Solved: General Motors a 1,050- to 1,400-word paper in which you d…

General Motors a 1,050- to 1,400-word paper in which you describe the relationship between strategic and financial planning. Include the following: Purchase the answer to view it

 

solution

The Relationship Between Strategic and Financial Planning in General Motors

Introduction

General Motors (GM) is one of the leading global automotive manufacturers, known for its innovative vehicles and strong financial performance. To achieve its goals and objectives, GM relies on both strategic planning and financial planning. This paper aims to describe the relationship between these two planning processes in the context of the company.

Strategic Planning in General Motors

Strategic planning involves determining the long-term direction and goals of an organization and developing strategies to achieve them. In the case of General Motors, its strategic planning process is focused on key aspects such as product development, market expansion, and sustainability initiatives.

Product Development: GM’s strategic planning process includes identifying emerging trends and customer preferences to develop new and innovative vehicles. By investing in research and development, GM aims to create vehicles that meet the needs of customers while also addressing sustainability concerns, such as electric and autonomous vehicles.

Market Expansion: GM’s strategic planning process also involves identifying potential markets for growth. This includes analyzing market dynamics, consumer demands, and competitive landscapes to determine where the company can expand its presence. Through market research and strategic partnerships, GM aims to enter new markets and increase its market share globally.

Sustainability Initiatives: Another key aspect of GM’s strategic planning is its commitment to sustainability. The company has set ambitious goals to reduce its environmental impact by improving fuel efficiency, investing in renewable energy, and promoting recycling and waste reduction. These sustainability initiatives are aligned with GM’s long-term strategic goals and contribute to its reputation as an environmentally responsible automaker.

Financial Planning in General Motors

Financial planning is the process of estimating and allocating financial resources to support an organization’s strategic objectives. In the case of General Motors, its financial planning process involves analyzing historical financial data, forecasting future financial performance, and developing budgets and financial targets.

Budgeting: GM’s financial planning process includes setting budgets for various departments and functions within the organization. This involves estimating revenues, expenses, and capital expenditures to ensure that financial resources are allocated efficiently and effectively. By aligning budget allocations with strategic priorities, GM can ensure that resources are used to support key initiatives and drive the achievement of strategic goals.

Financial Forecasting: GM utilizes financial forecasting to project its future financial performance. This includes predicting sales, expenses, and cash flows based on historical data, market trends, and other relevant factors. By having accurate financial forecasts, GM can make informed decisions regarding investments, funding, and resource allocation.

Financial Targets: As part of its financial planning process, GM sets financial targets to track and measure its performance. These targets may include key financial metrics such as profitability, liquidity, and return on investment. By setting challenging yet achievable financial targets, GM can motivate and guide its employees to work towards the achievement of the company’s strategic objectives.

The Relationship Between Strategic and Financial Planning

The relationship between strategic planning and financial planning in General Motors is tight and interdependent. Strategic planning provides the overarching goals and direction for the company, while financial planning acts as a tool to allocate resources and support the achievement of those goals. Strategic planning influences financial planning by identifying the areas where financial resources need to be allocated, such as product development, market expansion, and sustainability initiatives. On the other hand, financial planning provides input and constraints to strategic planning by ensuring that the company’s strategic goals are financially feasible and can be supported by the available resources.

Conclusion

In conclusion, strategic planning and financial planning are closely intertwined in General Motors. Strategic planning sets the direction and goals for the organization, while financial planning supports the allocation of resources to achieve those goals. By aligning strategic and financial planning, GM can effectively utilize its financial resources to support key initiatives and drive the company’s long-term success.

References:

1. General Motors. (2021). About GM. Retrieved from https://www.gm.com/company/about-gm.html

2. Anthony, R. N., & Govindarajan, V. (2007). Management control systems. McGraw-Hill.

3. Horcher, K. A. (2005). Essentials of financial risk management. John Wiley & Sons.

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with TOP USA homework
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
Testimonials
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
11,595
Customer reviews in total
96%
Current satisfaction rate
3 pages
Average paper length
37%
Customers referred by a friend
OUR GIFT TO YOU
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat
error: Content is protected !!