Strategic Planning Business Definition

Strategic Planning Business Definition-37
' and to make sure it is carefully studied and correctly answered." He wrote that the answer was determined by the customer.He recommended eight areas where objectives should be set, such as market standing, innovation, productivity, physical and financial resources, worker performance and attitude, profitability, manager performance and development, and public responsibility. Andrews in 1963 into what we now call SWOT analysis, in which the strengths and weaknesses of the firm are assessed in light of the opportunities and threats in the business environment.Strategic management is often described as involving two major processes: formulation and implementation of strategy.

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Environmental analysis includes the: The second major process of strategic management is implementation, which involves decisions regarding how the organization's resources (i.e., people, process and IT systems) will be aligned and mobilized towards the objectives.

Implementation results in how the organization's resources are structured (such as by product or service or geography), leadership arrangements, communication, incentives, and monitoring mechanisms to track progress towards objectives, among others.

Strategic planning may also refer to control mechanisms used to implement the strategy once it is determined.

In other words, strategic planning happens around the strategic thinking or strategy making activity.

Corporate strategy involves answering a key question from a portfolio perspective: "What business should we be in?

" Business strategy involves answering the question: "How shall we compete in this business?Alfred Chandler recognized the importance of coordinating management activity under an all-encompassing strategy.Interactions between functions were typically handled by managers who relayed information back and forth between departments.Ansoff wrote that strategic management had three parts: strategic planning; the skill of a firm in converting its plans into reality; and the skill of a firm in managing its own internal resistance to change.Bruce Henderson, founder of the Boston Consulting Group, wrote about the concept of the experience curve in 1968, following initial work begun in 1965.He addressed fundamental strategic questions in a 1954 book The Practice of Management writing: "...the first responsibility of top management is to ask the question 'what is our business?In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's top management on behalf of owners, based on consideration of resources and an assessment of the internal and external environments in which the organization operates.Strategic management provides overall direction to an enterprise and involves specifying the organization's objectives, developing policies and plans to achieve those objectives, and then allocating resources to implement the plans." Management theory and practice often make a distinction between strategic management and operational management, with operational management concerned primarily with improving efficiency and controlling costs within the boundaries set by the organization's strategy.Strategic management involves the formulation and implementation of the major goals and initiatives taken by a company's top management on behalf of owners, based on consideration of resources and an assessment of the internal and external environments in which the organization competes.

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