Strategic planning is the process of making strategic decisions to meet a firm’s set goals and objectives. Professors regularly assign strategy and planning assignments to students in the UK, USA, Australia, and all over the world to develop their skills in strategic planning. However, some students lack confidence in their capabilities and are often concerned about receiving bad grades.
What is Strategic Planning?
Strategic planning entails the skill of developing specific business strategies, putting them into action, and assessing the outcomes in relation to a firm’s predominant long-term goals. It revolves around the harmonisation of diverse departments (such as human resource, marketing, and accounting and finance) within a company to attain its strategic objectives. The term strategic planning is fundamentally interchangeable with strategic management.
Strategic Planning Process
The process of strategic planning needs considerable contemplation and preparation from the top-level executives of an organization. Before finalizing a course of action and formulating methods for its strategic implementation, directors required to explore several potential alternatives. Eventually, the management of a firm aims to choose a strategy that is expected to produce favorable results (naturally measured by improving the organization’s financial performance) and can be implemented effectively with a robust likelihood of success, while mitigating unnecessary financial risks.
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