CONCEPTS OF THE DYNAMIC STRATEGIC PLAN 1
Conceptsof the Dynamic Strategic Plan
Theconcepts of effective dynamic strategic plan are that the method isstrategic and involves choosing how best to respond and deal withcircumstances of a vibrant and sometimes a hostile environment.Secondly, the process is systematic in that it is structural andmainly data oriented. Similarly, dynamic strategic plan guides theacquisition and allocation of resources and choosing particularpriorities in the process of building commitment (Ward et al, 2016).
Thedynamic strategic plan mainly focuses and pays attention to importantaspects such as why the organization exists and why some individualsare interested and dedicated to making it thrive. Notably, successfulstrategic plan develops the need for a business to obtain thenecessary information that can be helpful in marketing, have a clearunderstanding of its mission and visions and finally create a pathfor actions such as decision making.
Inthis case, a dynamic strategic plan reaches beyond the organization’swalls and extends to strategic partners and stakeholders where itcommunicates rather than informing, therefore, it is a two-waydialogue between the business leaders and the employees.Additionally, it elicits input from other individuals as it canprogressively improve (Hubbard et al, 2014). Currently, the dynamicplan has become relevant and significant in that, it is imperativeand allow for dialogue to everyone in an enterprise.
Indynamic strategic plan method, one is communicating with people wherehe or she gets feedback because it is a way of showing people theprocedures which enable them to identify potential setbacks,therefore, the purpose of this is to solve challenges before theyoccur. Together with SWOT analysis (strength, weaknesses,opportunities and threats), an organization can curve supportableposition in the market and helps itself in uncovering opportunitiesas a strategy to distinguish itself from competitors so that afavorable market environment is achieved.
Theprocess of SWOT analysis involves identifying what advantage anorganization has over others, what might be unique or lowest-costresources can it access easily than other businesses (Hollensen etal, 2015). On the other hand, looking at the strengths, having a goodknowledge on what to improve and avoid is significant is determiningthe weakness of an organization. Also, recognizing the rightopportunities and interesting trends available to the business isnecessary when conducting the process of SWOT.
TheMemphis International Airport has identified critical areas where ituses effective strategic plan in large scale projects for futureplanning. In this case, it has modernized terminal regions as morepassenger hold rooms have been expanded, and many more improvementsare underway. It has also provided a dedicated plan for environmentalimprovement which creates sustainability, for instance, provision ofequipment that reduces emissions. It has also continued to buildcompetitive airfares while expanding flights and destinations. (DeNeufville et al, 2013).
Inmy opinion, dynamic strategic plan process serves a great significantin an organization. It leads to the implementation of technologicaldevelopments, and it is flexible to adjust quickly over timedepending on the situations and conditions that may arise. Also, itdirects the system planners and managers to identify the importanceof substantial improvements policies. On the other hand, the processis complicated, time-consuming and hard to implement as it requiresskillful expertise to avoid pitfalls. Finally, provides opportunitiesfor missteps that are anticipation for the future rather than thecurrent.
Hubbard,G., Rice, J., & Galvin, P. (2014). Strategic management. PearsonAustralia.
Ward,J., & Peppard, J. (2016). The Strategic Management of InformationProcedures: Building a Digital Strategy. John Wiley & Sons.
DeNeufville, R., Odoni, A., Belobaba, P., & Reynolds, T. (2013).Airport systems: planning, design, and management.
Hollensen,S. (2015). Marketing Management: A relationship approach. PearsonEducation.