STRATEGIC PLANNING

STRATEGIC PLANNING

Strategic Planning (SP) involves the scanning of External environment to find out opportunities & threats in the light of Internal strength & weakness (internal analysis), to formulate an appropriate strategy, implementation of the strategy and monitoring & reviewing it, to achieve the organizational goals. It is concern with long run performance of the company.

STRATEGIC PLANNING PROCESS (SPP)



SWOT ANALYSIS



Reassessment of M/O

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1. SWOT Analysis: In this, we have to do complete SWOT analysis. Internal Strength & Weakness to be analyzed in the light of external Opportunities, which can be captured and Threats, which can be avoided.

2. Defining Mission: It means, the reason for existence of the company. Mission is decided on the basis of SWOT analysis. Mission shows the main direction to the company.

3. Objectives: It means where we are and where we want to go. These are the quantitative goals, which are to be achieved by the employees. All the efforts of the company are directed to achieve its overall objective.

4. Formulation of Strategies: At this stage, we select the best strategy derived from alternatives identified. It is constituted with three steps. Those are:

(i) To identify or search the alternatives.
(ii) Evaluation of the identified alternatives.
(iii) Selection or choice of the best alternative.

5. Implementation of Strategies: In this, different resources are to be put into action to achieve desired objectives. Implementation should be properly controlled and wastage should be avoided.

6. Monitoring/Review of Results: At this stage, the monitoring and review of the results takes place, by comparing it with standard set objectives.

If any deviation found, the necessary action is to be initiated and if required the process should be recycled.