ipl-logo

Describe The Strategic Planning Process

977 Words4 Pages

STRATEGIC PLANNING STRATEGIC PLANNING Strategic planning is a comprehensive process which includes everything which a business should become and how best it can achieve that goal. Basically it links the business objectives to the actions and resources required to achieve them. While doing this it offers a systematic procedure to ask and answer the most critical questions faced by the management team. DEFINITION George Steiner defines strategic planning as “the formulation of basic organizational mission, purpose and objectives; policies and programmes to achieve them, and the methods needed to achieve organizational ends. WHY DO COMPANIES USE STRATEGIC PLANNING PROCESS? Strategic planning changes the performance and direction of the business …show more content…

Monitoring the strategy. 1. Describe the organization vision, mission, and values: This is the first task in the strategic planning process. The mission is an expression of the corporate intent. These justify the organization and legitimize the corporation’s role in the society and carry the grand design of the firm and communicate what it wants to be. It clarifies the very purpose of the corporation. It also represents the corporation’s guiding principles. An organizations vision, mission and values are unique and personal to the firm. 2. Defining the Business: This is the next task. Defining the business correctly is a pre-requisite for selecting the right opportunities and steering the firm on the correct path without defining its business correctly, the firm cannot set its corporate objectives in a proper manner. For formulating the strategy too, proper definition of the business is an essential pre-requisite. Even for understanding what constitutes its relevant environment end for making its environmental search effective, the firm must have a proper definition of business. Many firms fumble in the strategic planning task because they lack a proper definition of the business they are engaged …show more content…

Environment analysis: Survey of the environment is central to strategic planning. Environmental survey forms a vital part of the strategic planning process. It helps in the formulation of strategies in line with the opportunities emerging in the environment. In its attempt at environment survey, basically a firm gathers all relevant information relating to the environment and analysis them in detail. It analysis the macro environmental factors as well as factors specific to the business concerned. Under the macro-environmental factors, the firm studies ,political environment, the legal environment, government policies covering various areas ,demographic environment ,socio-cultural environment and the economic scene. As regards the firm studies emerging trends in the industry, the structure of the industry, the nature of competition and scope for invasion by substitute products. The environmental factors specific to business concerned include; the market demand, consumer, industry, competition, government policies, supply-related factors

Show More
Related

  • Hcs/404 Week 3

    537 Words  | 3 Pages

    403 1. The difference between the following terms are: Strategic management is the process of assigning responsibility to implement and monitor the activities that must be accomplished to reach the goal. Strategic planning is a method used to define the tasks and operationalize activities that must be accomplished to reach an identified or agreed-upon goal. Strategic thinking is a mental process of synthesizing and analyzing information to envision the strategies and tactics needed to achieve an ultimate goal. Strategy is a set of related actions that leadership makes to increase the organization 's performance on agreed upon and significant outcomes and benchmarks.

    Read More

  • Business Planning Activities Case Study

    1112 Words  | 5 Pages

    Business Planning Activity – Notes Only Document (Please answer each question thoroughly and retain a copy of this information for your records) 1. Describe your vision for building your practice at Edward Jones. How do you plan to add value to the clients and communities you will serve? My vision for building my practice at Edward Jones is to provide the best financial service and knowledge to those in my community.

    Read More

  • The Strategic Change Cycle

    1852 Words  | 8 Pages

    Recognizing an organization’s mission and values in the strategic planning process is always the first step. To a few organizations, this step would include revisiting and occasionally reworking the mission and values if necessary. To some organizations, it would be the first time they are sitting their mission and values. “Mission statements define the nature, purpose, and role of organizations; focus resources; and guide planning” (Keeling 213). They represent the route wherein the organization is proceeding.

    Read More

  • Target Risk Management Case Study

    908 Words  | 4 Pages

    The goals created for the organization have to be aligned with the strategic goals and overall mission of the entire organization.

    Read More

  • Political Factors Affecting Adidas

    1394 Words  | 6 Pages

    Part A Macro environment is important factor affecting the development of enterprises. A macro environment is the condition that exists in the economy as a whole, rather than in a specific sector or region.(Macro Environment n.d.) Cultures, politics, technology, nature, economy and demographic are the six major forces in the company 's macro-environment.(Kotler & Armstrong 2014, p96） Political factors Political factors include government regulations and legal issues and define both formal and informal rules.(PEST Analysis n.d.) All the companies have to follow these rules.

    Read More

  • Tesla Social Responsibility Analysis

    715 Words  | 3 Pages

    It relates to the purpose of the company and what they want to achieve in the future. The mission goes beyond the vision as it explains the company’s goals and objectives more clearly. It also mentions how this will be accomplished. The last step is to create a strategy based on the defined vision and mission. (Miller, 2014) Tesla’s mission is ‘to accelerate the advent of sustainable transport by bringing compelling mass market electric cars to market as soon as possible’.

    Read More

  • Macro Environmental Analysis Of Nike

    2130 Words  | 9 Pages

    We can look through its macro environment by six factors. The six factors are: political, economic, cultural, technological, natural, and demographic environment. The macro environment analysis is to find out the possible threats and opportunities of the brand. The analysis will

    Read More

  • Macroeconomic Factors Affecting Apple Company

    2241 Words  | 9 Pages

    MACRO ENVIORNMENT: Macro environmental factors are those irrepressible external factors that affect the company’s decision making process. These factors include demographic, socio-cultural, economic, political-legal and also the natural factors. Demographic factors – Demographic factors include age, sex, religion, location, thickness, occupation etc. Apple Company has 217 stores in United Stated and about 273 stores worldwide.

    Read More

  • Strategic Management: Strategies, Deliberate Or Emergent

    3600 Words  | 15 Pages

    However, in practice, the extent to which strategic planning constitutes a learning process seems to vary widely. Some authors argue that formalized strategic planning processes discourage learning and may thus be counterproductive to the effectiveness of planning. Despite the importance of strategic planning for management, little empirical evidence has been

    Read More

  • Value Chain Analysis Of IBM

    1674 Words  | 7 Pages

    Environmental factors: Both consumers and governments penalize firms for having adverse effect on the environment. Few common environmental factors are waste disposal laws, environmental protection laws and popular attitude towards the environment. In environmental dimension, IBM made some of the major technologies like to trace the weather throughout the world, IBM made computers for NASA for astrology that made them to set the satellite, which monitor the environmental changes over the globe. IBM also added some of the revolutionary environment friendly strategies that not just provides environment saving factors, but also cost saving factors like

    Read More

  • Micro Environmental Factors Of Nike

    1368 Words  | 6 Pages

    Micro and Macro Environmental factors that influence Marketing decisions (LO 2.1) Micro Environment: This indicates those elements over which the marketing firm has control or which it can use in order to gain information that will better help it in its marketing operations. Furthermore, these are the factors close to a business that have a direct impact on its business operations and success. It is important to carry out a full analysis of micro environmental factors prior to decide corporate strategy.

    Read More

  • Singapore Airlines Case Study

    3552 Words  | 15 Pages

    1.0 Introduction to Strategic Management Strategic management practices the formation; achievement and reaching the major objectives executed by the management of the company, by considering the capital and a task of the internal and external environments in which the company wishes to compete. 1.1 Introduction to Singapore Airlines Singapore Airlines (SIA) is established in year 1972 with remarkable performance among its competitors in the industry throughout its 35-year-long history till date (Heracleous & Wirtz, 2009). According to Singapore Airlines (2014), SIA is one of the youngest aircraft fleets worldwide to destinations crossing a network of more six continents, with its iconic Singapore Girl providing excellent standard of service to customers. Throughout the years of operations, SIA has an impressive ever-growing list of industry 's leading innovations such as offering free headsets along with a choice of meals and drinks in Economy Class in the 1970s, followed by introducing satellite based in-flight telephones in year 1991, involving an ample panel of renowned chefs, the International Culinary Panel, to provide lush in-flight meals in year 1998, developing audio and video on demand (AVOD) capabilities on KrisWorld in year 2001, and lastly flying the airbus of A380 from Singapore to Sydney on 25 October 2007 (Singapore Airlines, 2014).

    Read More

  • Factors Affecting Macro Environment

    1022 Words  | 5 Pages

    Micro Environment consists of factors or elements close to business that have a direct impact on the business operations and success. It also affects the business performance and various other decisions that are critical to business. Some of the micro-environmental factors include customers, employees, distribution channels, suppliers, media and the general public. Macro Environment are the major external and uncontrollable factors that influence an organization 's decision making, and affect its performance and strategies. The macro-environment consists of forces that originate outside of an organization and generally cannot be altered by actions of the organization.

    Read More

  • Kfc Marketing Environment Analysis

    1772 Words  | 8 Pages

    There are six major macro environmental factors of a company which are demographic environment, economic environment,

    Read More

  • Essay On Importance Of Operation Management

    1486 Words  | 6 Pages

    It is the planning before the action. In includes many activities like making decisions, making strategy for organization etc. At this time strategic planning is an important part of strategic management. Strategy describes how the goal achieves by using the available resources or what kind of resources they need to achieve the goals. This strategy is used when the organization wants to set the goals and wants to make the planning to achieve these goals by available resources.

    Read More

More about Describe The Strategic Planning Process

Open Document