Elevator Pitch – Is Planning Dead?
Planning involves identifying the organization's objectives and then formulating or monitoring specific strategies for achieving them (Schermerhorn et al., 2014). The dynamism of the business environment requires an organization need to be adaptive, flexible and responsive. Planning traditionally had operated with three years, five years and ten year time period, but contemporary organizations require plans to be prioritizing on tactics rather than on operational details. Planning needs to involve creating frameworks, crunching through numbers and pursuing answers to questions to arrive at a suitable logical model and planning need to be agile to match up to technological change and translating the period of the business planning to 3 to 6 months (Martin, 2014). Building a great team and focusing on an appropriate culture would allow structuring and planning for the business taking into contingencies.
Elevator Pitch – Walking both sides of the street
Globalization and the advent of technology have transformed ways in which businesses operate (Reeves, Love, and Tillmanns, 2012). As the senior manager in a major electronics and appliance retail store and with sales falling over a year, it is best to open up an e-commerce portal for the store. The store already has a physical presence and adequate stock to handle orders. Hence it can easily design a website and also offer its products online through various portals such as Amazon, eBay, and other national or regional e-commerce websites. The multiple benefits, attractive prices, discounts, and service features can be easily extended to these e-commerce portals to attract customers in making a purchase (FitzRoy, Hulbert and Ghobadian, 2012). The brick-and-mortar retail to online transformation will provide profitability and revenue earning at lower costs. This strategy would allow the business to stay afloat and maintain steady profitability.
Martin, R. L. (2014). The big lie of strategic planning. Harvard business review, 92(1/2), 3-8.
Schermerhorn, J. R., Davidson, P., Poole, D., Woods, P., Simon, A., & McBarron, E. (2014). Management: Foundations and applications (2nd Asia-Pacific ed.). Milton, Queensland: Wiley.
FitzRoy, P., Hulbert, J. M., & Ghobadian, A. (2012). Strategic management: The challenge of creating value. Routledge. Retrieved from https://ebookcentral-proquest-com.ezproxy.csu.edu.au
Reeves, M., Love, C., & Tillmanns, P. (2012). Your strategy needs a a strategy. (cover story). Harvard Business Review, 90(9), 76-83.