Strategy and Planning Paper

In: Business and Management

Submitted By jennisue2
Words 1669
Pages 7
The Steps for a Successful Business

Jenni Jenkins

MGT 521

March 7, 2016
Daniel Kearney

The Steps for a Successful Business

In the business world "those who fail to plan, plan to fail." Managers are continually planning. So much that it's considered one of the four major functions of management. Planning ensures that the company is working towards common organizational goals. Goals show clear direction and destination for an organization to achieve. Goals can be both long-term and short-term, where the end objective is almost always the same. Throughout this paper, the three types of goals and their importance, the different kinds of planning and the importance, and the elements involved in creating an effective strategy will all be examined.

Three Types of Organizational Goals

Organizations compose three levels of management- top, middle, and first-line. From these levels different types of goals are created, where they are originated by top management and are carried out by middle and first-line managers. Organizational goals consist of three types- strategic, tactical, and operational. The accomplishment of low-level goals leads to the attainment of high-level objectives, otherwise known as a means-end chain.

First, strategic intents are formulated as the ultimate achievements desired and implemented by top management. Strategic objectives are usually developed to last over a two- to four-year period. Many goals exist, but the most common are market standing, innovation, productivity, physical resources, financial resources and action planning. For example, Wal-Mart's strategic objectives are "increasing comparable stores sales in the US, improving international returns and reducing expenses" (Woodard, 2013).

Next, tactical objectives are formed to translate the strategic goals into action.…...

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