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Some others consider it to be future-oriented plans for interacting with the competitive environment. Overall, strategic planning is long-term plan to optimize the resources to sustain competitive advantage and achieve the corporate goals. Different words and phrases have been used by different thinkers but basically, it is a long-term planning with definite goals. Hence, a formal strategic plan should consist of written plans; it should cover more than a year of activity. This should be formulated taking into consideration the strategic alternatives and identity the resource requirements.
Strategic planning has been defined as ‘the devising and formulation of organisational level plans which set the broad and flexible objectives, strategies and policies of a business, driving the organisation towards its vision of the future’ (cited by Aldehayyat & Anchor, 2008).
When speaking of strategy as a plan, Mintzberg and Quinn specified two essential characteristics about strategy – it is made in advance of the actions to which it applies and it is developed consciously and purposefully (Dooris, Kelley & Trainer, 2002). Mintzberg had earlier recognized strategy as a broader concept than ‘planning’. It could also be seen as a ‘Ploy’, ‘Position’, ‘Perspective’ and ‘Pattern’ (Anderson & Atkins, 2001). Even Quinn’s definition of strategy included planning as a part of strategy formulation.
Planning, according to Dooris, Kelley and Trainer (2002) is concerned with improving one’s condition and pertains to market share and improving profits. As a structured management discipline and practice, strategic planning is still in its nascent stage. Strategic planning has been considered as ‘the one best way’ to devise and implement strategies that would enhance the competitiveness of each business unit. The concept emerged during turbulent times of the 1970s, when the energy crisis and other unanticipated
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The use of SWOT analysis is widespread and useful in this context. SWOT analysis helps in strategic planning process by analyzing the business’s success factors, its weaknesses and provides an insight to the opportunities and threats that are prevalent in the industry that it works in.
On the one hand, it has to be in an attractive industry; and on the other hand, it has to strive for maintaining a considerable position in the industry. According to Porter (as cited in Eldering, 2009, p. 6), competitive strategy is the search for a favorable competitive position in the industry; and a firm can improve it depending on a firm’s choice of strategy.
It is the manager’s responsibility to ensure that the strategic planning of the firm is consistent with the needs of the market and the future expectations of demand from the consumer. The difference between strategic planning and planning is accounting for competitor trends and future demand and planning a strategy that is consistent with it.
Strategic planning may also mean a directed approach which is deliberately created to satisfy the need of the audience. It encourages the sharing of ideas through participation and therefore results into right judgment. As a result efficient decision making can be achieved through thorough analysis and successful implementation of policies and promotion of learning between the stakeholders (Langford & 2001).
1.1. General Environment This environment entails the patterns in the wider society, which influences the banking industry, and especially Wells Fargo Bank. In this case, this environment has seven main segments, which include demographics, economic, political/legal, social cultural, technological, global, and physical environment patterns (Ireland el at, 2009).
r that the capital projects involve high levels of investments and these are mainly used for acquiring asses and also to assist the company increase the size of its operations. The investments that are made have a major affect on the company and the operations of the company.
acing failure in developing answers, facing failure in staff coordination, ineffective management, and failure in recognizing board’s limits (Liff, 1997).
Some of the success factors for Kaiser Permanente include overcoming challenges and difficulties, good partnership with
Rudd loses an estimated amount of $106,322.26 annually. The departments of the corporation are welding, painting and shipping.
In spite of Rudd Corporation being a small corporation, it has managed to employ an employee’s number of four
The three C’s i.e. collaboration, cooperation, and coordination play a very important role in the process of strategic planning. Strategic planning is based on consulting the right sources of information at the right time.
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