Identify and describe the planning steps the executive team could use to achieve success. - VCE - SSCE Business Management - Question 6 - 2002 - Paper 1
Question 6
Identify and describe the planning steps the executive team could use to achieve success.
Worked Solution & Example Answer:Identify and describe the planning steps the executive team could use to achieve success. - VCE - SSCE Business Management - Question 6 - 2002 - Paper 1
Step 1
Define the objective
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The first step is to clearly define the objective or goal the executive team aims to achieve. This sets the direction and provides clarity to all team members. A well-defined objective is specific, measurable, achievable, relevant, and time-bound (SMART).
Step 2
Outline the present situation
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Next, the executive team should assess the current situation or environment in which they operate. This includes analyzing strengths, weaknesses, opportunities, and threats (SWOT analysis) to understand the internal and external factors that may impact their success.
Step 3
Develop the strategy and evaluate alternatives
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The team then needs to develop a strategy that outlines how they will achieve the defined objectives. This may involve brainstorming sessions to generate alternative approaches and evaluating their feasibility and potential impact.
Step 4
Implement the strategy
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Following the strategy development, the executive team must put the chosen plan into action. This involves allocating resources, assigning tasks, and setting timelines to ensure effective implementation.
Step 5
Monitor and evaluate results
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Finally, it is crucial to monitor the implementation process and evaluate the results against the objectives. This step allows the team to make necessary adjustments and ensure that they are on track to achieve success.
