he success of any government entity, public or private company and non-governmental organization depends on the organization’s ability to meticulously plan, design and implement strategies that gear it up for the achievement of its goals. This is possible through an engagement of the relevant stakeholders in the process of strategic planning. Strategic planning has been a major area of interest for decades and has been extensively defined, studied and developed. Strategic planning can therefore be defined as a continuous process and attempt at formulating decisions of the goals to be achieved and the methods or steps to be employed in making it happen (Neal & Buck, 2012). Strategic planning is a broad concept that encompasses the identification
As Porter (1996) defines, “Strategy is about being different. It means deliberately choosing a different set of activities to deliver a unique mix of value.” The pressure of uncertainties, threats and constraints are making organizations to find ways for a healthy survival. Strategic management is the best route to explore the opportunities and minimize the threats. Strategy is the reason any business firm is established for and it gives sense of loyalty and motivation to employees as they are clear about what to do, when, how and by whom? Types of Strategy: It is imperative to outline the levels of strategies as they explain the time-frame.
It's important than a strategic leader develops a clear vision, but it is also fundamental that the leader sets in place. According to DuBrin (2016 p. 422), "strategic leaders rely heavily on intuition as to what direction the organization should take." It's important than the leader applies his/her devised vision to see if the vision will work in the long term while, at the same time, addressing pressing concerns. I believe that although strategy problems can require more time in solving, the leader should not just forget or dismiss operational progress since, over time, these can
Conclusion From the following research conducted it has been found that Strategic management is the backbone of an organization. The Top management knows best what’s good for the organization and to face the dynamic changes occurring in the business world. Organization which needs to lead needs an effective strategic management style. It might be possible that strategic management won’t be that much effective for some cases, you need to use it right. But most of the companies which are leading mainly are focusing on strategic
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?
There are many different types of plans and planning. Strategic planning involves analyzing competitive opportunities and threats, as well as the strengths and weaknesses of the organization, and then determining how to position the organization to compete effectively in their environment. Strategic planning has a long time frame, often three years or more. Strategic planning generally includes the entire organization and includes formulation of objectives. Strategic planning is often based on the organization’s mission, which is its fundamental reason for existence.
Introduction Strategic management is a key element of every organization. It refers to the process of making strategic decisions, which set a long-term vision and direction for an organization. The major aim of strategic planning is throwing light on the unique strengths and potential weaknesses of an organization, thereby allowing it to identify new opportunities or threats that might hinder the performance of the organization. Therefore, the paper discusses the significance of strategic management and strategic planning, thereby focusing on the importance of values and goals. The paper also describes various factors affecting strategic planning, such as internal and external factors.
Strategic management is a set of decisions and activities that directs the long-term performance of an organisation, which includes environmental analysis, strategy formulation, strategy implementation, strategy evaluation and control (Wheelen & Hunger, 2010). And strategic management, which will assure its continuous success and make it secure from changing situation, is an approach to connect the management of organisation with its environment (Ansoff, 1984). Strategic management can provide coordination between actions, objectives and direction for organisation to achieve organisational goals. 1.1 Core competencies Strategy is the direction and scope of an organisation over the long-term, which need use its resources to achieves advantage
Consequently strategic marketing will help the organisation solidify its place in the overall competitive business environment by creating a system ( marketing plan, promotional mix) or a strategy that acquires Customers. All marketing notions are centred around the all mighty customer and its relationship with the organisation or the business. The goal here is customer value and loyalty that will inevitably lead to profitability in the long
Strategic management is the comprehensive collection of ongoing activities and processes that organizations use to systematically coordinate and align resources and actions with mission, vision and strategy throughout an organization. Strategic management activities transform the static plan into a system that provides strategic performance feedback to decision making and enables the plan to evolve and grow as requirements and other circumstances