business policy unit V essay and DQ question

0:00 Class, welcome to Unit V, strategic planning. This is Dr. Peter Trzop and 0:05 I wanted to go over a few concepts with you in the class here. Looking at strategic planning, a 0:11 lot of people use the SWOT assessment, the strengths, weakness, opportunities, and 0:16 Threats, and that's a good starting point because it allows companies to look at 0:20 things from various perspectives: a little bit of environmental scanning, as 0:24 we've discussed, and they can look inside and outside the company. Having said 0:28 That, there are limits to it. 0:30 One being that there's a certain people on the committee and they may have their 0:34 limitations on knowledge, like what we call him imperfect knowledge, they may have bias and 0:39 Prejudice,, or just simply they just can't see certain things, or maybe they have 0:43 great insight. But typically, SWOTs are limited in that way, they give you a snapshot, a 0:48 little bit of an overview of the company or an organization. Having said that, there's 0:55 also strategic planning process which normally has, a commonly used one has, 0:59 five process steps. And I can review these very quickly. You can always look at the return of 1:06 Investment, which is typically very important, or at least the probability that it is 1:09 going to happen. If I invested this dollar, how much can I expect back, and in companies 1:15 typically rank those. If I get a dollar-for-dollar back here, that's better 1:19 than a $1.10 here, and then what's projected or say reliability and 1:24 probability of it. And that's important as well. Is it a risky investment? Is it safe 1:29 and stable? Analyze performance of management and board with an alignment and 1:34 seeing how board members in the company can actually implement the process, or 1:40 actually get through the planning. The review and external environments, and 1:44 Scans, we talked about that before. 1:46 Review internal environment and scans and then select strategic factors. So there's, 1:52 and the rest of the narrative, will go into that. You know talk about different 1:55 things you can do. When looking at the strategic planning process, the key here 2:00 is how do we move with different questions, processes, 2:05 and say the SWOT. How do we use these tools in order to get a good concept of where a

2:11 company or organization is going? And then the team can sit there and say ok 2:15 now we’ve got the board here, we’ve got the leadership here, we have middle 2:20 management, we have the line worker, say maybe the frontline worker person that is 2:25 in the trenches, so to speak. And how do we get all these people moving towards 2:29 things that, for example, you talk about culture and the environment of the 2:35 company, things of that nature. So we want to make sure that we're addressing all those 2:40 things. And then a company at that point can sit there and start looking at 2:43 how do we pick certain strategies to go forward. So the planning process is very 2:48 critical. A lot of people see it as something that they do relatively quick. 2:53 But we need to make sure that this process is done very well, very strong 3:00 and thoroughly in order to prevent problems going forward. If you need any 3:04 more help, please reach out to your course professor right away. 3:07 Thank you.