Importance of Having a Strategic Plan with in an Organisation

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strategic plan * IMPORTANCE OF HAVING A STRATEGIC PLAN WITH IN AN ORGANISATION. * DIFFERENT STAGES IN THE DEVELOPMENT OF A STRATEGIC PLAN FOR A COMPANY. * IMPORTANCE OF SWOT ANLYSIS IN ORGANISATIONAL AUDIT PROCESS WITH AN EXAMPLE TO PERFORM SWOT ANALYSIS. * IMPORTANCE OF PORTER 'S INDUSTRY STRUCTURAL ANALYSIS MODEL AND ITS ASSISTANCE TO DETERMINE INDUSTRY ATTRACTIVENESSS WITH AN APPROPRIATE EXAMPLE. IMPORTANCE OF HAVING A STRATEGIC PLAN WITH IN AN ORGANISATION Strategic planning is a process in which an organization defines its strategy and makes decisions on allocating its resources so that it can pursue the decided strategy. Strategic planning is fundamentally a decision making process, based on asking…show more content…
The strategic planning is just a requirement in modern times to anticipate the changes, to adapt to the changes and to take a perfect decision regarding those strategies. DIFFERENT STAGES IN THE DEVELOPMENT OF A STRATEGIC PLAN FOR A COMPANY Development of strategic plan is a deliberate process for the top management of the company so that all the further working and the decision making is acceptable. The formulation of the strategy, its communication with the related parties and its implementation and control is the crucial task for an organization. The following is the flow chart of the steps involved in a strategic plan development. This process is more important and applicable to business unit level of the organization. For large corporations, managing of portfolio of businesses is the strategy to be concerned by the corporate level. MISSION: The mission of the company is expressed in terms of the mission statement that tells the purpose of the organization. The projects to be carried over by the company are analyzed. The company’s mood is determined that from where it will start the work and where it is to be finished. OBJECTIVES: Objectives are the concrete goals of the organization that seeks to reach the target already set. The objectives set are attainable and they monitor the progress and make corrections where needed. SITUATION ANALYSIS: After laying down the objectives of the organization the next step is to devise a plan to

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