The following points highlight the five main stages involved in the process of strategic planning. The stages are: 1. Objectives 2. SWOT Analysis 3. Gap Analysis 4.Strategy Alternatives 5.Strategy Implementation. Stage # 1. Objectives: Both Drucker and Ansoff suggest that the overall objective of the firm is not profit maximisation but long-term profitability. Ansoff has identified a 'hierarchy of objectives' [...]
The following points highlight the three levels of strategic planning process. The levels are:- 1. Business Unit Level Planning 2. Product Level Planning 3. Corporate Level Planning. Level # 1. Business Unit Level Planning: When a company produces one product or a set of products so closely related that they belong to the same industry, we can think of strategic [...]
This article throws light upon the eight main steps involved in the process of strategic planning. The steps are: 1. Objective Formulation 2. Analyse the Impact of Environment 3. Analyse Resource Position of the Firm 4. Establish Alternative Strategies 5. Evaluate Alternative Strategies 6. Choice of a Strategy 7. Implement the Strategy 8. Measurement and Control of Strategy. Step # [...]