What is meant by strategic planning?

What is meant by strategic planning?

Strategic planning is an organizational management activity that is used to set priorities, focus energy and resources, strengthen operations, ensure that employees and other stakeholders are working toward common goals, establish agreement around intended outcomes/results, and assess and adjust the organization’s …

What is strategic planning explain with examples?

Strategic planning is a systematic process that commonly embraces the definition of strategic objectives, short, medium and long-term goals and broad plans to achieve them. Strategic planning provides the framework for all decisions to be made through the entire organization until the next strategic plan is delivered.

What is strategic planning and why is it important?

Strategic planning is important to an organization because it provides a sense of direction and outlines measurable goals. Strategic planning is a tool that is useful for guiding day-to-day decisions and also for evaluating progress and changing approaches when moving forward.

What is the first step in strategic planning process?

5 Step Process for Developing a Strategic Plan

1. Step 1: Write a Vision Statement.
2. Step 2: Write a Mission Statement.
3. Step 3: Perform a Gap Analysis.
4. Step 4: Write SMART Goals.
5. Step 5: Monitor Progress.

How do you start a strategic planning process?

Here is a closer look at the individual stages of the strategic planning process and how they affect your business.

1. Identify Your Strategic Position.
2. Gather People and Information.
3. Perform a SWOT Analysis.
4. Formulate a Strategic Plan.
5. Execute Your Strategic Plan.
6. Constantly Monitor Performance.

What should a strategic plan include?

While the specific terminology varies, basic sections of a strategic plan include the following in roughly this order:

• Executive summary.
• Elevator pitch or company description.
• Mission statement.
• Vision statement.
• Goals.
• Industry analysis.
• Marketing plan.
• Capacity.

What are the four components of a strategic plan?

Four Key Components of Corporate Strategy

• Visioning. Setting the high-level direction of the organization – namely the vision, mission and potentially corporate values – is the overriding purpose of the visioning component.
• Objective Setting.
• Resource Allocation.
• Prioritization or Strategic Tradeoffs.

What is the purpose of a strategic plan?

Strategic planning is a systematic process that helps you set an ambition for your business’ future and determine how best to achieve it. Its primary purpose is to connect three key areas: your mission – defining your business’ purpose. your vision – describing what you want to achieve.