What is Strategic Planning in Business?

University / Undergraduate
Modified: 12th Jun 2020
Wordcount: 300 words

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Question:

What is strategic planning, and who is involved in the strategy-making process?

Answer:

Strategic planning is main critical part of business for long term success. It is a method of defining as business goal and mission and formulating strategies to reach desire goal. Strategic planning also involves the different control mechanisms to effectively implement the strategy.

Strategic planning model analysis the organization’s external and internal environment and select appropriate strategies in order to pursue the set goal. This also involves selecting strategies of the company at the corporate, business, and functional levels; allocating roles and responsibilities, organization structure, allocating resources, setting short term object, design the organization’s control and reward system, formulate the strategies to address the potential weakness and change them in to opportunities and monitor the results of implemented strategies. 

Corporate level of management involving chief executive officer (CEO), other senior executives, and corporate staff are involved in the strategy-making process. The CEO is the principle general manager. Corporate level managers consult with their other senior executive and CEO to develop the strategy for whole organization in order to define goals of organization, who grow business in specific direction, implementing strategies that span the business, and provide leadership.    

 

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