a brick-and-mortar company might partner with vendors to showcase its products in exchange for a discount. Suppliers may also be willing to offer a discount in exchange for a long-term contract.
In addition to supplier WTS, companies are also responsible for creating value for another key stakeholder: its employees. The difference between employee compensation and the minimum they're willing to receive is employee satisfaction . There are several ways companies can increase this difference, including:
- Increasing compensation: While most companies hesitate to raise salaries, some have found success in doing so. For example, Dan Price, CEO of Gravity Payments, increased his company's minimum wage to $80,000 per year and enjoyed substantial growth and publicity as a result.
- Increasing benefits: Companies can also decrease WTS by making working conditions more desirable to prospective employees. Some offer remote or hybrid working opportunities to give employees more flexibility. Several have also started offering four-day work weeks , often experiencing increased productivity as a result.
There are several ways to increase supplier surplus and employee satisfaction without hurting the company's bottom line. Unfortunately, most managers only devote seven percent of their time to developing employees and engaging stakeholders. Yet, a successful strategy creates value for every stakeholder—both internal and external.
Crafting a business strategy is just the first step in the process. Implementation takes a strategy from formulation to execution . Successful implementation includes the following steps :
- Establish clear goals and key performance indicators (KPIs)
- Set expectations and ensure employees are aware of their roles and responsibilities
- Delegate work and allocate resources effectively
- Put the plan into action and continuously monitor its progress
- Adjust your plan as necessary
- Ensure your team has what they need to succeed and agrees on the desired outcome
- Evaluate the results of the plan
Throughout the process, it's important to remember to adjust your plan throughout its execution but to avoid second-guessing your decisions. Striking this balance is challenging, but crucial to a business strategy's success.
Learn More About Creating a Successful Business Strategy
Business strategy constantly evolves with changing consumer expectations and market conditions. For this reason, business leaders should continuously educate themselves on creating and executing an effective strategy.
One of the best ways to stay up-to-date on best practices is to take an online course, such as HBS Online's Business Strategy program. The course will provide guidance on creating a value-driven strategy for your business.
Do you want to learn how to craft an effective business strategy and create value for your company's stakeholders? Explore our online course Business Strategy , or other strategy courses , to develop your strategic planning skills. To determine which strategy course is right for you, download our free flowchart .
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- Strategic Plan 2020-2025
The Harvard Hillel Board of Directors and staff, under the guidance of the strategic planning committee, developed this 5-year plan to direct their efforts to meet the newly crafted [proposed] mission.
The creation of this document is only a first step in achieving Harvard Hillel’s objectives. The next step is to further develop the appropriate plans, action steps, and timeline to meet the goals.
During the implementation of the plan, it is the Board’s responsibility to ensure that the organization, through the actions of professional staff, is meeting its goals by monitoring progress on a regular basis and evaluating performance against each goal.
This is a working document, a tool to help Harvard Hillel achieve its goals. As such, it may be adjusted and modified as needed to support the changing environment and the needs of the organization.
Harvard Hillel is a Jewish home on campus that seeks to:
- Welcome students to experience the variety of Jewish identity, tradition, practice, values, culture, and community.
- Inspire and enable Jewish connection, celebration, and action.
- Prepare students to join, create, shape, and lead Jewish communities; strengthen the Jewish people; and live proud Jewish lives.
- Share Jewish sources, traditions, ideas, and innovations, and their relevance in our world.
- Forge connection and engagement with the State of Israel.
- Foster friendship in a nurturing and refreshing sanctuary amid the stresses of student life.
Engage the unique opportunities of Harvard and make Jewish thought and culture integral in the life of the University.
Goal 1: Undergraduate Students
Expand undergraduate outreach and engagement to connect with all Harvard College students who have a Jewish identity to inspire and support them in forging Jewish life.
Goal 2: Graduate Students
Build a Jewish community among Harvard graduate students and Harvard-affiliated young adults.
Goal 3: Community Engagement
Raise the profile of Harvard Hillel on campus and beyond.
Goal 4: Facilities and Rebranding
In service of Goals 1, 2, and 3, ensure that our physical space supports our new and expanded offerings and explore rebranding Harvard Hillel.
Undergraduate students who have a Jewish background/identity are the heart of our work at Harvard Hillel. We serve as a home base and hub of activity for all Jewish students. We support students along their unique paths, contributing to a meaningful Jewish life which sustains well after they graduate. We embark on this strategic plan resolved to know every Jewish undergraduate student at Harvard by name, to deepen relationships with and among students, and to use our knowledge of real student needs and interests to continue to offer dynamic programming for the diverse group of students in our care.
Strategy 1: Data Collection
Improve collection, analysis, and use of data to achieve greater understanding of our target population, discern and further develop effective engagement strategies, and sustain engagement with all students we identify.
- Survey students at least annually to understand their needs, measure their satisfaction with our programs and determine the impact Harvard Hillel has on their Jewish identity.
Strategy 2: Outreach
Increase the frequency and continually evolve the mix of outreach initiatives and programs to identify and involve all Harvard College students with a Jewish background/identity.
- Augment our peer-elected Undergraduate Steering Committee with an appointed student leadership team focused on outreach and engagement.
- Ensure outreach and engagement work is a consistent year-round focus, beyond current seasonal pushes (which include Freshman Week, High Holidays, Shabbat1000, Housing Day, Passover, Visitas).
- Strive to have at least 75% of Jewish undergraduate students attend at least one Harvard Hillel event per year.
Strategy 3: Engagement
Increase the number of Jewish Harvard College students* who have deeper or more frequent involvement with Harvard Hillel.
- Further nurture and support our existing community of highly engaged students.
- Cultivate a broader set of undergraduate affinity groups within Harvard Hillel.
- Increase collaborations with student affinity groups on campus through joint programming and offering our facility to host collaborative events.
- Attract students by multiplying opportunities for student-faculty encounters.
- Expand program offerings which educate and expand upon students’ cultural fluency so that they can lead meaningful Jewish lives.
- Create opportunities for current students to develop relationships with Harvard Hillel professional staff to that we can support each student on their unique Jewish path.
- Strive to have at least 35% of Jewish undergraduate students attend 6 or more events or 1 or more immersive experiences.
Strategy 4: Professional Development
Provide ongoing professional development for the Harvard Hillel staff in outreach and engagement to improve effectiveness.
- Partner with peer campuses for staff training in outreach and engagement.
- Take advantage of Hillel International programs to learn from the field.
*Note: future references throughout this document to “Jewish” students, or similar terms, are meant to encompass broadly those who have Jewish identity or background.
Approximately 2500 Jewish graduate students are enrolled in Harvard's eleven graduate and professional schools. Transforming this large and currently underserved population of Jewish young adults into a community is a worthwhile objective in itself and will broaden our reach as Jewish enrollment in Harvard College has declined. Creating a graduate student community requires a distinct and robust programmatic approach. In addition, a large local age peer community is greatly enmeshed with Harvard graduate students in Jewish life, presenting a challenge of mission scope, but also the possibility of partnerships with other organizations. The goal of Jewish graduate student community demands the most structural change – to staffing, facility, and funding – but we believe the opportunity is compelling.
Strategy 1: Data Collection
Collect data to better understand the needs and opportunities to engage Harvard graduate students and Harvard-affiliated Jewish young adults.
- Conduct an environmental scan of other Hillels and Jewish organizations who actively engage graduate students.
- Survey and conduct focus groups with Harvard Jewish graduate students to determine the type of programming which will meet their interests and needs.
- Improve our data on Jewish graduate student populations in Harvard’s eleven graduate and professional schools, in order to improve communication, visibility, and outreach.
Strategy 2: Leadership
Create and staff a Council of the Jewish Student Association (JSA) heads from across schools for collaborative planning and programming.
- Work with JSA’s to identify and reach all Harvard University graduate students with a Jewish background/identity.
- Hire graduate student interns to support JSA Council initiatives.
- Increase communication and visibility of the Harvard Hillel “brand” in the graduate school communities.
Strategy 3: Programming
Expand our programming and the calendar of events to build community across graduate schools and engage graduate students in Jewish life.
- Host more of our highly popular social gatherings for graduate students.
- Involve graduate students and young professionals regularly in each of Harvard Hillel’s denominational prayer communities.
- Support small group “clusters” for Shabbat meals and Jewish learning.
- Multiply opportunities for encounters among students and faculty across Harvard schools and young professional communities.
- Increase mentoring of undergraduates by graduate and professional students.
Strategy 4: Partnerships
Explore partnerships with outside organizations who are already working to engage graduate students and young professionals.
- Investigate a partnership with Combined Jewish Philanthropies to establish Base Hillel Cambridge.
- Develop a more consistent collaboration with the Cambridge Conservative Minyan.
- Explore potential collaborations with Chabad, Moishe House, et al.
- Collaborate with local organizations to build broader post-graduate Cambridge Jewish social and cultural community.
Goal 3: Community Engagement
Harvard Hillel engages our community in compelling ways when we create featured programs that leverage the special assets, opportunities and setting of Harvard. Sharing Jewish ideas and culture and Israel with all of Harvard is an essential role; and our setting at the core of the Harvard community, along with our network of thought leaders and accomplished alumni, enable us to create and convene conversations of the highest caliber. Harvard Hillel will build on our current high-profile forums and initiatives to a) engage our University community and increase our appeal on campus by showcasing thought-leadership on relevant issues; b) share this aspect of Harvard Hillel with our widespread alumni and other supporters; and c) increase the renown of Harvard Hillel as a thriving community and center of Jewish excellence.
Strategy 1: Student Leadership
Amplify students’ voices on issues of the day and increase dialogue among students, faculty, and special guests on critical issues facing the Jewish community and Israel.
- Cultivate and promote an expanded set of major programs conceived by students (e.g. Israel Summit, Israel Trek, student-invited speakers).
- Increase student involvement in the conception, planning, and implementation of further high-profile programs.
- Strengthen Harvard Hillel’s position as the center of Jewish and Israel activity on campus.
Strategy 2: Partnerships and Programs
Multiply and diversify collaborations with faculty, academic departments, offices, and centers of Harvard to consolidate and promote our distinctive platform for featured conversations on important ideas and issues.
- Continue and highlight our faculty and guest speaker series and continue to share it online.
- Build on the success of the Riesman Forum on Politics and Policy, Brachman Israel Initiative, and Harvard College Israel Trek to convene further high-level events and conversations.
- Partner with Harvard departments, offices, and centers to develop and launch relevant, proactive, and responsive events on campus.
- Increase student-faculty interaction through these collaborations.
Strategy 3: Wider Audience
Share selected high-profile Harvard Hillel programs with our wider constituency of alumni and supporters in convened programming at Harvard and in online modalities that increase our visibility and reach.
- Build a core set of programs and opportunities for alumni to foster connection and engagement with Harvard Hillel and one another.
- Promote and share signature Harvard Hillel programs with alumni via in-person and digital platforms; live-stream and web-cast major programs to beyond-campus constituencies and a wider audience.
- Create a featured program each year at reunion time.
- Consider new forums for engaging students, faculty, alumni, and others around topics of Jewish- and Israel-related interest
- Foster an online community among Israel Trek returnees, including current students and alumni (already numbering in the hundreds); consider creating an Israel Trek for alumni and supporters.
In service of Goals 1, 2, and 3, ensure that our physical space supports our new and expanded offerings and explore rebranding Harvard Hillel.
Strategy 1: Facilities
Decide on the extent of renovations to Rosovsky Hall needed to meet our future needs.
- Ensure we can provide ample space for simultaneous graduate and undergraduate events and incorporate graduate students into Shabbat community and Sabbath meals.
- Ensure that we have the financial resources in hand to support any expansion/renovation of our facilities and increase endowment levels to secure Hillel’s continued programming role on the Harvard campus.
Strategy 2: Rebranding
Determine the advantages and liabilities of rebranding Harvard Hillel, whether in the near term or as programming evolves .
- Survey and conduct focus groups with undergraduate students, graduate students, alumni, and other supporters.
- Conduct a study of Hillels who have undergone a rebranding effort.
Implementation of this plan, particularly the goal of building a Jewish graduate student community, will require additional funding and staffing as well as modifications to the facilities at Harvard Hillel. It is important to make provisions to secure these resources to ensure the success of the strategic plan. Therefore, a task force with representatives from the Strategic Planning Committee, Development Committee and Building Committee will meet to coordinate their plans.
In order to successfully implement the strategic plan, we will have to reassess our staffing structure. Parts of this plan, particularly Goal 1, can be executed with minor realignment of the current staffing levels. However, some initiatives, such as those in Goal 2 and possibly Goal 3, will likely necessitate additional staffing and/or repurposing of current staff once the amount and types of new programs are determined for each goal.
The additional programming and staffing needs, along with the required building renovations, have significant associated costs. Fundraising, which has been integral to Harvard Hillel’s success, will become even more of a priority for both the organization and the board.
This strategic plan and the vision for our building necessitate a robust, multi-year fundraising plan to ensure that we have the resources we need and remain sustainable. Year 1 of the strategic plan, when we have relatively few additional expenses, will be spent creating the fundraising plan which will include a major gifts program, outreach to untapped foundations, and an expanded capital campaign. Implementation of the fundraising plan will begin in year 2 when we need more resources to implement Goals 2 and 3.
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Marketplace Tutorial: Fundamentals of Strategic Planning
By: Marketplace Simulations, Ernest R. Cadotte
Challenge your students to use strategic planning to escape a deserted island. Once they understand the steps to form a detailed plan that achieves the big-picture goal, they apply these skills in a…
- Length: 20 minutes
- Publication Date: Dec 13, 2022
- Discipline: Strategy
- Product #: MP0027-HTM-ENG
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Since strategy is ubiquitous and a crucial part of business decision making, Fundamentals of Strategic Planning is relevant for a wide variety of business courses. It is well-suited to introductory, undergraduate business courses. It can be used as a refresher in any advanced course to provide the appropriate mental framework.
Challenge your students to use strategic planning to escape a deserted island. Once they understand the steps to form a detailed plan that achieves the big-picture goal, they apply these skills in a practical business scenario. This interactive microlearning tutorial introduces students to the principles of strategic planning. It takes students through the key steps of the strategic planning process: strategic analysis, the formulation of strategic objectives, formulation of strategic thrusts on the company and functional (departmental) level, and the specification of the tactics to implement the plan. The tutorial culminates with a practical business challenge wherein the students build a strategy and devise strategic thrusts and tactics for a startup company that sells dog treats. Fundamentals of Strategic Planning is part of the Marketplace Tutorials ecosystem. The quick format, bite-sized delivery, and individualized pacing increase student focus, engagement, and knowledge retention. They can be used as self-study prior to a class session, such as in a flipped classroom model, in class to prime a rich discussion, or even as a post-topic review. This is a self-contained tutorial on a single topic. It is also available in several tutorial bundles: Marketing, https://hbsp.harvard.edu/product/MP0043-HTM-ENG ; Introduction to Business, https://hbsp.harvard.edu/product/MP0047-HTM-ENG ; Fundamentals of Entrepreneurship, https://hbsp.harvard.edu/product/MP0053-HTM-ENG ; and Strategic Management, https://hbsp.harvard.edu/product/MP0051-HTM-ENG .
This product was designed and developed to comply with WCAG 2.1 AA standards.
• Learn about strategy in business and the pieces of the strategic planning process
• See the role of strategic analysis and use it to choose strategic objectives
• See how strategic objectives shape everything that follows in the planning process
• Use strategic analysis, strategic objectives, and strategic thrusts to define departmental (functional) strategies
• Learn to select tactics and create an actionable plan that will guide the business toward its strategic objectives in a coordinated plan
Dec 13, 2022
Retail and consumer goods, Retail trade
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The Fall and Rise of Strategic Planning
- Henry Mintzberg
Planners shouldn’t create strategies, but they can supply data, help managers think strategically, and program the vision.
When strategic planning arrived on the scene in the mid-1960s, corporate leaders embraced it as “the one best way” to devise and implement strategies that would enhance the competitiveness of each business unit. True to the scientific management pioneered by Frederick Taylor, this one best way involved separating thinking from doing and creating a new function staffed by specialists: strategic planners. Planning systems were expected to produce the best strategies as well as step-by-step instructions for carrying out those strategies so that the doers, the managers of businesses, could not get them wrong. As we now know, planning has not exactly worked out that way.
- HM Henry Mintzberg is the Cleghorn Professor of Management Studies at the Desautels Faculty of Management at the University of McGill. He is the author of, most recently, Rebalancing Society: Radical Renewal Beyond Left, Right, and Center .