Strategic Planning : A Strategic Plan

905 Words Feb 16th, 2015 4 Pages
There are many opportunities to capitalize on providing consistency of strategic planning, which will improve business efficiencies by undertaking continued systematic evaluations of all processes and overhead costs of the business economic performance. Companies can find the basis of developing a strategic plan by understanding the functionality of the company, the structure of organizational change, the impact of the strengths and weaknesses of the organization, and abiding by the company’s mission.
Furthermore, strategic planning is the development of a well thought out plan by an organization to produce growth, please customers, achieve targeted objectives, increase market position, and have the ability to compete in the market successfully (Bethel, 2011). In strategic planning a company must set long-term objectives “by spelling out annual (or perhaps quarterly) performance targets, management indicates the speed at which longer-range targets are to be approached” (Bethel, 2011). Additional forms of planning consist of short-range objectives that serve as stair steps or milestones that an establishment can reach to achieve its goals (Bethel, 2011). In some cases, managers can face several challenges when it comes to revisions of organizational change of a company’s performance evaluation.
As a result, the issues managers may face consist of findings on how to “combat rival price discounting”, “how to reduce the company’s high costs to pave the way for price…
Open Document