STRATEGIC PLANNING
Friday, February 12, 2021 4:54 AM
STRATEGIC PLANNING;
- Process of determining a strategy
◊ Implementing it through allocation of
resources and action plans
◊ long term plan that will set a new direction
(goal) for an organization
◊ Can only be developed if the organizations
vision or goals are clear
- Some companies do strat planing only when they face
crisis
◊ Drop in sales (large)
- Progressive organizations perform strat planning on reg
basis (normally annually)
- Starts with;
◊ Top management soliciting the performance
of current strategy frm stakeholders
(department managers and employees,
shareholders, customers, suppliers and
society)
– Commissioning a markt research
study of the industry where it is
headed in the next 5 years or so
◊ Manage team may for/adjust the
organizations mission and vision
– Based on the organizations values
– Determine a set of goals/objectives
– Brainstorm and evaluate
alternative ways (strategies) to
achieve them
, headed in the next 5 years or so
◊ Manage team may for/adjust the
organizations mission and vision
– Based on the organizations values
– Determine a set of goals/objectives
– Brainstorm and evaluate
alternative ways (strategies) to
achieve them
◊ Finally, chosen strategy is implemented by
determining a set of action plans at the
department level
- Based on the mission and vision, an organization forms its strategy
◊ Strategy includes the growth plan, such as
new markets new products, branding, new
channels (such as online retailing)
Vision;
• Shared perception of the organizations future
• What it will achieve
• Supporting philosophy
} Ex) our vision is to be a quality leader in
everything we do
Mission;
• Basis of the organization for its existence, its products, and
markets
} Ex) our mission is to deliver superior
quality products and service for our
customers and communities through
leadership, innovation and partnership
Goals and objectives;
• Mission vision should lead to goals
® Goals provide substance to the overall
mission/vision
• Objective is a specific goals containing numerical values
} Ex) an objective of a company may be 5%
Friday, February 12, 2021 4:54 AM
STRATEGIC PLANNING;
- Process of determining a strategy
◊ Implementing it through allocation of
resources and action plans
◊ long term plan that will set a new direction
(goal) for an organization
◊ Can only be developed if the organizations
vision or goals are clear
- Some companies do strat planing only when they face
crisis
◊ Drop in sales (large)
- Progressive organizations perform strat planning on reg
basis (normally annually)
- Starts with;
◊ Top management soliciting the performance
of current strategy frm stakeholders
(department managers and employees,
shareholders, customers, suppliers and
society)
– Commissioning a markt research
study of the industry where it is
headed in the next 5 years or so
◊ Manage team may for/adjust the
organizations mission and vision
– Based on the organizations values
– Determine a set of goals/objectives
– Brainstorm and evaluate
alternative ways (strategies) to
achieve them
, headed in the next 5 years or so
◊ Manage team may for/adjust the
organizations mission and vision
– Based on the organizations values
– Determine a set of goals/objectives
– Brainstorm and evaluate
alternative ways (strategies) to
achieve them
◊ Finally, chosen strategy is implemented by
determining a set of action plans at the
department level
- Based on the mission and vision, an organization forms its strategy
◊ Strategy includes the growth plan, such as
new markets new products, branding, new
channels (such as online retailing)
Vision;
• Shared perception of the organizations future
• What it will achieve
• Supporting philosophy
} Ex) our vision is to be a quality leader in
everything we do
Mission;
• Basis of the organization for its existence, its products, and
markets
} Ex) our mission is to deliver superior
quality products and service for our
customers and communities through
leadership, innovation and partnership
Goals and objectives;
• Mission vision should lead to goals
® Goals provide substance to the overall
mission/vision
• Objective is a specific goals containing numerical values
} Ex) an objective of a company may be 5%
