See Also:
Product Pricing Strategies
Marketing Mix (4 P’s of Marketing)
Business Plan
How to write an Action Plan
Value Chain
Strategic Planning Process Definition
The strategic planning process involves finding long-term goals, and running through the different steps of the process to achieve those goals. Strategy planning involves finding where the company excels as well as where to allocate resources to maximize the long-term potential or strategy of the company.
Strategic Planning Process Steps
The strategic planning process outline or steps is as follows:
Mission
The mission step for the strategic process involves the creation of a mission statement. This is a big step in that it defines where the company plans on going into the future.
Objectives
After a mission statement has been made, strategy analysis requires that long-term and short-term objectives need to be established. There needs to be a way of monitoring the objectives so that the company has a way to check up on the progress of the company. Monitoring also makes sure it is on the right track to fulfill its mission statement.
Situation Analysis
Once the objectives have been established the strategic process requires that the company begin performing information gathering. Not only does the company need to establish where it is, but it also needs to gather information on its competitors as well as the current economic environment.
Strategy
Once information is gathered for the company on itself and the environment, then the company can begin to establish an overall strategy. The strategy will first incorporate the overall mission statement, objectives, as well as the general environment. Once these have been considered the company needs to decide what it does best in order to maximize the potential of the company.
Plan Execution
After all of the strategy planning is done, a company will gain the financing needed. Then they will begin marketing. They will also be establishing all human and equipment capital needed to best fit the company with the overall strategy.
Controlling Process
As the company moves along towards its objectives and overall mission statement it should establish a monitoring system. In this way the company can regularly check its progress and make sure it is on track to meet all of the goals of the company. If the company is not on track, then it can make adjustments that will put it back on track. To learn more financial leadership skills, download the free 7 Habits of Highly Effective CFOs.
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