Quote: "Strategic planning is an organization's process of defining its strategy or direction, and making decisions on allocating its resources to attain strategic goals."
Developing a long-term plan of action to achieve the organization's goals.
SWOT analysis: Identifying the strengths, weaknesses, opportunities, and threats of an organization to understand its internal and external environment.
Vision and mission statements: Establishing the purpose and goals of an organization to provide direction and motivate members.
Strategic objectives: Setting specific, measurable, attainable, relevant, and time-bound (SMART) targets that are aligned with the organization's mission and vision.
Environmental scanning: Gathering information about the internal and external factors that may affect an organization's success.
Competitive analysis: Analyzing the competition to identify market trends and gain insights into customer preferences.
Core competencies: Identifying the unique skills, knowledge, and capabilities of an organization that give it a competitive advantage.
Business model canvas: A visual and holistic way to analyze and design a business model.
Risk management: Identifying, assessing, and managing risks that can affect the organization's performance.
Key performance indicators (KPIs): Measures to assess an organization's performance against its strategic objectives.
Resource allocation: Deciding how to allocate the resources of an organization effectively.
Strategy implementation: The process of translating a strategic plan into action.
Organizational alignment: Ensuring that all members of the organization understand and align with the strategic plan.
Monitoring and evaluation: Continuously monitoring and evaluating the organization's performance to make necessary adjustments.
Strategic leadership: The skills required for effective leadership in the strategic management process.
Communication: Clear, concise, and effective communication at all levels of the organization to support the execution of the strategic plan.
Corporate Strategic Planning: This type of strategic planning involves the creation of strategies that align with the overall vision, mission, and goals of an organization. It involves analyzing the external environment and allocating resources to maximize profitability and growth.
Business Unit Strategic Planning: This type of strategic planning focuses on the specific business unit within an organization. It involves identifying and capitalizing on opportunities within the industry to gain a competitive advantage.
Functional Strategic Planning: This type of strategic planning focuses on specific functional areas within the organization, such as marketing, finance, or operations. It involves identifying strategies to improve efficiency, reduce costs, and increase productivity.
Operational Strategic Planning: This type of strategic planning involves designing and implementing specific initiatives to achieve short-term goals. It involves setting operational objectives and identifying the resources required to achieve those objectives.
Scenario Planning: This type of strategic planning involves the development of multiple scenarios in response to different possible future events. It helps organizations identify potential risks and opportunities and allows them to adapt their strategies accordingly.
Competitive Strategy Planning: This type of strategic planning focuses on gaining a competitive advantage within a specific market. It involves analyzing the strengths and weaknesses of competitors and identifying strategies to differentiate the organization's products or services.
Environmental Planning: This type of strategic planning focuses on the impact of an organization's operations on the environment. It involves identifying and implementing strategies to reduce the organization's environmental footprint and promote sustainability.
Innovation Planning: This type of strategic planning involves identifying and implementing strategies to promote innovation within an organization. It involves developing new products or services, improving existing products or services, and identifying new markets.
Quote: "Strategic planning became prominent in corporations during the 1960s."
Quote: "The senior leadership of an organization is generally tasked with determining strategy."
Quote: "A strategy involves setting strategic goals, determining actions to achieve the goals, setting a timeline, and mobilizing resources to execute the actions."
Quote: "Often, Strategic Planning is long term and organizational action steps are established from two to five years in the future."
Quote: "Strategy can be planned (intended) or can be observed as a pattern of activity (emergent) as the organization adapts to its environment or competes in the market."
Quote: "Strategy includes processes of formulation and implementation; strategic planning helps coordinate both."
Quote: "However, strategic planning is analytical in nature...strategy formation itself involves synthesis via strategic thinking."
Quote: "Strategic planning can be used in Project Management that focuses on the development of standard methodology that is repeatable and will result in high chances of achieving project objectives."
Quote: "The commitment of top management must be evident throughout the process to reduce resistance to change, ensure acceptance, and avoid common pitfalls."
Quote: "Strategic Planning does not guarantee success but will help improve the likelihood of success of an organization."
Quote: "To meet the changing needs of this new society, educational institutions must reorganize."
Quote: "Finding ways to maintain achievements while improving effectiveness can be difficult for educational institutions."
Quote: "Some strategic planners are hesitant to address societal outcomes, so they often ignore them and assume they will happen on their own."
Quote: "They direct their attention to courses, content, and resources with the mistaken belief that societally useful outcomes will follow."
Quote: "When this occurs, the true strategic plan is never developed or implemented."
Quote: "Strategic planning is an organization's process of defining its strategy or direction, and making decisions on allocating its resources to attain strategic goals."
Quote: "Strategic planning provides an organization the framework and consistency of action."
Quote: "Strategic planning in Project Management provides an organization the framework and consistency of action."
Quote: "Strategic Planning does not guarantee success but will help improve the likelihood of success of an organization."