Strategic Planning Concepts

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Define strategic planning and list the steps in the strategic planning process.

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Strategic planning involves defining a strategy or direction and making decisions on allocating resources to pursue this strategy. Steps include setting objectives, analyzing the competitive environment, analyzing internal organization, evaluating strategies, and ensuring management rolls out the strategies across the organization.

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Write an effective vision statement and mission statement.

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A vision statement outlines what the organization wants to be in the future, while a mission statement defines the organization's purpose and primary objectives. Both should be clear, concise, and inspiring.

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Describe the role of company values.

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Company values guide the behavior and decision-making processes within an organization. They help in shaping the company culture and ensuring that all employees are aligned with the organization's goals and ethical standards.

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Perform a gap analysis.

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Gap analysis involves comparing actual performance with potential or desired performance. It identifies gaps between current capabilities and future requirements, helping organizations to develop strategies to bridge these gaps.

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Write SMART objectives and goals.

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SMART objectives are Specific, Measurable, Achievable, Relevant, and Time-bound. They provide clear direction and criteria for measuring progress and success.

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Summarize ways to monitor progress of the strategic plan.

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Monitoring progress involves setting key performance indicators (KPIs), regular review meetings, feedback mechanisms, and adjusting strategies as needed to ensure alignment with strategic goals.

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Strategy

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The plans, actions, objectives, and goals that outline how the business is going to compete in its chosen markets given its portfolio of products or services.

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Corporate-level strategy

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Covers the entire business in a complex organization where there are multiple businesses, divisions, or operating units (sometimes called strategic business units, or SBUs).

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Business-level strategy

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The plan created for a single business or operating unit.

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Functional strategy

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The plan to achieve the corporate- and business-level objectives in functional areas (e.g., human resources, marketing, and production).