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Strategic planning is an organization's process of defining its strategy or direction, and making decisions on allocating its resources to attain strategic goals. Furthermore, it may also extend to control mechanisms for guiding the implementation of the strategy.
Strategic planning is a means of administering the formulation and implementation of strategy. Strategic planning is analytical in nature and refers to formalized procedures to produce the data and analyses used as inputs for strategic thinking, which synthesizes the data resulting in the strategy. Strategic planning may also refer to control ...
All strategic plans should be built upon a grounded, validated and accepted set of strategic assumptions. Any strategic plan or decision is only as good as the strategic assumptions upon which it is based. Strategic assumptions surface and are usually identified when scenario planning is undertaken during a strategic planning process.
Other definitions concern the processes by which an organisation identifies and allocates the actions associated with the delivery of a strategic plan such as the following: A process by which large, complex, and potentially unmanageable strategic problems are factored into progressively smaller, less complex, and hence more manageable proportions.
The first step to develop a competitive strategy is to understand the nature of the uncertainty the firm is facing and some of its most important characteristics. As established by Birger Wernerfelt and Aneel Karnani in their article "Competitive Strategy Under Uncertainty", [ 8 ] there are four different kinds of sources: demand structure ...
We all want financial freedom, and the first step to getting there is by saving strategically. Personal finance expert and founder of The Broke Black Girl, Dasha Kennedy, sits down with Marsai ...
He claimed that strategic management involves guiding actions and events towards a conscious strategy in a step-by-step process. Managers nurture and promote strategies that are themselves changing. In regard to the nature of strategic management he says: " Constantly integrating the simultaneous incremental process of strategy formulation and ...
Strategic thinking is a mental or thinking process applied by individuals and within organizations in the context of achieving a goal or set of goals.. When applied in an organizational strategic management process, strategic thinking involves the generation and application of unique business insights and opportunities intended to create competitive advantage for a firm or organization.