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Strategic management - Essay Example

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The objective of this research is to acquire a better insight of strategic planning. The researcher of this essay aims to pay special attention to the purpose and values of strategic plans; overview of the strategic planning process; definition of different strategy options…
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Strategic management
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Download file to see previous pages This paper focuses upon the strategic planning as an analytical process for organizing the present on the basis of desired future projection. So, it is a transparent road map which is used to lead an organization from its current position to the near future i.e. in next five or ten years where it would like to be. It is very necessary for all division in an organization to have their own strategic plan. There are some important characteristics in a strategic pan. It should be simple to be understandable for the persons or employees who will implement this. It needs to be clearly written based on the current actual situation of an organization. A strategic plan should have enough time allowed for settling down the objectives and adopting new strategies. It should not be rushed to implement a strategic plan. The main purpose of strategic planning is to structure the long term goal of an organization to assist the associates involved with the organization in developing priorities and effective serve for sustainable outcomes. The plan must be practical as well as flexible so that it can be used as effective guide for implementing programs. Evaluating the outcomes and making necessary adjustments in the process. Another of purpose of strategic planning is to improve probable chances of desirable and possible outcomes. There are important values of planning which integrate the performance of an organization. It helps to prepare the contingencies which can prevent an organization from unable of attaining goals....
There are important values of planning which integrate the performance of an organization. It helps to prepare the contingencies which can prevent an organization from unable of attaining goals. Planning enables an organization to develop a framework for estimated growth and progress. An effective strategic plan influence the organization to adopt an efficient strategy for proper allocation of resources in particular manner will allow enable it to achieve its goal (Thorton, 1986, p.5). B. Overview of the strategic planning process An organization is benefited by strategic planning to have an effective focus on attention and resources in the away to goal. The strategies help the organization for progress and growth by successful implementation in the macroeconomic level i.e. in the volatile global and national business environment. An organization can develop effective budget, gain efficient collaboration and cooperation inside and outside the industry of the organization. It helps the organization to focus on the important work for a particular timeline. Another function of planning process is that the processes develop a framework of estimation of work need to be done with respect to deadline i.e. what need to be done and when. By this process the leader of a division can track the process so that he can monitor the growth of the process and take essential actions related to the strategies as well as activities in the programs. The macroeconomic business environment fluctuates all the time, even a smallest changes in the micro level i.e. in the industry where the company belongs, can ruin a best strategic plan. If a continuous monitoring is done in the strategic planning process, it will help the leader as well as the organization to evaluate the progress rate ...Download file to see next pagesRead More
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