Thursday, September 12, 2019

Strategic planning at Canon Essay Example | Topics and Well Written Essays - 2000 words

Strategic planning at Canon - Essay Example Canon is a firm that is already well established in the global market. The success of the firm can be considered as the result of a well structured strategic planning process where the needs of the firm’s departments are aligned and are appropriately served through flexible strategic measures. At the time when the firm established – in 1957 – the use of strategic planning for the promotion of a firm’s interests was limited. Through the years, the firm managed to improve its strategic plans responding to the customer demands but also to the global competition – which has been increased at quite high levels the last decade. The firm has chosen to apply three different – in terms of their duration - strategic plans. In the short term, the improvement of the firm’s finances has been set as a priority – the pressure of the global competition is clear. In the medium term, however, the firm chooses to focus on its goals and its resources (both capital and human resources). In the long term, the criteria for the development of the firm’s strategic choices are going to be reviewed; the improvement of the firm’s position in the global market (1st position in the specific industrial sectors worldwide) would be then an achievable target. The success of the strategic planning process used by the firm can be proved primarily by its performance. In accordance with the figures related with the firm’s activities – as included in its financial statements – the sales of Canon have been increased to 3,468 billion (2004) from 4.2 billion in the first year that the firm entered the particular industry (in 1950). The particular elements of the firm’s strategic planning process can be identified in Figure 5 (Appendix). The range of the firm’s products is significant including computer, optical products, photocopiers and cameras. The significant advantage of the firm towards its competitors can be identified to its

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