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Apply: Strategic Plan Evaluation

This article discusses the evaluation and improvement of the strategic plan of Hoosier Media, Inc., focusing on measuring organizational performance, examining progress towards objectives, determining measurable and verifiable criteria, and making necessary changes for future competitiveness.

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Apply: Strategic Plan Evaluation

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  1. Apply: Strategic Plan Evaluation XX Bus/475 XX

  2. Strategic plan of Hoosier Media, Inc.  • How should the company measure organizational performance? • How will the company examine what progress is being made toward the stated objectives? • What criteria will be used when determining whether company objectives are measurable and verifiable? • Based on your knowledge of the company, what changes should be made to reposition Hoosier Media competitively for the future?

  3. Strategy Plan Evaluation The strategy-evaluation process must exhibit several characteristics to be effective. • Strategy-evaluation activities must be economical • Strategy-evaluation activities should be meaningful • Strategy-evaluation activities should provide timely information

  4. Evaluating a Strategic Plan

  5. Find Balance Step back for a moment, then ask these questions to find balance and evaluate the strategic plan. • Does your plan connect your mission to your vision? • Is your plan realistic? • Is your plan integrated? • Is your plan balanced? • Is the plan complete? • Is the document clear?

  6. Corrective Actions Corrective action depends on the discovery of deviations and the ability to take necessary action.  Causes of deviations can range from unrealistic objectives to the wrong strategy being selected achieve organizational objectives. Each cause requires a different corrective action.  • Normal mode - follow a routine, no crisis approach; this take more time • As hoc crash mode - saves time by speeding up the response process, geared to the problem ad hand. • Preplanned crisis mode - specifies a planned response in advance; this approach lowers the response time and increases the capacity for handling strategic surprises. (Barnat, 2014)

  7. Measuring Organizational Performance Hoosier Media needs to measure specific information to develop the organizational performance. • Identify the Strategic Measurements Right Down to Departmental Level • Simplify the Performance Measures • Measure the Right Things • Eliminate “Silo” Thinking • Measuring Your Organization’s Performance (Stanleigh, n.d.)

  8. Measuring Progress • Compare expected results to actual results • Investigate deviations from plans • Evaluate individual performance • Examine progress being made toward meeting stated objectives.

  9. Criteria used Determining Company Objectives are Measurable and Verifiable

  10. Criteria used Determining Company Objectives are Measurable and Verifiable Cont.. • Economic Forces • Legal and Regulatory Forces • Financial Considerations • Competitive Advantage • External Considerations

  11. Changes to be Made • Be Flexible • Business Processes • Employees • Be Open to New Technology • Promote more online advertisements • Be Creative, Innovative, and Involved • Employee Satisfaction • Focus Toward Online Advertisements

  12. Conclusion By Hoosier Media Inc. devoting time and effort into their business strategies, it shows determination and dedication. They have put forth effort trying to detect problem areas that have led to the decrease in sales and are ready to take corrective actions to turn the business into a profitable organization again. This can be one of the best realizations for a company to make and may create an extreme turn around for the organization.

  13. References Barnat, R. (2014). Strategic Management: Formulation and Implementation. Retrieved from http://www.strategic-control.24xls.com/en150 David, F. R., & David, F. R. (2017). Strategic Management A Competitive Advantage Approach (16th ed.). Florence, SC: Pearson Education. Stanleigh, M. (n.d.). Measuring Your Organization’s Performance. Retrieved from https://bia.ca/measuring-your-organizations-performance/

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