Today, every business organisation accelerates on the wheel of strategic planning. Be it a large scale or a small scale firm, every company needs to meet its organisational objectives by mastering the art of formulating a fixed set of business strategies, implementing the formulated strategies and evaluating how those strategies have impacted the organisation.
Owing to its importance for management students, My Assignment Services maintains a separate and exclusive panel of strategic management assignment help experts who have assisted a lot of students with these assessments.
In this blog, we will be talking more about strategic management and our experts will help you in mastering the art of drafting a perfect strategic plan assessment answer.
What are the Steps Involved in the Strategic Management Process?
As per our management assignment writers, this is something more than just some rules to follow. Putting it simply, the strategic management process is a philosophical approach to the working of business organisations.
There are certain steps involved in the process of strategic planning. To be able to draft a perfect strategic plan, you need to be aware of these steps:
1. Strategy formulation
The first step that our management help experts take while drafting a strategic plan for any organisation is to be thorough with the current situation of the business organisation. For this, we carry out internal and external audits.
Our experts also perform the SWOT analyses to get to know the strengths, weaknesses, opportunities and threats of the firm. This makes us ready for implementing the new strategies.
2. Strategy implementation
Post to strategy formulation, the next step is to set short-term goals that the company plans to achieve, devise policies and make use of appropriate resources to execute those goals.
In this action stage, our strategic management assignment help experts talk about how they plan implementation of the decision strategies. We also develop a functional organisational structure, utilise the information systems with dedicated efforts. This is why this stage is considered to be the most important one in the entire strategic planning process.
3. Strategy evaluation
After the implementation stage, it is important to evaluate how the devised strategies have worked for the organisation. For this, our experts carry out three crucial activities. These include:
- Updating all the internal as well as the external factors which impact the implementation of strategies.
- Measuring the performance
- Rectify the measures taken
How Do I Prepare a Strategic Plan?
We’ll explain the steps using the Walmart case study report writing assignment sample. Based on the case study on Walmart-Stores, you are required to write a report (strategic plan) as your assessment task.
As discussed above, our strategic management assignment help experts carry out the three essential steps and draft a strategic plan for this case study as follows:
1. Vision and mission of the company (Formulation of new strategies)
Based on the given case study, we first understand the mission and vision of the firm. This gives us access to the working of the firm.
By carrying out the SWOT analysis, our management assignment writers understand how well the company performs in the current situation and whether it justifies its mission and vision.
2. Implementing new strategies
After this, we trace the connection between the strategic goals of the organisation and the vision and mission of the company. This helps us in designing only those strategies that best suit the requirements of the firm.
Also, our team of experts performs an extensive analysis of the financial performance of the company to understand the strategic goals better. With proper evidence and instances, our strategic management help experts then implement new strategies.
3. Competitive and marketing analysis
To know about the current marketing conditions and develop strategies according to that we now carry out competitive and marketing analysis for the given case study. This enables us to think of better strategies for the organisation.
We talk about low cost, differentiation and niche strategies and choose the best one for enhancing the profit outputs for the shareholders.
In the end, our management assignment writer gives appropriate reasons for using the chosen strategy and also talk about the expected outcomes.
4. Applying merger acquisition
The next step for preparing this strategic plan is to describe a detailed scenario wherein our experts make use of a merger or acquisition strategy to implement other strategies in the report. Here, we also talk about the marketing conditions that would favour the implementation of this strategy.
5. Highlighting a real-life situation
To provide more credibility to the strategy plan, it is mandatory that there is a mention of a hypothetical or real-life situation. Therefore, our strategic management assignment help experts devise rewards that they feel would be the best ways to motivate employees and achieve the set organisational strategies.
In the end, we review the financial performance of the company to be sure that the rewards that have been chosen are appropriate and does justice to the employees.
6. Ethical considerations
The last and the final step in this strategic plan is to evaluate whether the existing strategies of the company abides by the ethical business behaviour or opposes it.
Finally, we give appropriate reasons for the same.
Following these formatting requirements and relying only on authentic and credible sources of information, our strategic management assignment help experts draft a perfect reference strategic plan for students.
With the help of this plan, all the objectives and functioning of the firm will be clear to you. So, this is exactly how we drafted the Walmart stores case study report writing assessment answer recently for a student.
What are the Benefits of a Strategic Plan for an Organisation?
Though drafting a strategic planning process is a tedious one, it is really beneficial for every business organisation. This is the reason a large number of students get this assignment and they turn to us for guidance on them.
Following are some of the benefits of a strategic plan:
- Increase productivity
- Understanding the strengths and weaknesses of the company
- Channelising resources for underlying the path for fostering a proactive business
- Communicating the goals, objectives, mission and vision of the organisation.
- Helps in formulating target-oriented strategies
Among a wide range of benefits, these are a few major ones for which every management student is rolled out these assignments.
Try a One-On-One Session With Our Strategic Management Expert Today!
We totally understand how this complex assignment takes a toll on students, like you. Just like we have helped you understand the basic approach to writing the strategic management assessment answer, our dedicated panel of management experts are here with you at every stage and will help you come out of this turmoil.
If you feel stuck at any point, you can avail of our live one-on-one session with the expert option along with the assignment help services. With this, we will clarify all your doubts then and there. Moreover, there are a plethora of value-added services that My Assignment Services bestows students with. You can now get an overview of the entire assignment before payment, partial work for free and even a free copy of the Turnitin report that validates our authentic work.