Asked Dec 13, 2019

The most strategic management cited and the change prediction on the strategy in the future?

Around 1300 words 


Expert Answer

Step 1

Organizations need to do strategic planning to prepare for the future. The true value pertaining to strategic planning is not primarily in the final plan, but remains more in the intellectual journey that the participants used to take while exploring the future. It also helps them in shaping the future. Formal strategic planning suggests:

  1. An explicit written process for determination of the firm's long term objectives.
  2. The evolution of alternative strategies to achieve these objectives.
  3. Evaluating these strategies.
  4. Systematic evaluation of results.
Step 2

A strategy is formed to determine the way through which the objectives should be achieved. Strategies should have to be subordinate to objectives. That is, they are relevant only to that extent to which they can help to meet the objectives. This advice is obvious in nature but is often ignored. The generation of alternative strategies targets to avoid this problem. It recognizes that the objectives may be achieved through different ways. Strategies should first be cleared through general terms. The more promising strategies need more explanation. The planning process is not complete until the company has at least one operational strategy. An operational strategy explains:

Step 3
  1. Which tasks should be done?
  2. Who is responsible for such task?
  3. When such task must be started and completed?
  4. The resources (time and money) available for each task

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