A Review of the Strategic Planning Process
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A Review of the Strategic Planning Process
(Charles W. L. Hill, Gareth R. Jones, Melissa A. Schilling. Strategic Management Theory: An Integrated Approach, 2014)
Strategy plays a critical role in the success of an organization; it drives competitive advantage, establishes the focus of organization business functions, and plays a pivotal rule in driving innovation and customer excellence. Strategy is interpreted as connection between organization and its environment and also can be described as a merging tool. The Top management plays a major role in ensuring that the strategies of an organization are well defined. This activity constitutes the Strategic Planning Process.
According to (Charles W. L. Hill, 2014), the implementation of the Strategic Planning Process can be achieved by first of all, choosing the Organizational Missions and Goals and then conducting a SWOT analysis. This enables the organization to carry out a thorough research within the organization as well as its business environments towards the achievement of organizational goals whiles avoiding trial and error practice. An effective SWOT analysis exposes situations on grounds and tomorrows expectations and provides a sure direction against situations ahead and steps in achieving organizational goals.
The effective way to achieve organizational success takes advantage of communication management, production management, marketing, proper financial management, human resource management and research and development management. A Strategic plan is a long term road map for the organization as it defines the means to an end.
The strategic plan processes consist of series of steps where each cycle can be reuse or change depending on the strategic decision process, beginning with a statement of the corporate mission and goals and then followed by strategic thinking and finally ends with culture and control systems then structure of the organization (Charles W. L. Hill, 2014).
This study provided overview of Strategic Planning, how it helps organizations to survive in unstable business environment. The application of the strategy gives organization the confidence to move ahead in their selected path of business with success in mind.
It established a link in conjunction with senior managers and action plans to achieve goals. Achieving business goals is the top priority for every organization.