Strategic planning gives
a practice the structure to make day-to-day decisions that follow a larger vision
. This article presents the principles of strategic planning and outlines processes that your practice can adapt for short- or long-term planning. … “Some expect a strategic plan to be precise—it’s not.
What do you mean by strategic planning?
Strategic planning is
a process in which organizational leaders determine their vision for the future as well as identify their goals and objectives for the organization
. The process also includes establishing the sequence in which those goals should fall so that the organization is enabled to reach its stated vision.
How the article defines strategic planning?
[Google Scholar],
6–7
) defines strategic planning as a ‘deliberative, disciplined effort to produce fundamental decisions and actions that define what an organization (or other entity) does, and why it does it’.
What is strategic planning Journal?
Journal of Operations and Strategic Planning, a
peer-reviewed journal
seeks high quality, analytically rigorous papers in all areas of operations management (broadly defined). … Some of the topics include operations management theory, operations management research, etc.
What is strategic planning according to scholars?
Strategic planning is
a systematic process of envisioning a desired future
, and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them.
What are the 5 steps in strategic planning?
- Determine your strategic position.
- Prioritize your objectives.
- Develop a strategic plan.
- Execute and manage your plan.
- Review and revise the plan.
What are the four steps of strategic planning?
- Environmental Scanning. Environmental scanning is the process of gathering, organizing and analyzing information. …
- Strategy Formulation. …
- Strategy Implementation. …
- Strategy Evaluation.
What is an example of strategic planning?
Objectives
include baseline performance, targeted performance, and an established date for achieving the objective. Any example of a strategic plan must include objectives, as they are the foundation for planning. In this example, our objective is to increase client satisfaction from 82% to 90% by December 31st.
What are the types of strategic planning?
There are three types of strategic planning that are essential to every firm:
corporate, business and functional
. Corporate strategy deals with the overall firm. These strategic decisions cannot be made at a lower level without risking sub-optimization of resources.
What is the main purpose of strategic planning?
The purpose of strategic planning is
to set overall goals for your business and to develop a plan to achieve them
. It involves stepping back from your day-to-day operations and asking where your business is headed and what its priorities should be.
Why is strategic planning attractive?
Strategic planning is important because
it influences the attractiveness of the business to investors
. … The attractiveness of the business to potential investors means the ability of the organization to access financial resources that it could use for its continued growth and development.
What are the disadvantages of strategic planning?
- A Complex Process. …
- Time Consuming. …
- Difficult to Implement. …
- Requires Skillful Planning.
What are the benefits of strategic planning?
- It allows organizations to be proactive rather than reactive. …
- It sets up a sense of direction. …
- It increases operational efficiency. …
- It helps to increase market share and profitability. …
- It can make a business more durable.
What are the three definition strategies?
Definition: Michael Porter developed three generic strategies, that a company could use to gain competitive advantage, back in 1980. These three are:
cost leadership, differentiation and focus
. … Costs are removed from every link of the value chain- including production, marketing, and wastages and so on.
What are the 8 elements of a standard strategic plan?
- The Process Strategic: …
- The Process Is About Planning: …
- The Process Is Disciplined: …
- The Process is About Fundamentals: …
- The Process is About Decision-Making: …
- It Is The Long Range Plan: …
- Based On Operating Plan: …
- Strategic Management:
What is the first step in strategic planning?
The situation analysis
is the first step in strategic planning. It involves the gathering of information, both internally and externally, to provide insights into issues related to a business’s employees, customers, competitors and industry.
