Objectives And Objectives Of Strategic Planning

1220 Words Oct 29th, 2015 5 Pages
Strategic planning involves defining an organization’s process strategy or direction and making the necessary decision on allocating resources to achieve the defined strategy. Key components are defining the mission statement, establishing the goals and objectives a company wishes to achieve, and creating the strategies to attain the set goals and objectives. This process provides direction and meaning to the day-to-day activities of an organization. It also examines the organization’s core values, current progress, and environment it is working within. Since our environment is changing demographically, economically and culturally at all times, and organization must utilize the strategic planning process to transform and stay competitive. It 's often something companies will revisit throughout the year to make sure they are on track and this cycle will repeat annually. Michael Porter wrote in 1980, formulation of competitive strategy includes consideration of four key elements:
1. The Company’s strengths and weaknesses
2. Personal values of the key management and the board
3. Industry opportunities and threats
4. Broader societal expectations A strategy is a long-term plan of action designed to achieve a particular goal, as differentiated from a tactic or immediate action to be pursued with resources on hand.
The development of a strategic plan requires detailed information gathering and analysis, and must be developed to match the goals and objectives of the leadership…
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