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Discuss The Importance Of Strategic Planning

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implementation. It helps in implementation of strategies based on hierarchy of the organization.
2.2.7.1 Importance

Failing to plan the future is the planning to fail in the future. Following points show the importance of the strategic planning.
• Strategic planning provides overall direction
Strategic planning can give a general strategic way to the management of the firm and gives a particular path to areas like marketing strategy, financial strategy, human resource strategy and organizational development strategy, to make achievement of success. These different sorts of planning, some of which are mistaken for strategic planning are expected for parts of the organization, or particular functions or procedures inside the organization. These …show more content…

The impact of this execution is visible after long term but belief in the strategy makes executive to trust the planning and go ahead with it.
2.2.7.2 Process
A basic view of process of strategic planning is shown in the following figure 2.6 :

FIGURE 2.6: STRATEGIC PLANNING PROCESS

• Mission & objectives:
As explained earlier, mission statement and objectives defined for the organization, helps the organization to make out a roadmap of success. It defines realistic and measurable goals which can be achieved by considering whole organization as a unit.

• Environmental scanning:
The environmental scan has following components:

 Internal analysis of the organization
 External environmental analysis
 Analysis of the industry in which organization is operating
Internal analysis of the firm includes analysis of strength and weakness of the organization. Models like SWOT analysis can be used for internal analysis. For industrial analysis, the model of Porter’s five forces can be used. It analyzes suppliers, entry barriers, customers etc.
• Strategy …show more content…

In large organizations, the employees who will be following the strategy will be different than implementers.

• Evaluation and control:
The implementation and control of defined strategy is necessary as any process can’t be completed without a scope of improvement. It is necessary to observe the implementation of strategy and make a close loop of process improvement.
2.2.7.3 Advantage

• Provides framework and define directions to make management of the organization easier.
• Defines purpose and vision of the organization’s future that is shared with all levels of the organization to bring them on the same page as the management.
• Operates to create a dedication to organization and its goals.
• Decides priorities of the employees and match resources to meet their priorities.
• Deals with risk associated with the external environment.
• Improves decision making activity in all departments.

2.3 Strategic analysis

2.3.1

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