Imagine a friend or family member had an idea for a business and asked you for guidance based on the knowledge and skills you acquired through your MBA program. Perhaps they simply wanted to take you to lunch one day to inquire about your thoughts, or they might have wanted you to participate in the business in either an employer-to-employee or a partnership relationship. In either scenario, how much more confidence would you have in their idea if they could easily answer questions about the industry, competition, target customers, and so on? If they did not know where to begin when answering these questions, you might point them toward the validation tools that are covered this week. It is probably safe to say that you would not be as willing to get involved. This week, you will consider a scenario from your experience and explore how validation tools could have played a role in that scenario.
To prepare for this Discussion:
· Consider a scenario from your personal or professional experience in which the outcome of the scenario could have been vastly improved if strategic planning tools had been incorporated in some fashion.
· Review this week’s Learning Resources and consider which of the validation tools (i.e., strategy map, PEST analysis, five forces analysis, key success factor analysis, stakeholder analysis) would be the best choice to implement in your scenario to achieve a better outcome.
Post a synthesis of the results of a validation tools analysis related to a personal or professional experience, to include the following: (150 words or more)
· Describe a scenario from your personal or professional experience that could have been improved using strategic planning.
· Propose which validation tool would support the best results if it were applied to the scenario. Provide a rationale, including specific details.
References:
Leadership teams need to be able to set the direction for their organizations, which can include setting the priorities, determining how resources are allocated, ensuring that goals are getting met, and so on. To assist with this process, managers and leaders can rely on strategic planning tools, such as strategy maps, P.E.S.T. analysis, and Porter’s Five Forces analysis. Using these resources, you will examine these tools and consider their role in an organization’s strategy.
· Athuraliya, A. (2021, September 24). . Creately.
When a strategy is developed, it can act as a guide for an organization. It can map out the vision and direction for where that organization wants to go moving forward. When everyone in an organization—from top-level leadership to entry-level employees—has clear goals and can follow a clear mission, the organization can function better as a cohesive unit to achieve its goals. Through these resources, you will explore how to choose a strategy that will increase the likelihood of success.
· Emerald Works Limited. (n.d.). . MindTools. https://www.mindtools.com/community/pages/article/newLDR_80.phpCritical Success Factors: Daniel and Rockart’s Guide to Meeting Strategic Goals by MindTools.com. Copyright 2021 by Mind Tools Ltd. Reprinted by permission of Mind Tools Ltd. via the Copyright Clearance Center.
When validating a strategy, managers might consider the semantics of the strategy. They may ask about what the strategy says, how it relates to other plans, and how it connects to business outcomes and goals. Through these resources, you will examine tactics for designing and validating strategies.
· Githens, G. (2011, March 29). . Leading Strategic Initiatives. https://leadingstrategicinitiatives.com/2011/03/29/validation-how-to-get-strategy-right/
