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JWI 541 Strayer University How to do Strategic Planning Questions

JWI 541 Strayer University How to do Strategic Planning Questions

Question Description

I’m working on a business question and need support to help me learn.

please respond to the following two peers:

1.Richard Bode

RE: Introduce Yourself

COLLAPSE

Good Afternoon All,

My name is Richard Bode. I am an Account Manager with Philips Healthcare in the Disease Management Solutions division. I am from Chicago but currently live in Louisville and will be relocating to St. Louis next month. In my spare time I enjoy being outdoors playing various sports and spending time with my family. I am looking forward to connecting with everyone and learning from your experience.

Are you, or have you been, involved in the development of a business strategy?

As an Account Manager I work closely with project managers to develop a strategy for implementing new programs and procedures within the hospital setting. While I do align my products and solutions to the hospitals business strategy I engage management to develop a strategy around my product portfolio. This process involves integrating departmental workflow to create a standardized process and align departments to the diagnosis and treatment of various cancers. Furthermore, it focuses on capturing market data and information to show the financial impact and competitive landscape of implementing new technology and programs.

How do you anticipate the study of strategic methods will support your professional development?

I believe the study of strategic methods will allow me to view every scenario differently and determine a specific method that is best suited for that situation. As I am starting in a new territory, I hope to be able to change and/or modify my approach to develop a concrete strategy for obtaining new business, overcoming competitive threats and increase market share. In addition, I believe competency in developing strategy will allow me to better communicate and assist customers looking to grow their business.

Share one insight about strategy development you gained from this week’s readings that stood out to you. Explain why you found this particularly interesting.

One insight that stood out to me is the futuristic framework for strategic planning as explained by Amy Webb. Amy discusses setting time cones rather than time lines to chart certainty and actions rather than time (Webb,1). The organization of Amy’s strategy resonates well with me in that it focuses on highly probable outcomes first and continues to build outward allowing for adjustments as the unknown becomes known. In starting a new position, my goal is to focus first on highly probable opportunities and then branch outward to uncover new opportunities and further grow market share.

Also interesting is that the cone continuously moves forward. Timelines tend to put focus on a specific date and leave the future out. Amy’s cone ideology encompasses both the present and future and allows for continuous improvement of strategy (Webb, 1). In sales, everything is measured in months or quarter. However, one bad quarter is not an accurate depiction of the success of a strategy or a sales person.

Thank you,

Richard Bode

References:

  1. Webb, A (2019). How to Do Strategic Planning Like a Futurist. Harvard Business Review

2.Joel White

RE: Introduce Yourself

COLLAPSE

Dr. Sturtevant and fellow students,

Hello, my name is Joel White and I live in Winston Salem, North Carolina with my wife, 2 girls ages 12 and 8, and our 2 Shih Tzu puppies. I am a Plant Manager for Kennametal, a global manufacturing company, producing high-performance drills, end mills, and taps for CNC Machining applications.

  • Are you, or have you been, involved in the development of a business strategy?
    • If so, provide a brief summary of your experience.
      • I am directly involved in the annual and 3-year strategic business planning for my site including the financial annual operating plan (AOP). We focus on key-value drivers such as EHS (Environmental, Health, and Safety) deployment, Smart Factory / Industry 4.0 initiatives, Integrated Supply Chain, manufacturing centers of excellence, and Talent Development.

All of these drivers are tied to meeting specific corporate and site-specific KPI’s (Key Performance Indicators) or Metrics. One of the biggest challenges with long-term strategic planning is having a vision of where you want to go, how to get there and how to anticipate challenges, changes or roadblocks that will occur during the journey. Be bold, take risks, and get buy-in from your team to ensure everyone is moving in the same direction.

  • How do you anticipate the study of strategic methods will support your professional development?
    • Studying multiple strategic methods will provide a broad and robust learning experience that I can directly relate to my current job role and then eventually into a Director and VP or higher level roles where long-term strategic planning is the main focus rather than the day-to-day activities.
  • Share one insight about strategy development you gained from this week’s readings that stood out to you. Explain why you found this particularly interesting.
    • In our weekly reading How to Do Strategic Planning Like a Futurist, Amy Webb worked with a company that decided to create a “Strategy 2030” strategic planning process (1). Many companies create one, three, or five-year strategies with goals for the short term. However, chief strategy officers often facilitate “visioning” meetings that focus on the long-term that helps the team brainstorm new ideas without getting hung up on the uncertainties that are outside of their control.

I like how Amy uses the cone illustration for long-term planning rather than a yearly timeline. The longer we go out, the amount of data, evidence, and certainty decrease and therefore, transitions from a strategy to a vision.

Joel White

References:

  1. Amy Webb. 2019. How to Do Strategic Planning Like a Futurist. HBR.

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