Describe the role of strategic planning in achieving a competitive advantage

Wk 2 – Apply: Strategic Management Research Journal, Part 2

Create a 700 to 1,050-word entry in your strategic management research journal. You will use information from this entry in your presentation due in Week 5. Respond to the following prompts in your journal entry:

• Describe the role of strategic planning in achieving a competitive advantage.  
• Assess Caterpillar Inc. to determine whether their top focus is accounting profitability, shareholder value creation, or economic value creation. 
• Assess whether Caterpillar Inc. leverages the appropriate value and cost drivers for their business strategy. 
• Analyze the strengths and weaknesses of Caterpillar Inc’s competitive advantages.
• Evaluate the influence of ethics, social responsibility, and legal considerations on strategic planning.  
• Discuss the value of corporate social responsibility (CSR), and determine if Caterpillar Inc.’s CSR meets those values. 
• Analyze the role of ethics and social responsibility in developing Caterpillar Inc.’s strategic plan while considering stakeholder needs and agenda.