1. Discuss the accuracy of this statement: Formal strategic planning systems are irrelevant for firms competing in high-technology industries where the pace of change is so rapid that plans are routinely made obsolete by unforeseen events.
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No, but in volatile industries, plans are reviewed more frequently, and more resources are usually dedicated to intelligence gathering, progress monitoring, and internal communications.
Explanation:
- A strategic plan's actions typically involve changing organizational capabilities: strengthening some existing ones, deprecating others, and building new ones in pursuit of a vision. Even if they moan and complain about the work and value of planning, the people who make organizations run require those visions.
- They require the sense that there are agreed-upon goals and next steps, as well as a way to progress toward a goal. A Strat plan expresses formal or policy-level commitment to those elements, regardless of how mundane they are or how bureaucratic the process of creating or reviewing them is.
- Remember that good strategy can emerge from informal practices within an organization, typically on the front lines, as Henry Mintzberg discovered. These elements can be formalized and sanctioned through strategic plans.
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