Murray State Consumer Electronics Industry & Strategic Planning Process Discussion

Select a specific product within the consumer electronics industry, and use the six stages of the strategic planning process listed in Table below, to develop a strategic plan for the product.

1. Information-gathering stage

Determine status of the business unit

Ascertain needs of operations

Determine status of competition

Conduct technical planning studies

Consider key concerns and issues

2. Consolidation stage

Derive scenarios of possible futures

List needs, opportunities, threats, and impacts

List key concerns and issues

List strengths and weaknesses

3. Strategy formulation stage

Analyze and evaluate lists of needs against lists of key

concerns and issues

Evaluate maturity of present technologies and possible

use of new technologies

Match lists with strengths and weaknesses

Develop preliminary alternative strategies

Develop candidate tactics

Evaluate and suggest priority of strategies

4. Selection stage

Select one set of strategies, or

Look again at some new technologies and then decide

5. Implementation stage

Consider project candidates (tactics) in depth

Test tactics against best and worst scenarios

Consider funding limitations

Suggest priorities of specific projects

Describe the group’s R&D areas

Set goals

Draft strategic and operational plans

6. Review stage

Submit plans for review

Adjust plans as necessary

The assignment is to answer the question provided above in essay form. This is to be in narrative form and should be as thorough as possible.The paper should be at least 1.5 – 2 pages in length, Times New Roman 12-pt font, double-spaced, 1 inch margins and utilizing at least one outside scholarly or professional source related to project management. The textbook should also be utilized. Do not insert excess line spacing. APA formatting and citation should be used.