1.3 Discussion Why Strategy? Strategic planning is a continuous organizational process of using available knowledge to document a business's intended direction. This process is used to prioritize efforts, effectively allocate resources, align shareholders and employees on the organization’s goals, and ensure those goals are backed by data and sound reasoning. It’s important to highlight that strategic planning is an ongoing process—not a one-time meeting. Clayton Christensen stated, “Most people think of strategy as an event, but that’s not the way the world works.” Strategic planning requires time, effort, and continual reassessment. Given the proper attention, it can set your business on the right track. Sometimes a great way to review strategic is to look at those organizations who failed in the strategic planning process. Do you remember Blockbuster video? Watch this video to get the wheels turning on the importance of business strategy:
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https://youtu.be/rTVkUHrprk8?is=LP7uy8zoJA5cN5Ez Discussion Topic Blockbuster was innovative at the time and even survived the transition from VHS to DVD. However, Netflix, Redbox, and video streaming quickly started to re-invent the movie rental industry. Rather than being a leader, Blockbuster started chasing the industry. Once you have viewed the video, respond to the following points: In your original post, answer the following: Where did Blockbuster's strategy fall apart? Are business leaders responsible for the success or failure of business firms? Why is the strategic control exercised by an organization’s strategic leaders important for long-term competitive advantage? If you were running Blockbuster in 2001, what would you have done differently? Required Reply Posts: Two replies are required for grading. You should justify your responses and opinions with research. Cite your source(s) in APA format. In your responses to your classmates, relate their responses to the future: destiny, change, forward-thinking, and leadership.
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