What Is Strategic Planning Process?

What are the five steps in the strategic planning process?

The 5 Steps of the Strategic Planning ProcessDetermine your strategic position.Prioritize your objectives.Develop a strategic plan.Execute and manage your plan.Review and revise the plan..

What is strategic planning example?

Any example of a strategic plan must include objectives, as they are the foundation for planning. In this example, our objective is to increase client satisfaction from 82% to 90% by December 31st. How we accomplish that is the business of strategies and tactics.

What are the 7 steps of the strategic management process?

Seven steps of a strategic planning processUnderstand the need for a strategic plan.Set goals.Develop assumptions or premises.Research different ways to achieve objectives.Choose your plan of action.Develop a supporting plan.Implement the strategic plan.

What is the main purpose of strategic planning?

The purpose of strategic planning The purpose of strategic planning is to set overall goals for your business and to develop a plan to achieve them. It involves stepping back from your day-to-day operations and asking where your business is headed and what its priorities should be.

What is the first step in strategic management?

Strategic formulation is the first step in strategic management and involves gathering, evaluating and organizing information.Vision and Mission Statements. … Long-Term Objectives. … SWOT Analysis. … Strategy Selection.

How do you prepare a strategic planning session?

Preparation Makes Perfect: 5 Tips for Preparing for Your Strategic Planning Session Make sure the session objectives are crystal clear and tied to documented deliverables. … Use pre-work to make your life easier and the meeting 10x more effective. … Commit to governance.More items…•

What are the four steps in strategic planning?

The 4 Steps of Strategic Planning ProcessEnvironmental Scanning. Environmental scanning is the process of gathering, organizing and analyzing information. … Strategy Formulation. … Strategy Implementation. … Strategy Evaluation.

What is the role of strategic planning?

A strategic plan provides management the roadmap to align the organization’s functional activities to achieve set goals. It guides management discussions and decision making in determining resource and budget requirements to accomplish set objectives — thus increasing operational efficiency.

What are the three steps in the planning process?

The planning processing has three essential steps – Determining missions and goals, Formulating the strategy, and finally Implementing the strategy.

What are the steps in the strategic planning process?

What are the stages of the strategic planning process?Identify your strategic position. … Gather people and information. … Perform a SWOT analysis. … Formulate a strategic plan. … Execute the strategic plan. … Constantly monitor performance.

What should a strategic plan include?

The major parts of a standard strategic plan include the following:Mission, vision, and aspirations.Core values.Strengths, weaknesses, opportunities, and threats.Objectives, strategies, and operational tactics.Measurements and funding streams.

What are the tools of strategic planning?

Balanced Scorecard. The Balanced Scorecard is a strategy management framework created by Drs. … Strategy Map. A strategy map is a visual tool designed to clearly communicate a strategic plan and achieve high-level business goals. … SWOT Analysis. … PEST Model. … Gap Planning. … Blue Ocean Strategy. … Porter’s Five Forces. … VRIO Framework.More items…

What is meant by strategic planning?

Strategic planning is an organizational management activity that is used to set priorities, focus energy and resources, strengthen operations, ensure that employees and other stakeholders are working toward common goals, establish agreement around intended outcomes/results, and assess and adjust the organization’s …

What are the 6 steps in the planning process?

The six steps are:Step 1 – Identifying problems and opportunities.Step 2 – Inventorying and forecasting conditions.Step 3 – Formulating alternative plans.Step 4 – Evaluating alternative plans.Step 5 – Comparing alternative plans.Step 6 – Selecting a plan.

What are the six major components of strategic planning?

6 Elements Of Effective Strategic PlanningDefine your vision. The vision statement of an organization is an aspirational description of what an organization would like to achieve or accomplish in the future – it is the goal. … Create your mission. … Set your objectives. … Develop your strategy. … Outline your approach. … Get down to tactics.

What are the types of strategic management?

Types of Strategies in Strategic ManagementCompetitive Strategy:Corporate Strategy:Business Strategy:Functional Strategy:Operating Strategy:

Which is the first step of strategic management process?

Stage 1: Setting the Goal The first stage of strategic management is to set the goals your company wants to achieve. This includes both the short-term and long-term goals of the organization. Share these goals with the entire organization and explain how each goal will impact the organization’s future.

What are the 4 types of planning?

The 4 Types of PlansOperational Planning. “Operational plans are about how things need to happen,” motivational leadership speaker Mack Story said at LinkedIn. … Strategic Planning. “Strategic plans are all about why things need to happen,” Story said. … Tactical Planning. … Contingency Planning.