Strategic Planning Process Flashcards, test questions and answers

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What is Strategic Planning Process?

A strategic planning process is an important tool for a business to define its objectives and goals, set the direction for its operations and use resources effectively. It consists of several steps that help the organization to move from where it is now, to where it wants to be in the future.The first step of a strategic planning process is defining the company’s vision and mission. This involves identifying what the business wants to achieve over time, setting out its purpose, values and goals. The vision should be clear and achievable while also reflecting the overall objectives of the business. The next step is conducting a situation analysis, which involves analyzing both internal and external factors that could impact on the organization’s performance. This includes assessing economic trends, customer needs, competitors’ activities as well as technological changes that may affect operations or markets. Once this analysis is complete, an organization can begin developing strategies based on their findings. Strategies are defined as long-term plans or courses of action designed to address specific goals or issues identified in earlier steps of the planning process. Strategies may involve marketing campaigns aimed at increasing sales or expanding into new markets; cost reduction initiatives such as improving production efficiency; or technological investments to improve customer service levels or gain competitive advantage. Finally, once strategies have been developed they need implementing with detailed action plans outlining how each strategy will be executed over time in order for it to become successful in achieving desired outcomes for an organization. These plans should include timelines for completion as well as measurable targets so progress can be monitored effectively against predetermined goals set out during earlier stages of strategic planning process.