Question

1. Discuss and/or describe how three of these core elements are used in strategic planning:  finance (including efficiency/productivity), quality and value, current and planned mix of products and services, current/proposed strategies, and human resource management. Give examples or explain the importance of each.

Answer 1

Strategic planning is about deciding the future course of business and laying out a vision and growth path for the business in order for the business to thrive and attain competitive advantage.
The role of finance, quality and value and human resource management cannot be emphasised more in the realm of strategic planning.
Financial evaluation with regards to efficiency and productivity helps a firm to choose the most efficient method to complete a job and it also helps the firm to become more productive by eliminating wastage. Thus using financial evaluation one can diagnose current state, work towards an improved state of affairs and then attain that state and keep monitoring that situation on a continual basis.
Regarding quality and value, these are characteristics which help the firm to create a sustainable competitive advantage for the firm and helps it to sustain and gain market share for the firm. The enhanced quality and value delivered by the firm allow the firm to develop a brand image which in turn allows to firm get premium pricing and increase its profitability.
Human resource management is most crucial as the most valuable resources are the manpower and employees working in an organization. For the firm to attain a desired future state, a necessary pool of employee resource is required which will support the growth of the company and sustain the strategic path the company has embarked upon. So human resource planning and talent management allows the company to take stock of current and future requirements as per strategic plan and help meet those future requirements.