Business Finance Homework Help

1-When planning your strategy with your business plan, you must understand first why you are doing what you are doing, also referred to as your mission, where exactly you are trying to go with your strategic planning referred to as your vision, and how you will go about your plan which is your core values. The mission, vision, and core values must not be forgotten when strategically planning out your business plan. They are critical to the business plan: who, what, where, when, why, and how. For example, the doc has used strategic planning in its journey of success that ties into its mission, vision, and core values. They strive to make digital health care the first choice and, in their planning, have demonstrated how digital healthcare can help close the gap to access to care (Kearney, 2019).

Teladoc has contracted with many hospitals to provide board-certified physicians of various specialties and to help reduce some of the healthcare costs incurred by hospitals; often a consulting physician is for a specialty that is not easily able to be filled and therefore the hospital contracts with companies like Teladoc to be able to safely render services or consultations for patients in need such as a psychiatric consultation on a medical floor without an on-staff psychiatrist on a holiday or weekend as often coverage issues can occur. As a result, Teladoc finds a way to offer hospitals, practices, and other healthcare services virtual healthcare services on demand with little to no wait (less than 8 minutes on average) at an affordable price and with board-certified physicians who are trained in the appropriate skill level to assist the patient in their medical needs (Uscher, Mulcahy, Cowling, Hunter, Burns & Mehorotra, 2016).

In my strategic planning, I find that defining the three main points, my company’s mission, vision, and core values are critical to my success. These are not just thought of in one second but take time and thought about why you aspire to do what you are doing. The stronger your mission and vision statements generally the more inspirational the project or business can become, and the idea of motivating to inspire can often push employees to go the extra mile when a company defines its mission, vision, and core values and ties them into the way they carry out their day-to-day operations.

References

Kearney, C. (2019). Strategic Planning for Financing and Growing Biotechnology Companies: Strategic Planning for Financing and Growing Biotechnology Companies: Research and Regulation. Journal of Commercial Biotechnology, 24(4) https://0634j8bzg-mp03-y-https-www-proquest-com.pr…

Uscher-Pines, L., Mulcahy, A., Cowling, D., Hunter, G., Burns, R., & Mehrotra, A. (2016). Access and Quality of Care in Direct-to-Consumer Telemedicine. Telemedicine journal and e-health: the official journal of the American Telemedicine Association, 22(4), 282–287. https://doi.org/10.1089/tmj.2015.0079

2-Hello Classmates and Professor,

Microsoft Corporation‘s strategic plan is in close relation to its mission, vision, and overall values. For example, Microsoft’s mission and vision state that they want to “empower every person” in order to help them “achieve more” (Microsoft, n.d). Microsoft’s plan is to try to focus on targeting multiple segments in the market while reaching everyone’s full potential through its innovative technology. The EVP of Cloud and AI noted that Microsoft is focused on “digital transformation” which is the idea of binding technology in the way business is done (Guthrie. S, personal communication, September 14th 2021). The company’s growth strategy is to focus on the digitization of the world. Along with being an innovative firm, setting trends, it uses that to drive its business relations in different areas and industries. This innovation is shown in its leadership as they aim to empower everyone internally to give ideas to improve its products.

Microsoft’s strategy requires constant investment in its development which aligns with their organizational structure as they are always focused on research and development. Microsoft states that it continues to invest in data centers and other hybrid edge infrastructure to support its services. For example, Azure is a trusted cloud with comprehensive compliance coverage and AI-Based security (Microsoft Corporation, 2020). The company continues to expand its progress not only internally but externally as well as making partnerships with other organizations to improve themselves. Eventually, as more industries transition into a digital market, Microsoft will be the main source of help to assist the transformation.

Researchers have defined strategic planning as the process of validating and defining a direction for corporate operations by reviewing both current and future objectives. This is the process through which a company defines its vision and plans, as well as how it allocates its human capital and other resources to support those visions and objectives (AlQershi, 2021). Strategic planning helps my own personal economic life because it allows me to align my financial goals to an achievable plan. In short, it allows me to plan my future goals into a series of steps and actionable items to get there.

Resources

AlQershi, N. (2021). Strategic thinking, strategic planning, strategic innovation and the performance of SMEs: The mediating role of human capital. Management Science Letters, 11(3), 1003-1012.

Microsoft Corporation. (2020, June 3). UNITED STATES SECURITIES AND EXCHANGE COMMISSION, Microsoft Corporation. SEC.Gov. Retrieved November 17, 2021, from https://www.sec.gov/Archives/edgar/data/789019/000…

Microsoft. (n.d.). About. Retrieved November 3, 2021, from https://www.microsoft.com/en-us/about

3–A strategic plan is a document that communicate the organization’s primary goals and objectives to the rest of the world. It also explains the steps required to attain those objectives and the other critical factors identified during the planning process. The firm’s long-term strategic plan reflects the corporation’s value and serves as a benchmark for choices and operations. The company’s mission is long-term, and it conveys the firm’s relevance while also serving as a guide for decisions and operations. The Coca-Cola Company has a strategic plan that it hopes to put into action with the help of good leadership (Pendergrast & Crawford, 2020). The strategic plan of Coca-Cola is to accelerate the growth of carbonated drinks, driven by Coca-Cola, and expand the beverage brands to generate profitable growth (Pendergrast & Crawford, 2020). The company also plans to grow system capabilities and profitability with its bottling partners and improve its efficacy and cost-effectiveness.

The company’s corporate strategy is dedicated to regulating and mitigating risks in domestic and global markets, which includes tackling the issue of a shortage of adequate quality water in its various locations (Pendergrast & Crawford, 2020). As a result, one of the strategic plans is to develop a long-term water supply to avoid rising production expenses. So far, the strategic plans have been partially successful, as the company and its brand remain solid and consistent in the market.

Strategic planning can benefit me as I engage in my personal economic life. A strategic plan aids in the development of a feeling of purpose and identifies the path that I must take to achieve success in all areas (Buckley, 2016). It assists in developing practical objectives and goals that are in keeping with the organization’s vision and mission. It also lays the groundwork and establishes the boundaries for resource allocation and effective decision-making (Buckley, 2016). Resources may be redirected and appropriately managed with defined strategic plans and goals, ensuring that efficiency is enhanced, and waste is reduced. Appropriate goals and KPIs could be defined and measured to determine success and growth.

References

Buckley, P. (2016). Multinational corporations. The Palgrave Encyclopedia of Strategic Management, 1-7. https://doi.org/10.1057/978-1-349-94848-2_432-1

Pendergrast, M., & Crawford, R. (2020). Coke and the Coca-Cola Company. Decoding Coca-Cola, 11-32. https://doi.org/10.4324/9781351024020-1

4-Walmart Strategic Plan. “Always low prices”, is the first aspect you conceptualize of when you think about one of the main winning companies around the globe, Wal-Mart. For a long time, they represent a well-known company because of their everyday low prices and the multi-difference of products. Their mission statement is “Saving people money so that they can live better”. Therefore, their plan is not only to help their financial situation but also the situation of the customers which will give them an advantage over their competition.

Organizational structure and strategy are kin because organizational strategy aides a company to explain and create its organizational structure. A company’s organizational structure is founded on the product of the analysis of organizational strategy. Also, The impact of your organization is directly based on the impact of your leaders. Strategic planning is vital in stating where your organization is headed and how you plan to get there. More often than not, leaders are the ones who make strategic plans for the future.

Also, the strategic plan and the mission statement are closely connected together on the goal of a strategic plan is to lay out your organization’s timeline to sustainably enact its mission statement. Typically spanning three to five years. Also, Vision statements add guidance for employee behavior and help give motivation. Strategic plans may demand a marketing strategy, which could require a vision statement to also help motivate consumers to work with the organization. A vision statement is a picture of the future with hope and a positive outlook.

Also, basing strategic planning around core values permits your business to stay up to date and build a mighty foundation. They are the businesses’ basic values by which the company should base its aspirational endeavors that its customers can directly relate to. “Building a sustaining brand that is cost-effective. I believe that a strategic plan guiding my economic personal life would be of great benefit. This is true because it has been stated that “timing is everything.” therefore a good strategy plan would help me better organize my economical life because failing to plan is planning to fail. Therefore, it all comes down to a person’s values they deem to be important. So, this will determine the priorities that a person places on his responsibilities and life. After all we all do that which is in our best interest (Walker, 2017).

Walker, N. (2017). Embrace Action: Engage in Strategic Planning: President’s message. AORN Journal, 106(4), 277-279. http://0624jamel.mp01.y.http.dx.doi.org.prx-keiser.lirn.net/10.1016/j.aorn.2017.08.011