strategic planning

Examples of strategic planning in the following topics:

• Overview of Types of Strategic Plans

  • The broader overview of strategic plans, as well as the five subgroups within strategic planning, provide businesses with direction.
  • Strategic management leverages strategic planning in order to design and execute a variety of plans specifically created to approach various facets of the business and competitive environment.
  • It is worth analyzing the broader overview of strategic plans, as well as the five subgroups within strategic planning that provide businesses with an outline of their strategic direction.
  • Strategic plans are what communicate the corporate strategy, direction, and resource allocation.
  • Long-range plans are those most closely related to the overall strategic-planning process.

• Strategic Planning

  • The financial forecast is a key input to strategic planning, a firm's process of defining strategy and making decisions about allocating resources.
  • Strategic planning is an organization's process of defining its strategy, or direction, and making decisions about allocating resources to pursue this strategy.
  • Unlike a financial plan or a budget, a financial forecast doesn't have to be used as a planning document.
  • Once again, these are assumptions that will factor into the financial forecasting and planning for the corporation.
  • Financial forecasting is essential for a company's strategic planning, management, and organization.

• Defining Strategic Planning

  • Strategic planning is concerned with defining company goals and determining the resources needed to achieve them.
  • Strategic planning is an organization's process of defining its strategy and making decisions on how to allocate resources to pursue that strategy.
  • Strategic planning generally deals with at least one of three key questions:
  • There are many approaches to strategic planning, but typically one of the following approaches is used.
  • Assess the definition of planning in context with strategy and the various planning process approaches

• Implementing Strategy

  • Strategic planning involves managing the implementation process, which translates plans into action.
  • One of the core goals when drafting a strategic plan is to develop it in a way that is easily translated into action plans.
  • Most strategic plans address high-level initiatives and overarching goals but are not always translated into the day-to-day projects and tasks required to achieve the plan.
  • Poor terminology or word choice and the wrong level of writing are both examples of ways to fail to translate a strategic plan so that it makes sense and is executable.
  • The strategic management process never ends.

• Fulfilling the Planning Function

  • Planning is the process of thinking about and organizing the activities required to achieve strategic objectives.
  • Generally, strategic planning deals with at least one of three key questions:
  • The key components of strategic planning include an understanding of the firm's vision, mission, values, and strategies.
  • There are many approaches to strategic planning, but typically one of the following is used:
  • Illustrate the primary considerations and influencing factors for organizations when pursuing strategic planning

• The Marketing Plan

  • People sometimes confuse marketing plans with strategic planning because the two are so tightly intertwined.
  • At other times, a marketing plan is created that drives the company's strategic planning.
  • It is important to realize, though, that strategic planning and a marketing plan are two different things.
  • Probably the easiest way to remember the difference between strategic planning and a marketing plan is to consider their starting points.
  • Strategic planning defines a company's strategy or direction, and the decision of how to allocate the resources essential to pursuing the strategy.

• The Overall Strategy

  • As there is always an element of uncertainty about the future, strategy is more about a set of options ("strategic choices") than a fixed plan.
  • Strategic planning is an organization's process of defining its overall strategy, or direction, and making decisions on allocating its resources to pursue this strategy.
  • Generally, strategic planning deals with three key questions:
  • "The Value of Formal Planning for Strategic Decisions: A Reply".
  • The key components of strategic planning include an understanding of the firm's vision, mission, values, and strategies.

• The Importance of Strategy

  • Strategic management is critical to the development and expansion of all organizations.
  • Strategic planning is the formal consideration of an organization's future course, and all strategic planning deals with at least one of three key questions:
  • In business-related strategic planning, the third question refers more to beating or avoiding competition.
  • It involves specifying the organization's mission, vision, and objectives; developing policies and plans to achieve these objectives; and then allocating resources to implement the policies and plans.
  • Evaluate the implications of the three key questions defining strategic planning

• Planning a Project

  • The stages of a project within the strategic-planning discipline provide a step-by-step approach to generating and implementing an effective strategy, for either a corporation or a strategic business unit (SBU).
  • Implementing a framework for generating a project-planning cycle, complete with strategic objectives, implementation methods, and assessment, is a primary responsibility of strategic managers.
  • Monitoring the operation for ways to increase value can redirect the strategic-planning cycle back to the planning-and-design stage.
  • As shown in the figure, there are five basic strategic management steps in the planning cycle.
  • Outline the five basic stages in the planning cycle as derived within the field of strategic management

• Overview of Inputs to Strategic Planning

  • Strategic plans can take the form of business or marketing plans, and consultants and industry experts are used in their development.
  • Strategic management is the highest of these levels in the sense that it is the broadest—it applies to all parts of the firm and incorporates the longest time horizon.
  • Business strategy refers to the aggregated strategies of a single business firm or a strategic business unit (SBU) in a diversified corporation.
  • A strategic business unit is a semi-autonomous unit that is usually responsible for its own budgeting, new product decisions, hiring decisions, and price setting.
  • A marketing plan may be part of an overall business plan.