4.1 Strategic Plan

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Southern New Hampshire University *

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Apr 3, 2024

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4-1 Strategic Plan 1 4-1 Strategic Plan Nicole Miller Southern New Hampshire University MBA 540: Org Strategy in Global Env Professor Clarence Clark March 22 nd 2024

4-1 Strategic Plan 2 Definition A business strategy is a detailed roadmap for an organization to meet its overall company goals and objectives while maintaining a competitive advantage within its market. The strategy includes several key areas of focus that pertain to the business to ensure effectiveness and alignment and aid in business decision-making. Formulation An effective business strategy is well thought out and detailed. To achieve maximum results, there are steps required to formulate a business strategy: Information: using both internal and external resources, begin gathering relevant information about environments, structures, culture, and resources (Wheelen et al., 2018). Develop Plans : This step includes identifying the company's mission statement objectives and what it strives to achieve, planning the strategies involved to meet mission objectives, identifying guidelines for decision-making, and creating a SWOT analysis (Wheelen et al., 2018). Implementation : Identify what is needed to fully execute the plan, outline budgets and program costs, and provide consistent feedback, review, and corrections as needed (Wheelen et al., 2018). Responsibilities Executives, VPs, Senior Leaders, and Directors will be responsible for creating and implementing the business strategy. A good business strategy benefits all employees within an

4-1 Strategic Plan 3 organization and the customers they serve, including key stakeholders, by promoting productivity, growth, innovation, and value. Corporate vs. Business Unit Strategy Corporate strategy focuses on the overall company strategy, while business units focus on competitive strategy. For example, corporate strategy will determine a company's core business units, and each individual business unit will focus on gaining a competitive advantage within its unit (Harvard Business Review, 2014). Another key difference is in the scope of decision-making. Corporate decision-makers involve the highest level of management and focus on the organization's portfolio, while business unit strategy focuses on decisions related to their respective units or decisions within the organization.

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4-1 Strategic Plan 4 References Harvard Business Review. (2014, August 1). From competitive advantage to corporate strategy . https://hbr.org/1987/05/from-competitive-advantage-to-corporate-strategy Wheelen, T. L., Hunger, J. D., Hoffman, A. N., & Bamford, C. E. (2018). Strategic Management and Business Policy . Strategic Management and Business Policy. https://elearn.daffodilvarsity.edu.bd/pluginfile.php/946325/mod_page/intro/Strategic management and business policy _ globalization, innovation, and sustainability-Thomas L. Wheelen -Pearson (2018).pdf

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