industry analysis
trategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy. It may also extend to control mechanisms for guiding the implementation of the strategy. Strategic planning became prominent in corporations during the 1960s and remains an important aspect ofstrategic management. It is executed by strategic planners or strategists, who involve many parties and research sources in their analysis of the organization and its relationship to the environment in which it competes.[1]
Strategy has many definitions, but generally involves setting goals, determining actions to achieve the goals, and mobilizing resources to execute the actions. A strategy describes how the ends (goals) will be achieved by the means (resources). The senior leadership of an organization is generally tasked with determining strategy. Strategy can be planned (intended) or can be observed as a pattern of activity (emergent) as the organization adapts to its environment or competes.
Strategy includes processes of formulation and implementation; strategic planning helps coordinate both. However, strategic planning is analytical in nature (i.e., it involves "finding the dots"); strategy formation itself involves synthesis (i.e., "connecting the dots") via strategic thinking. As such, strategic planning occurs around the strategy formation activity.[1]
Contents
[hide]
1 Process
1.1 Overview
1.2 Inputs
1.3 Activities
1.4 Outputs
2 Tools and approaches
3 Strategic planning vs. financial planning
4 Criticism
4.1 Strategic planning vs. strategic thinking
5 See also
6 References
7 Further reading
Process[edit]
Strategic management processes and activities
Overview[edit]
Strategic planning is a process and thus has inputs, activities, and outputs. It may be formal or informal and is typically iterative, with feedback loops throughout the process. Some elements of the process may be
Strategy has many definitions, but generally involves setting goals, determining actions to achieve the goals, and mobilizing resources to execute the actions. A strategy describes how the ends (goals) will be achieved by the means (resources). The senior leadership of an organization is generally tasked with determining strategy. Strategy can be planned (intended) or can be observed as a pattern of activity (emergent) as the organization adapts to its environment or competes.
Strategy includes processes of formulation and implementation; strategic planning helps coordinate both. However, strategic planning is analytical in nature (i.e., it involves "finding the dots"); strategy formation itself involves synthesis (i.e., "connecting the dots") via strategic thinking. As such, strategic planning occurs around the strategy formation activity.[1]
Contents
[hide]
1 Process
1.1 Overview
1.2 Inputs
1.3 Activities
1.4 Outputs
2 Tools and approaches
3 Strategic planning vs. financial planning
4 Criticism
4.1 Strategic planning vs. strategic thinking
5 See also
6 References
7 Further reading
Process[edit]
Strategic management processes and activities
Overview[edit]
Strategic planning is a process and thus has inputs, activities, and outputs. It may be formal or informal and is typically iterative, with feedback loops throughout the process. Some elements of the process may be