Strategic Planning Strategic planning According to ANTHONY Strategic

Strategic Planning

Strategic planning

According to ANTHONY, ‘‘ Strategic Planning is the process of deciding on the goals of the organisation and strategies for attaining these goals. ”

Process of strategic planning: Environmental scanning Mission & objectives Strategy Evaluation & Control Strategy Formulation Strategy Implementation

Levels & Types of Strategic Planning Corporate Level Strategy Business level strategy Functional level strategy

Corporate level strategy focus: �Deciding the business and market �Building interrelationship �Management and control

Business level strategy focus: � Providing a platform for collaboration of various business units so that overall organisational goals are achieved. � Developing a unique edge and competitive advantage in each business unit. � Identifying an exclusive product or service market & developing strategies � Monitoring the market for products or services, this in turn will conform to the needs of the business.

Dimensions of strategic planning Large amount of resources Role of the top level management Future oriented

External environment Multifunctional consequences Risk – bearing capacity

Elements of strategic planning: �Competitive Edge �Vision & Mission statement �Strategists �Long term goals and objectives �Policy �Strategy

Importance : � Helpful in building consensus on key issues. � Framework for decision making � Increased profitability & market share � Measurement of progress � Creates longevity of the business � Unique identity & innovativeness � Increased job satisfaction � Organisational perspective

Disadvantages: Unforeseen future conditions Costly affair Complex in nature

Long term benefits v/s immediate benefits Time consuming Difficulty in implementation