Corporate Strategic Planning
Systematic process of determining goals to be achieved in the foreseeable future. It consists of: (1) Management’s fundamental assumptions about the future economic, technological, and competitive environments. (2) Setting of goals to be achieved within a specified timeframe. (3)Performance of SWOT analysis. (4) Selecting main and alternative strategies to achieve the goals. (5) Formulating, implementing, and monitoring the operational or tactical plans to achieve interim objectives.
A systematic process of reflection on what is the desired future state of the organization. It is the verbalization of the vision and the strategic directions following a sequence if steps to achieve the goals
In contrast to long-term planning (which begins with the current status and lays down a path to meet estimated future needs), strategic planning begins with the desired-end and works backward to the current status.
Strategic planning looks at the wider picture and is flexible in choice of its means.
Benefits of Strategic Planning
The benefits of strategic planning at the corporate level include –
- consensus on key issues and strategies to address them,
- commitment to, and capacity for, implementing the strategies,
- clearer communication of priorities,
- improved cooperation among those pursuing strategic objectives, and
more effective management control of strategic initiatives.