Reference no: EM132351784 , Length: word count:1000

Strategic Management Assignment - Elements of Good Strategy

Using Strategic Planning Tools to Generate Good Strategy

In Good Strategy Bad Strategy, Rumelt criticizes "MBA-style" strategic planning tools and often uses examples that seem to emphasize the benefits of entrepreneurial strategic decision making. Nonetheless, I would argue that strategic planning tools can be valuable resources when developing "good strategy."

Successful entrepreneurial strategic decision making relies on the deep understanding of the challenge faced, the guiding policy, and the possible actions that can be taken. In many cases, however, individuals involved in strategic decision making may need to gather information in order to gain such an understanding, and even those who believe they have this understanding may benefit from additional information.

The tools we've used thus far can be used to provide information needed in developing a kernel of good strategy. Specifically, the IFAS, EFAS, and SFAS should provide the information required to diagnose the challenge the company faces. The tools, combined with additional research about the company's vision, mission, values, and strategic focus should provide an understanding of the company's guiding policy. Finally, once the challenge has been diagnosed and the guiding policy identified, the options developed in the TOWS Matrix can be reviewed in light of these elements and a coherent set of actions can be chosen. You may find that some of the options developed previously in your TOWS Matrix fit the requirements for a set of coherent actions, or you may need to develop a new set of actions not identified previously.

For this assignment, you need to diagnose the challenge faced by your company, identity their guiding policy, and recommend a set of coherent actions that addresses their main challenge and is in line with their guiding policy. You will need to identify the single biggest factor affecting the future success of your company, clearly state the guiding policy which determines how the company defines and achieves success, and formulate an action plan that is aligned with the company's strategic challenge and goals.

Use the tools you've developed thus far along with any additional research needed. Include your SFAS Table in an Appendix. Your paper should include the following information:

Diagnosis of the challenge:

• State the challenge.
• Provide evidence about the importance of this challenge - why is this the main challenge.
• Discuss the company's current position relative to competitors in addressing this challenge.

Guiding policy:

• State the company's guiding policy.
• Describe how this policy has shaped past strategic choices.
• Discuss how this policy applies to addressing the current challenge.

Set of Coherent Actions:

• Propose a strategic action plan which addresses the current challenge and is in line with the company's guiding policy.
• Provide information about what the company is trying to achieve as well as specific actions that can be taken to achieve this.
• Describe how these actions address the challenge and fit with the guiding policy.