Discussion Post#7

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Liberty University *

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303

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Management

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May 13, 2024

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Uploaded by KateVermillion07

Definition of Global Strategic Planning Process The global strategic planning process refers to the systematic approach used by organizations to develop strategies and plans that align with their overall goals and objectives on a global scale. According to the textbook, "The global strategic planning process is complex and entails more factors, variables, challenges, and risks than domestic strategic planning" (Satterlee, 2023, p. 205). It involves analyzing internal and external factors, setting goals, formulating strategies, and implementing action plans to achieve competitive advantage and sustainable growth in international markets. Summary of the Article The article "Good Strategic Planning Can Be Productive" by Dr. A. Weiss, published in the Wall Street Journal, emphasizes the importance of strategic planning for organizations. Weiss argues that, despite common criticisms, strategic planning remains a valuable tool for businesses when executed effectively. He acknowledges that strategic planning can be challenging and time-consuming but asserts that the process helps organizations anticipate future challenges and opportunities, allocate resources efficiently, and adapt to changing market dynamics (Weiss, Ph. D., 2019). Weiss emphasizes that successful strategic planning involves a balance between analysis and action. He underscores the need for organizations to reassess their strategies and continuously adapt to evolving market conditions. Furthermore, Weiss suggests that strategic planning should be flexible but allow flexibility and innovation. Discussion The article aligns with the global strategic planning process discussed in the textbook. It emphasizes the value of strategic planning in today's complex and ever-changing business world, particularly for multinational corporations. Moreover, another article stated that strategic planning is not a one-time event but an ongoing process that requires continuous monitoring, evaluation, and adjustment. It concludes that strategic planning is essential for organizations to remain competitive, innovate, and achieve sustainable growth in today's dynamic business landscape (Cote, 2020). Similar themes are covered in the textbook, which emphasizes the value of strategic planning for global businesses and offers frameworks and techniques for creating successful international strategies. Furthermore, the article's emphasis on flexibility and adaptability resonates with the textbook's discussion on the need for agility in global strategic planning. In today's fast-paced and interconnected world, organizations must be able to adapt their strategies to changing market dynamics, technological advancements, and geopolitical factors.

References Cote, C. (2020, October 6). Why is strategic planning important? Business Insights; Harvard Business School. https://online.hbs.edu/blog/post/why-is- strategic-planning-important Satterlee, B. (2023). International Business with Biblical Worldview (p. 205). Mc- Graw Hill. Weiss, Ph. D., A. (2019, October 30). Opinion | Good Strategic Planning Can Be Productive. Wall Street Journal . https://www.wsj.com/articles/good-strategic- planning-can-be-productive-11572472296

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