---Strategic Planning and Trends

A New Era of Bright Hopes and Terrible Fears by Robert D. Hof, BusinessWeek, October 4, 1999. To read the article, select "Bright Hopes and Terrible Fears" under the category, "Strategies." Analysis and perspective on the impact of the Internet on fundamental business strategies. Among the key changes brought on by the growth of the Internet that businesses must address: growth of e-commerce and the increased ability of customers to identify and demand the best available prices and service. Strategic Planning and Needs Assessment by Valerie A. Romney. First, read answers to the following questions about strategic planning: "What is it?" "Why do it?" "What does it involve?" and "How is it done?" Continue with the steps of planning: "Assessing the external environment," "Assessing internal capacity," "Developing a vision or mission for the future," "Developing goals and objectives for reaching that future," "Implementing the plan" and "Evaluating progress and revising plans." An Organization That Doesn't Plan Its Future Isn't Likely to Have One by Ronald A. Gunn. This article provides a complete overview of strategic planning: the benefits of strategic planning, "21 potential pitfalls of strategic planning" (such as "Top management's assumption that it can delegate the planning function to a planner"), five basic steps of strategic planning, an outline of the sections of a strategic business plan and who in the company needs to be involved in preparing it. Strategy & Business This online magazine covers strategic level business issues and themes, such as management theory and practice, role models of business leadership, profiles of innovative and successful companies, technology and the latest ideas and approaches in the field of management. America's Most Admired Companies (Select "America's Most Admired" from the Fortune Lists) Each year, Fortune Magazine conducts a survey of top executives, outside directors, and securities analysts to identify the companies they admire most. They rate companies according to the quality of products offered, degree of innovation, wise use of corporate assets and other criteria. Find out who are the top ten companies from their most recent survey. Also, links are provided to each of the company Web sites, where you can see firsthand what these companies are doing to achieve success. Facts and Trends in Strategic Planning by the Fisher College of Business, Ohio State University. Approximately twenty of the latest facts and trends are listed, along with brief descriptions. Some examples: "Firms are closer to customers," "change is rampant" and "flatter organizations." Business Trends for 1997 Sure, it's no longer 1997, but these trends are still very timely for today's businesses. Among the trends discussed: getting better results by focusing more on customers and less on competitors, the importance of continuous learning by employees and the increasing pace of change in the business environment. Management Through Applied Planning by Randy Rollinson, Technology Management Associates, Inc. List of advantages of strategic planning; how to implement five major strategic planning steps ("Get Organized to Plan," "Take Stock - Do a Situation (SWOT) Analysis," "Develop a Strategic Direction," "Draft the Plan" and "Implement, Monitor and Revise the Plan"); detailed case study of a fictitious company, Heatwave, Inc.– a a full service heating, ventilation and air-conditioning company – to illustrate strategic planning principles and approaches.

---SWOT Analysis

Introduction to SWOT Analysis by Mind Tools. The basic questions to ask for each section of SWOT Analysis and some brief tips for answering those questions. Note: One of the articles listed in the previous section, Management Through Applied Planning, includes a SWOT analysis for a fictitious company as part of a case study on strategic planning.

---Exercise:
---Competitive Differentiation – Burgers and Fast-Food

Drive down a busy highway and you're likely to see a wide selection of fast-food restaurants, all vying for your attention – and your stomach! There are approximately 200,000 fast-food outlets across the United States and if that isn't enough competition, more and more consumers are now getting takeout food from supermarkets. Perhaps the most intense fast-food rivalry is among the top three "burger" restaurants: Burger King, McDonald's and Wendy's. They've been competing with each other for a long time, trying to find ways of differentiating themselves. Each one wants to keep its current customers and attract some business away from competitors. Thoroughly review the web sites for each of the three fast-food chains. Then, describe the sources of competitive differentiation promoted by each fast food chain. To put it another way, exactly what does each restaurant emphasize in distinguishing itself from its competitors and in attracting customers? Refer to specific phrases, pictures or sections of the Web sites in support of your statements.		Burger King McDonald's Wendy's

Copyright © 1999-2001 South-Western, A Cengage Learning Company. All rights reserved. For problems or suggestions concerning this service, please contact Internet Webmaster.