Abstract
Strategic planning is a process whish brings to life the mission and vision of an enterprise. The article analyses the following issues: 1. Concepts of strategy. 2. Components of strategic planning. 3. The basis of strategic planning. 4. Formal strategic planning. 5. Tools used in strategy development. 6. Problems of strategic planning.
Highlights
Strategic planning in business is like a map for a road rally driver
Strategic planning is a process that brings to life the mission and vision of an enterprise
Companies consistently applying a disciplined approach to strategic planning are better prepared to evolve as the market changes and different market segments require different needs for the products or services of the company
Summary
Strategic planning in business is like a map for a road rally driver. It is a tool which defines the routes to be taken that lead to the most likely probability of getting from where the business is to where the owners or stakeholders want it to go. There is a number of important steps to remember in the process of strategic planning They include collecting a meaningful and broad data base, creatively thinking about differentiation, defining of gaps, assessing of core competencies and understanding of identifying critical resources and skills. The strategic plan, to be of real long-term value, must be treated as an ongoing business process It must be reflective of the owners mission and vision. It must be proactive to a competitive market and economic conditions If those steps are followed, the strategic plan will institutionalize a culture of continuous improvement and disciplined change. Strategic planning, when treated as the work in progress, rather than as a binder on a shelf, or a file in a computer, provides business with a real and lasting competitive advantage It will help determine and direct the quality of relationships with suppliers, employees, unions, customers, and bankers.
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
