Overview/Description
Successful organizations are founded on effectively developing and deploying strategic plans. Organizations must identify their primary goals and objectives based on their mission and vision statements. Other success factors include understanding market forces, internal strengths and weaknesses, stakeholders, relevant technology, and legal and regulatory factors. With these considerations, an organization's action plan can be developed and deployed, and its effectiveness evaluated. This course explores the concepts of strategic planning models, business environmental analysis, and strategic plan deployment. It is aligned with the Quality Management Division of the American Society for Quality’s Certification Handbook, and is designed to assist learners in preparation for the ASQ Certified Manager of Quality/Organizational Excellence certification exam.
Lesson Objectives:
- Strategic Planning Models
- identify the characteristics of a traditional strategic planning approach
- recognize examples of the steps in the Hoshin planning model
- identify what scenario planning is used for
- identify descriptions of tools used to measure success against strategic goals
- Business Environment Analysis
- recognize questions that should be asked at the various stages of SWOT analysis
- identify Porter's five forces that drive industry profitability
- identify some of the strategic implications of technology
- identify legal and regulatory factors affecting organizations
- sequence the steps in a stakeholder analysis framework
- recognize internal capability factors that should be considered in strategic planning
- Strategic Plan Deployment
- recognize the elements of an effective action plan
- identify the characteristics of tactics
- recognize examples of the main activities involved in successful resource allocation
- match each method of measuring performance to a description
- match key quality concepts to examples
- Jockeying for position
- Are there a small number of competitors in your industry?
- Is there a clear leader in your market?
- Is your market growing, stagnant, or shrinking? Threat of new entrants
- Threat of new entrants
- Do you have a unique process that has been protected?
- Are there high start-up costs for your business?
- Would it be difficult for a new entrant to have enough resources to compete efficiently?
- Bargaining power of suppliers
- Are there a large number of potential suppliers from which to choose?
- Do your purchases from suppliers represent a large portion of their business?
- Can you easily switch to products from other suppliers?
- Bargaining power of customers
- Do you have enough customers so that losing one isn't critical to your success?
- Is your product differentiated from others on the market?
- Is it difficult for customers to switch from your product to your competitors' products?
- Threat of substitutes
- Does your product compare favorably to possible substitutes?
- Is it costly for your customers to switch to another product?
- Are customers loyal to existing products?
