Process Of Business Planning

Process Of Business Planning-39
The strategy should be translated into specific policies for functional areas such as: In addition to developing functional policies, the implementation phase involves identifying the required resources and putting into place the necessary organizational changes.Once implemented, the results of the strategy need to be measured and evaluated, with changes made as required to keep the plan on track.In the strategy formulation process, the mission statement sets the mood of where the company should go.

The strategy should be translated into specific policies for functional areas such as: In addition to developing functional policies, the implementation phase involves identifying the required resources and putting into place the necessary organizational changes.

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Another drawback is that this strategic planning model assumes fairly accurate forecasting and does not take into account unexpected events.

In an uncertain world, long-term forecasts cannot be relied upon with a high level of confidence.

The strategic planning process outlined above is only one approach to strategic management. A drawback of this top-down approach is that it may not be responsive enough for rapidly changing competitive environments.

In times of change, some of the more successful strategies emerge informally from lower levels of the organization, where managers are closer to customers on a day-to-day basis.

Once the firm has specified its objectives, it begins with its current situation to devise a strategic plan to reach those objectives.

Changes in the external environment often present new opportunities and new ways to reach the objectives.

For example, corporate level strategy involves decisions about which business units to grow, resource allocation among the business units, taking advantage of synergies among the business units, and mergers and acquisitions.

In the process outlined here, "company" or "firm" will be used to denote a single-business firm or a single business unit of a diversified firm. The mission often is expressed in the form of a mission statement, which conveys a sense of purpose to employees and projects a company image to customers.

The macro-environmental analysis includes political, economic, social, and technological factors and sometimes is referred to as a PEST analysis.

An important aspect of the micro-environmental analysis is the industry in which the firm operates or is considering operating.

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