How Do You Describe Strategic Planning?

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 are the four steps in strategic planning?

Here are the Four Stages: Formation: Developing the plan. … Communication: Sharing the plan. … Implementation: Doing the plan. … Evaluation: Assessing the plan.

What are the 3 levels of strategy?

The three levels of strategy are:Corporate level strategy: This level answers the foundational question of what you want to achieve. … Business unit level strategy: This level focuses on how you’re going to compete. … Market level strategy: This strategy level focuses on how you’re going to grow.

What is the most common strategic planning tool?

Strategic Planning ToolsSWOT Analysis.Porter’s Five Forces.PESTLE Analysis.Visioning.VRIO Framework.

What are six planning tools?

Techniques Chapter 5 I read that the six planning tools and techniques are forecasting, contingency planning, scenarios, benchmarking, participatory planning, and goal setting. The benefits of planning are best realized when plans are built from strong foundations.

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 is basic strategic planning?

Basic strategic planning typically consists of creating a mission statement that describes why a business or organization exists. … Create action plans that list the necessary steps that your business must take to properly implement a strategy. As you take action, monitor your progress.

What is the first step in strategic planning?

Step 1: Implementation Schedule Implementation is the process that turns strategies and plans into actions in order to accomplish strategic objectives and goals.

What is another word for strategic planning?

What is another word for strategic plan?game planplandesignprogrammeUKprogramUSblueprintsystemprojectarrangementgame238 more rows

What is the difference between strategy and plan?

A plan says, “Here are the steps,” while a strategy says, “Here are the best steps.” Strategy speaks to the reasons why, while the plan is focused on how. … A strategy is the overarching wisdom that coordinates all of the plans in order to effectively reach the goals.

What does strategic planning look like?

Strategic planning is the practice of looking forward, outside the immediate future for your organization, to reach a particular set of goals. It also involves laying out—step-by-step—how you’re going to get there.

How do you prepare a strategic plan?

Developing Your Basic Strategic Plan DocumentWrite Your Mission Statement. … Write Your Vision Statement. … Write Your Values Statement. … Conduct an External Analysis. … Conduct an Internal Analysis. … Identify Strategic Issues. … Establish Strategic Goals. … Develop Staffing Plan.More items…

What are the 5 steps in strategic planning?

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 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 are the key elements of a strategic plan?

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.