Essays on Formal Strategic Planning Essay

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The paper 'Formal Strategic Planning' is a perfect example of a business essay. Business conglomerates embraced and adopted it as one of the best ways to plan and execute strategies to enhance corporate business competitiveness. It was borrowed from the military way of organizing the missions. The future military strategy’ s spotlight was based on historical experience whereby heavy investment was on gathering data, the directive issuance was from top leadership, and the rest executed the orders (O’ Donovan and Flower, 2013). This formal approach is convincingly deemed fit for businesses in the 50s and 60s.

The planning approach was expected to generate step-by-step procedures followed by owners and managers of businesses (Mintzberg, 1994, p. 3). The goodwill for strategic planning started to fell in the early 1970s, and resentment and counter-arguments have endowed it with gradual use decline. The suggested reason for the decline of formal strategic planning is either ineffective or constantly better performance than anticipated at its inception (Campbell, Edgar, and Stonehouse, 2011). FSP system is characterized by concepts such as analytical, formalized, and detached planning, among other terms, which in effect has led to the questioning of the effectiveness of this approach.

The technological era from the nineties and globalization has changed business operation, and the scenario is so unique compared to the early 1950s. The future is practically unpredictable based on the past or current trends— in fact, it is unimaginable and astonishingly different. Globalization has opened up the world towards a much uncertain and dynamic environment. New powerful innovations and startups are thrown into the air-waves now and again. Such trends have only organizational heads mute because the trusted formal strategic plan grounded on assumptions no longer holds (O’ Donovan and Flower, 2013).

Such evidence cements further that formal strategic planning is no longer an appropriate organizational process for firms that make strategic decisions in highly uncertain and dynamic environments— evaluation of Formal Strategic Planning.

References

Campbell, D., Edgar D., & Stonehouse, G., 2011. Business Strategy 3rd Edition. Palgrave.

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Falshaw et al., 2006. Evidence on Formal Strategic Planning and Company Performance Management Decision 44 (1), 9-30.

Freeman, R. E. (2010). Strategic management: A stakeholder approach. Cambridge University Press.

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Grant, R., 2013. Contemporary Strategic Analysis, (8th Edition) Chapter 1, Chapter 8.

Grant, R., 2003. Planning in a Turbulent Environment: Evidence from the Oil Majors. Strategic Management Journal 24, 491-517. Available: http://www.jstor.org/stable/20060552[Accessed 22 Oct. 2014]

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Minzberg, H., 1994. Rethinking Strategic Planning Part I: Pitfalls and Fallacies 27(3), 12-21.

Moutinho, L. (Ed.). (2011). Strategic management in tourism. CABI.

O’Donovan, D. and FloweR, N., 2013. The Strategic Plan is Dead. Long Live Strategy. (SSIR). [Online] Ssireview.org. Available at: http://www.ssireview.org/blog/entry/the_strategic_plan_is_dead._long_live_strategy [Accessed 22 Oct. 2014].

Selsky et al., 2007. ‘Contrasting Perspectives on Strategy Making in Hyper Environments’, Organization Studies, Vol. 28, No. 1, 71-94.

Wilson, I., 1998. Strategic Planning for the Millenium: Resolving the Dilemma Long Range Planning 31(4), 507-513.

Wirtz, B., Mathieu, A., Schilke, O., 2007. Strategy in High-Velocity Markets. Long Range Planning 40 (3), 295-313

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