The word 'strategic planning', process refers to the step by which management converts a firm's mission, objectives and goals into a workable strategy. The process is strategic because, it involves the preparation of ways and means to the circumstances, of the organisations environment. The decisions will be taken by anticipating the future environment. Future needs proper information. The information process [...]
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 [...]