BSBMGT616 Develop And Implement Strategic Plans

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28-07-2021

Questions:

Provide answers to all of the questions below:

Give three examples of risks that should be taken into account in developing and implementing strategic plans.

Give two examples of risk management strategies that can be used when developing and implementing strategic plans.

Give an example of a risk management strategy that can be used to manage intellectual property risks inherent in strategic planning.

Outline the benefit of conducting a SWOT analysis as part of a strategic planning process and how a SWOT analysis is conducted.

Outline four examples of questions that could be used when conducting a SWOT analysis.

Outline the benefit of conducting a PESTLE analysis as part of a strategic planning process and how a PESTLE analysis is conducted.

Outline four examples of questions that could be used when conducting a PESTLE analysis.

List two internal sources of information that a business could use to find out aabout its market, competitors, customer base, vision, values and capabilities.

List two external sources of information that a business could use to find out aabout its market, competitors, customer base, vision, values and capabilities.

Explain the purpose of developing organisational values and two techniques that could be used to identify values as part of the strategic planning process.

Answers:

The three examples taken into account for developing and implementing strategic planning includes:

Developmental risk: The risk can be identified while ensuring development by implementing strategic planning.
Financial risk: Implementing strategic planning always imposes the threat of exceeding the allocated budget.
Reputation risk: Strategic planning imposes the risk of hampering the reputation if unsuccessful (Hitt, Ireland & Hoskisson, 2012).

Two examples of risk management strategies includes:

Recording risk: One of the examples of risk management includes recording the risks that has happened within the organization over the years. This will allow the organization to be aware of the potential reasons of occurrence of the risk.
Monitoring: Monitoring the risks provides an opportunity for the organization to identify the potential risks and develop strategies to mitigate them.

One of the examples of risk management for managing intellectual property risks includes using the standard intellectual property policies effectively. This will help in ensuring that the business understands the risks related to intellectual property (Hill, Jones & Schilling, 2014).
Conducting SWOT analysis as a part of the strategic planning process provides an opportunity for the organization to identify their strength and weakness based on which the opportunities and weakness is developed. Therefore, understanding own strength and weakness allows the organization to develop strategies accordingly for conducting business successfully (Peppard & Ward, 2016).
The four questions that could be used while conducting SWOT analysis includes:

Which is the strongest asset of the organization?
What areas do the organization needs improvement?
What are the current ongoing trends that will affect the organization positively?
What are the current obstacles that the organization is facing in achieving the current mission?

The benefits of conducting PESTLE analysis allow the organizations to develop a better understanding of the wider business environment. Additionally, PESTLE analysis helps the organization in identifying and exploiting them successfully. A PESTLE analysis is conducted by considering the political, economic, social, technological, legal and environmental of the country.
The four questions considered while conducting a PESTLE analysis includes:

What are the governmental policies that are likely to affect the organization?
What are the economic trends that favour the organization?
What are the emerging technologies that affect the organization?
What are the demographic changes within the target population that will affect the organization?

The two internal sources that a business could use to find out about its market, competitors, customer base, vision, values and capabilities includes TOWS analysis and VRIO framework (Swayne, Duncan & Ginter, 2012).
The two external sources that a business could use to find out about its market, competitors, customer base, vision, values and capabilities includes Porter’s five forces and 12 C framework.
The main purpose of developing organizational values is to support the vision of the organization thereby, shaping the organizational culture and reflecting the core values of the company. The two techniques that could be used to identify the values as a part of the strategic planning process are assessing the current organizational culture by benchmarking and reviewing the strategic planning.

References

Eden, C., & Ackermann, F. (2013). Making strategy: The journey of strategic management. Sage.

Giurco, D., & Cooper, C. (2012). Mining and sustainability: asking the right questions. Minerals Engineering, 29, 3-12.

Hair, J. F., Sarstedt, M., Pieper, T. M., & Ringle, C. M. (2012). The use of partial least squares structural equation modeling in strategic management research: a review of past practices and recommendations for future applications. Long range planning, 45(5), 320-340.

Hill, C. W., Jones, G. R., & Schilling, M. A. (2014). Strategic management: theory: an integrated approach. Cengage Learning.

Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2012). Strategic management cases: competitiveness and globalization. Cengage Learning.

Joshi, M., Singh Ubha, D., & Sidhu, J. (2012). Intellectual capital disclosures by Indian and Australian information technology companies: A comparative analysis. Journal of Intellectual Capital, 13(4), 582-598.

Kremer, P. D., & Symmons, M. A. (2015). Mass timber construction as an alternative to concrete and steel in the Australia building industry: a PESTEL evaluation of the potential. International Wood Products Journal, 6(3), 138-147.

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