Solution
Csassignment answered on
Nov 03 2020
2
FOUNDATIONS OF STRATEGIC PLANNING
FOUNDATIONS OF STRATEGIC PLANNING
STUDENT NAME
WALDEN UNIVERSITY
FOUNDATIONS OF STRATEGIC PLANNING
Steps of The Strategic Planning Cycle
The strategic planning is nothing but a simple procedure which helps in enhancing the performance of the organization. in order to achieve it successfully, the organization is required to follow certain steps. The first step that is required from the companies to propose the mission. The mission could be anything. It could be
inging new changes in the company, making the cu
ent processes better, etc. After that, the next step would be to propose the goals (Bryson, 2018). The goals could be both long-term and short-term. By utilizing the goals and mission in the initial frame, the foundation of the strategic planning session can be built. The step three and four required the internal and external analysis. in the internal analysis, the points like the cultural image, the structure of the organization, operational efficiency as well as capacity, financial resources, intellectual properties will be discussed. while in the external analysis, the points like new technology, customers, cu
ent market trends, partners, social changes, economic environment, suppliers etc. are discussed (David, 2011). the requirement of data which is specific to each of the areas that have been mentioned above is discussed. After that, the findings of the analysis are summaries by doing the swot analysis, in which the strengths, weakness, opportunities, and threats are discussed. At the end of the planning, the final strategy has been formulated and the operation plan after consideration of everything is developed.
Long-Term Business Benefits of Strategic Planning
Strategic planning has various long-term benefits for the company....