Strategy Planning Strategic Planning - 1543 Words

a) What do you understand by the term â€Å"strategic Planning† Strategic planning is a process that implement by an organization/corporation to develop a plan to achieve its objectives of its overall long-term organizational goals. In marketing, strategic planning is to anticipate the possible outcome and determine the best method to achieve organizational objectives. In order to achieve organizational objectives, an organization has to plan its strategy and direction as well as decide on allocating its resources to carry out this strategy. Strategy planning also aims to control mechanism for leading the implementation of the strategy. Strategy planning plays an important role in corporation and it considers as an important aspect of strategic management. It is an organization’s procedure of framing its methodology in order to manage the execution of the technique. In business management, strategic planning is executed by vital organizers or strategists. In their analysis, the strategists involve several parties and sources of research to analyse the market environment of the organization. By conducting strategic planning, the strategists able to examine the relationship to the nature in which it competes. On the other hand, technique that proposed by the strategist includes designate objectives, make decision on activities planning to accomplish the objectives as well as provide assets to execute the activities. In order to accomplish the objectives in a system, theShow MoreRelatedStrategic Planning And Strategy Formulation1360 Words   |  6 PagesIt should be recognized that all or most strategies have their own value and limitations. One of the foremost scholars and proponents of strategic planning is, again, scholar Michael Porter. As discussed above, his ‘five forces’ analysis is widely adopted in organizations and in academics. In academics his work usually appears in chapters on external analysis. While his work on the concept of the ‘value chain’ certainly focuses internally, I will be considering the overall contribution of Porter’sRead MoreStrategy Formulation and Strategic Planning1185 Words   |  5 PagesThe Mission, Vision and Values of a company play a Fundamental role in Strategy Formulation and Strategic planning. We will discuss throughout this assignment, how developing effective mission, vision and values can help shape, develop and guide a firms Strategic choices. They reflect the firms fundamental core ideology. At the most basic level a mission statement can describe the firms overall purpose for being. It provides an inside to the present business scope and purpose of the firm that isRead MoreStrategic Planning And Planning For An Multinational Corporate Boardrooms Discuss Planned Strategies, Organizational Actions, And Integrated Implementation Essay1944 Words   |  8 PagesMention strategic planning and people envision multinational corporate boardrooms discussing planned strategies, organizational actions, and integrated implementation schedules to spearhead billion-dollar endeavors across the globe. And on the whole, that mental depiction validates plenty of scenarios as part of a larger strateg ic planning process. Essentially, the plan represents one critical component of a comprehensive [strategic planning] process seeking to attain acknowledged goals throughRead MoreFormulation Of Strategic Planning Model And Michael Porter s Generic Strategies Model1070 Words   |  5 PagesFormulation of Strategic Plans (First Name, Middle Name, Last Name) Department College Formulation of Strategic Plans Put more simply, a strategy is a guide or a road map that enable an organization to move from a present state of affairs to a more desired state in the future. It not only lays the foundation from which many decisions are made, but also act as a tool with which courses of action and long-range future plans are constructed. According to Schermerhorn (2013), a Strategy enablesRead MoreStrategy Planning For A Strategic Planning925 Words   |  4 PagesStrategy formulation is the first part of an organization’s strategic planning process. It involves multiple steps from environmental analysis, to measuring performance, to deciding on the best course of action for an organization. Strategy formulation also takes up most of the time in the strategic planning process since it’s crucial to get the plan right before actually implementing the plan. If you fail to plan, then you plan to fail. When working on a strategic plan, an organization needs toRead MoreMarketing Strategic Planning : Marketing Strategy1042 Words   |  5 Pages2.4 MARKETING STRATEGIC PLANNING PROCESS Marketing strategic planning is a management tool to help the organization does better work and understand how to compete for the future. It is a guiding process for the members of an organization developing them necessary procedures and operations in the future. Like a decisions strategy for the organization process, as the process of growing and maintaining a strategic fit between target of organization and capability and it’s changing marketing opportunitiesRead MoreStrategic Planning Within Ge927 Words   |  4 PagesThe strategic planning process is the formulation of the company’s major objectives and execution plans. This process is of particular interest in GE. Strategy formulation is the process of choosing the best methods for a company where customer needs; competitive position and internal capability are the three factors that play the main role in strategic planning. Every manager needs to have at least a simple notion of strategic planning to formulate his strategic plans. Strategic Planning is a wideRead MoreStrategic Planning : Strategic And Operational Planning889 Words   |  4 Pagesmajor types of planning used by organizations to achieve goals are strategic and operational planning. Goal setting is imperative to organizational growth, but without planning those goals may not be attainable. Top-level managers, as well as frontline lower level managers must work together if they want their organization to succeed. As stated by Cascella, (2002) â€Å"most business leaders recognize the importance of strategic planning, but few succeed in translating their strategies into business results†(CascellaRead MoreStrategy without action is only a daydream, but action without strategy is a nightmare Discuss the benefits of formal corporate planning in directing organisational action1588 Words   |  7 PagesIS STRATEGIC CORPORATE PLANNING RELEVANT IN THE 21ST CENTURY? This essay will discuss the benefits of corporate strategic planning. Firstly, we will look at what strategy is, and why strategic planning is important to an organisation. Secondly, what types of strategic models are used for planning, and finally given that organisations are increasingly complex and market dynamics are constantly changing is there a need for strategic corporate planning in the 21st century. It is hard to get a properRead MoreHCS 589 week 1 Strategic Planning Report paper DAB1562 Words   |  7 Pagesï » ¿ Strategic Planning Report Diedre Brown HCS 589 April 6, 2015 Deborah Laughon Strategic Planning Report A strategic planning report is to explain how the use of the tool will benefit an organization in the health care industry. Discussed in the report address what the strategic planning development and implementation process is and to address why it helps organizations be successful. Mr. Janowski, I am responding to you request to receive information on how the use of strategic management