Introduction and Research Question
The global business environment is dynamic with globalization and technological changes affecting many businesses. Due to these changes, firms must establish the best strategies that can sustain their objectives to the future rather than making them quit the market. Following these challenges, firms have increased competitiveness using strategic planning with the management establishing existing business conditions in the business environment that are used to establish the best strategies that can increase the competitiveness of the firm after their implementation. This paper will look into strategic management’s contribution towards tipping sales in the service industry.
Literature Review
A strategic plan involves various components that are significant to an organization. To begin with, the plan should have a mission and vision statement. These two are critical components since they stipulate the purposes of the firm both in the immediate short period and in the long term. The two components indicate the objectives of the firm. With these components, the firm can review them regarding their achievements continuously (Rana 65).
- Environment Scan: The other component is the scan of the environment that involves the establishment of various challenges existing in the business environment together with the opportunities that a firm can exploit to meet its set objectives. Under this component, the firm collects, scrutinizes, and provides information related to the formulation of strategies from the environment. The scanning of the environment may involve SWOT and PESTEL analyses that analyze both the internal and external environments of the firm. The scrutiny of the environment should be continuous so that a clear picture of the factors affecting the firm both internally and externally can be established and accurate strategies formulated (Chase and Jacobs 217).
- Strategy Formulation: This feature of a business plan is significant since it is related to the existing challenges and opportunities of the firm closely. Through this process, the firm decides the best strategy that it can take to meet its set objectives and therefore end up attaining its set purpose. The common strategies are corporate, business and functional strategies that have to be incorporated into the business plan.
- Strategy Implementation: Under strategic management processes, the implementation of a strategy is one of the important steps toward the achievement of company goals. Formulation of strategies does not stop there. There is a need to implement the strategies through stipulated measures to attain set goals. As the strategy is put into action, the firm may implement various things such as designing its structure, manufacture and distribution of products, developing the process of decision-making and managing human resources among others (Mescht 14).
- Monitoring and Evaluation: it is another significant step in planning where the implemented strategy has to be monitored to ensure that it is implemented as stipulated in the strategic guidelines. In addition, effective implementation will ensure that set objectives are achieved. As the final step of strategy management, evaluation involves appraising the strategy in terms of internal and external factors that form the root of the strategy (Kloppenborg 78). Through evaluation, a firm ensures that the formulated strategy and its implementation meet the organization set objectives. All these steps are conducted in chronological order to ensure efficiency and attainment of the company’s purposes (Graham 23).
Stakeholder Analysis
Stakeholders are individuals, groups of individuals or organizations that hold a special interest in an event including its operations and success. Stakeholders are a critical pillar in the success of any event. To a certain extent, stakeholders shape how event managers conduct an event. Stakeholder analysis is a process in which the event managers conduct a calculated effort towards understanding stakeholders and how to inculcate their demands to ensure the success of an event. Stakeholder analysis in event management is a tricky affair as this is a one-off occasion. Hence, there is no other chance to make stakeholders happy. For example, major events such as the World Cup or the marriage of high-ranking individuals (e.g. the Prince of England) call for meticulous planning to ensure they are successful and meet the expectations of all interested individuals (Jansson 13).
Relationship between Event Management and Stakeholders
As noted earlier, stakeholders are a crucial part of the success of an event. Certain benefits accrue from the inclusion of certain stakeholders in an event. It is also crucial to note that not all stakeholders contribute positively to an event. It follows that stakeholders need to be evaluated to remove distracters that hide in the name of stakeholders and interested parties. It is also the cardinal responsibility of an event manager to know the various stakeholders and determine their relevance regarding the success of an event (Cowen & Shenton 67).
The following benefits may be realized through the inclusion of relevant stakeholders in event management. The opinions of some stakeholders are crucial to the success of an event. For example, when planning a wedding for a high profile individual, it would be crucial to listen to renowned designers, hoteliers, security experts, and Public Relations experts. These individuals may be interested in the event for monetary or business gains but may provide the much-needed input to ensure that the event is a success. However, not all of the aforementioned stakeholder’s opinions may come in a manner aimed at aiding in the success of an event. Others are purely motivated by critical innuendos and it is the responsibility of the event manager to identify right and wrong criticism (Dann 19).
Some stakeholders reign in great resources. Sometimes, such resources are what the event manager s requires to ensure that an event is a success. For example, if England wanted to hold the world cup, it would be crucial to engage with the renowned football clubs, which have excellent stadia to be used during the event. The event managers would also engage with the government to provide the needed security machinery to make the event a success. Hence, it is vital to identify the stakeholders resourceful standing may be crucial in the success of an event (Diamond 56).
Communicating with stakeholders is part of engagement between event managers and stakeholders. Communication of the progress and parameters of success of an event is crucial to mitigate expectations and to receive supplementary feedback. However, not all events require constant communication while others need constant and sustained communication if they are to be successful. For example, guests to a high profile wedding would require having the venue and schedules. Additionally, events such as world cups require prior timetables for matches prepared. This way, the stakeholders know what to expect and can therefore plan. It also forms the basis for the success of the event (Pennanen 98).
Research Method and Data Collection
Use of a Case Study
Heritage Healthcare Agency is located in New Mexico. The core business activity of this organization is to provide medical services to patients in their homes. The organization’s target market is the adult and geriatric populations that live in New Mexico and Arizona. The programs and services provided by the organization include telehealth, go steady, speech therapy, medical social work, physical therapy, and occupational therapy. Telehealth is a service that enables doctors to monitor patients with chronic diseases such as congestive heart failure and hypertension. The patients’ health conditions such as blood pressure, pulse rate, and oxygen saturation are monitored from their homes. The go steady program targets patients who are suffering from prolonged dizziness, vertigo, and frequent falls (Roll 34).
The clinical operations of the organization involve providing comprehensive health care services at the patients’ homes. The objective of these services is to restore health and to reduce the adverse effects of diseases and disability. The organization has a team of highly skilled registered nurses who provide medical and therapeutic services to patients. The services are provided on occasional visits and a continuous basis. The nurses also provide follow-up services by monitoring the progress of the patients after treatment (Haugtvedt 67).
The services of the organization are marketed through promotional activities such as advertising. The adverts are placed in print and electronic media, as well as, the organization’s website. Additionally, the organization engages the public in regular conversations about its products to obtain the feedback that enables it to improve the quality of its services. The billing for the services is done per visit. Patients pay for every visitation and service provided by the organization. The payments are done through private health insurance and programs such as Medicare (Gray and Edwin 45).
Results and Findings
The vision of Heritage Home Healthcare Agency is “to be the leading regional provider of quality home health services, recognized for uncompromising dedication to the provision of comprehensive, professional, and compassionate care”. The mission of the organization is “to be creative, innovative, and a trendsetter in healthcare delivery, offering challenging and dynamic employment opportunities, encouraging and supporting the talents and energies of our staff and managing the company in a profitable manner” (Smith 76). Heritage Healthcare Agency’s vision and mission statements are based on its core values, which include creativity, excellence, integrity, and respect (Lee 65).
Strategic Planning Model
Heritage Home Healthcare Agency uses the alignment model to develop its strategic plan. The main objective of this model is to align the organization’s mission to its resources to facilitate effective operations. The rationale for choosing this model is that Heritage Home Healthcare intends to fine-tune its strategies and to identify the obstacles that might prevent it from achieving its vision and mission. The strategic plan of the organization is to improve the quality of its services and to expand its market share. In this regard, the organization intends to improve the productivity of its employees and to reduce the cost of its services to make them affordable to the majority of the citizens.
The organization’s vision, mission, and values are fundamental in the process of implementing its strategic plan. The vision statement describes the organization’s desired future, as well as, that of the community in which it operates. It specifies the long-term objectives of the organization. In this regard, it helps the organization to identify the goals to include in its strategic plan. Additionally, the vision inspires the staff and the community to support the organization in its quest to implement its strategic plan (Karake 16). The role of a mission statement is to describe the purpose of an organization.
Thus, Heritage Home Healthcare Agency’s mission statement indicates what the organization stands for and what it is currently doing to achieve its mandate. Concisely, it specifies the activities that the organization must include in its strategic plan to achieve its vision. For example, the organization intends to promote creativity and innovation to provide excellent services. Value statements describe the core ideology that underlies the operations of an organization.
The core values guide the process of executing the organization’s mission. The core values define the limits within which the organization carries out the activities outlined in its strategic plan. For example, the organization intends to promote excellence and creativity in every activity to achieve its mission. The core values also guide the organization’s operational culture, which focuses on staff development, the use of advanced technologies, and improving service quality standards (Brogan 87).
Organizational Structure and Key Leaders
Heritage Home Healthcare Agency’s organizational structure consists of two levels of management namely, the executive board of directors and line managers. The executive board consists of the Chief Executive Officer (CEO), the Vice President, the Chief Operating Officer (COO), the Director of Quality Improvement and Compliance, and the Chief Financial Officer (CFO). The executive board is highly involved in the implementation of the organization’s strategic goals. Concisely, they are responsible for setting the goals and identifying the activities that must be done to achieve them. They are also responsible for the provision of the resources that are needed to implement the strategic goals.
Implementing the goals is essentially a change process that requires effective leadership. Consequently, the organization uses Kotter’s 8-step change model to pursue its strategic goals. This model involves implementing change in eight steps, which include creating agency for change, forming a powerful change coalition, developing a vision for change, communicating the vision to members of the organization, eliminating obstacles, creating short-term wins, building on the change, and incorporating the change in the organizational culture (Barrat 67).
Conclusion
Implementation is the most vital stage in Strategic Management. Any implementation follows a certain procedure, but the above parameters are recommended. As noted from the paper, Strategic Management evaluation is equally important as is preparation and preliminary analysis. Any aspect of Strategic Management contributes towards a good result, including relationships of implementers. The results are tremendous and the management and stakeholders are happy. The success of Strategic Management may mean different things to different people. All projects have several stakeholders whose expectations must be met.
Even various employees of Health Care Agency may consider the success of the launch of this new product in different ways. For example, the CEO may consider the success of the product in the market as a measure. An accountant in the same organization may look at it from a budgetary point of view. Additionally, a laboratory technician may consider this a success from the ‘breakthrough’ point of view. Hence, a central ground must be reached to ascertain the success of Strategic Management.
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