Practice of strategic planning

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Reference no: EM1367069

There is an organization that does research and development in the area of new drug discovery. It was founded four years ago and recently licensed the patent for its initial research output to a large pharmaceutical company. It is now in the very earliest stages of work on two additional research projects in related areas. Up until now, the decisions on the scientific focus of the firm's research efforts have been made by the researchers involved. The patent licensing decision seemed like an obvious way to bring in the significant new financial resources that the firm now enjoys. However, there remains within the firm some general uncertainty about the future.

I have been hired as a consultant by the organization's board of directors to persuade top executives that strategic planning is a worthwhile pursuit. The Board of Directors want to develop a successful strategic plan for the organization, but are savvy enough to know that such an undertakings will likely come with some barriers. The Board would like for me to guide them through the strategic planning process; however, they would first like for me to help them identify the barriers, and then the actions that can be taken to navigate these barriers during the strategic planning process.

Be sure to address the following areas:

Discuss what is meant by the concept and practice of strategic planning.

Identify barriers to strategic planning.

Explain how this organization can overcome these barriers.

Reference no: EM1367069

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