Reasons,why,strategic,plans,fa business, insurance Reasons why strategic plans fail and Limitations of strategi
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Normal 0 false false false MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable{mso-style-name:"Table Normal";mso-tstyle-rowband-size:0;mso-tstyle-colband-size:0;mso-style-noshow:yes;mso-style-parent:"";mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-para-margin:0in;mso-para-margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:10.0pt;font-family:"Times New Roman";mso-ansi-language:#0400;mso-fareast-language:#0400;mso-bidi-language:#0400;}Reasons why strategicplans failThere are many reasons whystrategic plans fail, especially:When the company fails to understand the customer. The motive behind customer purchase.The real potential of the product.Inadequate or incorrect marketing researchFailure to predict environmental reactionReaction and plans of competitors.Competitive brands.Price wars.Will government intervene?Over-estimation of resource competence.Can the staff, equipment, and processes handle the new strategy.Failure to develop new employee and management skills.Failure to coordinate.Reporting and control relationships not adequate.Organizational structure not flexible enough.Failure to obtain senior management commitment.Failure to get management involved right from the start.Failure to obtain sufficient company resources to accomplish task.Failure to obtain employee commitment.Lack of well explained new strategy to employees.Lack of given incentives to workers to embrace the new strategyUnder-estimation of time requirements.No critical path analysis done.Failure to follow the plan.No follow through after initial planning.No tracking of progress against plan.No consequences for above.Failure to manage change.Inadequate understanding of the internal resistance to change.Lack of vision on the relationships between processes, technology and organization.Communications barriers.Lack of information sharing among stakeholders.Exclusion of stakeholders and delegates.Limitations of strategicmanagementAlthough a sense of directionis important, it can also kill creativity, especially if it is strictlyenforced. In an uncertain and ambiguous world, flexibility can be moreimportant than a rigidity of strategic compass. When a strategy becomesinternalized into a corporate culture, it can lead to group think. It can alsocause an organization to define itself too narrowly. An example of this ismarketing myopia.Many theories of strategic managementtend to undergo only brief periods of popularity. A summary of these theoriesthus inevitably exhibits survivorship bias (itself an area of research instrategic management). Many theories tend either to be too narrow focusing tobuild a complete corporate strategy on, or too general having details shortageand too abstract to be applicable to specific situations. Populism orfaddishness can have an impact on a particular theory's life cycle and may seeapplication in inappropriate circumstances. See business philosophies andpopular management theories for a more critical view of management theories.In 2000, Gary Hamel was thefirst to use the term strategic convergence to explain the limited scope of thestrategies being used by rivals in greatly awkward circumstances. He exaggeratedin lamenting that strategies converge, because the more successful ones are implementedblindly by firms like a template so they do not understand that the strategicprocess involves designing a custom strategy for the specifics of eachsituation. Article Tags: Strategic Plans Fail, Strategic Plans, Plans Fail, Strategic Management
Reasons,why,strategic,plans,fa