Management Concept and Strategic Planning - Essay Sample

Strategic planning is a critical managerial concept that sets the direction for which a given business will follow. The concept involves all the internal and external factors that may affect the operations of the business to ensure the realization of the set objectives. A good strategic plan not only has to offer direction to the business but will also be relevant in gauging the achievements of the said firm to determine success.

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Strategic planning should provide guidance and procedures that will enable the workforce to ensure that they undertake their duties effectively and ensure that they achieve the organizations goals. This involves strategic execution of operations to facilitate success in the business' activities that will result in overall success. Various steps such as assessment, formulation, implementation, and evaluation are involved in the plan to ensure that every activity is in line with the primary objective of the organization.

An effective strategic plan of a business should have characteristics such as the incorporation of external factors including the market trends and the competitive landscape. It should cover an appropriate period of about 18-36 months and should be used as input to the organization's budgeting process. It should be informed by the past successes and mistakes for it to focus on the future of the business effectively. It should evaluate the alternatives that the firm can undertake in different scenarios in case of the unpredicted future event that may force the company to adjust its operations. It should establish the process by which the management will use to measure and identify a personnel that will be accountable for the process. Lastly, the management should revisit the plan frequently to determine whether the program is efficient and make necessary adjustments for maximum success.

New Model (SECI Model)

The SECI model is important in the creation of knowledge about the dynamic nature of strategy planning. The model consists of three elements namely SECI (socialization, externalization, combination, and internalization), Ba, and Assets. These three aspects interact organically and dynamically to facilitate the success of strategic planning and other management concepts. Each employee is expected to acquire substantial knowledge about the assets of the company, and their skills (tacit) are amplified by SECI which is the spiral knowledge of management.

Socialization is an important aspect observing and analyzing the factors that affect business in a given environment. Externalization helps to develop concepts that work in alignment with the tacit knowledge to develop an effective strategy and enable the organization to realize the set goals. The combination of the named factors helps to build a prototype that enables the business to withstand the test of time in its operations. Internalization allows for the transfer of knowledge that is created from tacit to all the respective parties within the organization to promote innovation.

Conclusively, a management concept should observe all the metrics that translate the organization's vision, mission, and goals into the desired outcomes. Strategic planning mainly involves the allocation of resources hence should be conducted with extra attention to avoid cases of mismanagement. It should also be guided by the past events of the business to ensure that the organization undertakes efficient operations that will propel its growth. The SECI model is also a critical element to concept management as it provides insights about various scenarios that may face the organization in the future. HYPERLINK "http://www4.ncsu.edu/~ddinaka/Coursework_files/km_models.pdf"