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MGT 601: WEEK 2 - Assignment Example

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To a business entity, strategic planning is a tool or map which defines the routes, that when adopted by a business entity will result to a higher probability of getting from where it is to where its stakeholders or owners want it to go. Just like in a road rally, the strategic…
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MGT 601: WEEK 2 ASSIGNMENT
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Download file to see previous pages and which is well crafted is normally driven or implemented from the top down in the organization and it gives consideration to both the external and internal environments around the organization. At most times, a strategic plan is the managers’ work and therefore it is usually communicated to all the relevant stakeholders of the business or organizations that can either be inside or outside the firm (Plunkett, et al 6).
The need for strategic planning will normally become greater as an organization grows and the as its business environment becomes more complex. Companies or organizations who consistently apply a strategic planning method or approach which is disciplined are better positioned to evolve as the market sector changes and as the different segments of the market call for different needs for the services and products of the organization or company. A good strategic planning process will lead to enhanced communication in the organization since it facilitates for a better decision making thus leading to easy achievement of the stakeholders’ objectives and goals. However, there are various required steps and principles that are known to optimize the values associated with strategic planning (Ellis 42).
It will be prudent to note that despite the fact that the process involved in the strategic planning process may appear to be rational and systematic, it is normally iterative and as a result, it substantially evolves over time. In an addition to that, it is also subject to political pressure and will with time be modified accordingly.
This is the first step in strategic planning and participants should assess the organization’s current positions through examining its internal and external history and its changing contexts. In addition to that, it is that this stage that the participants have to ascertain what they have to work with through the consideration of both the strengths and weaknesses.
The second step in strategic planning is to answer ...Download file to see next pagesRead More
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