Strategic Planning

Essay by EssaySwap ContributorUniversity, Master's February 2008

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STRATEGIC PLANNING A strategic plan of an organization's mission and future direction, near-term and long-term performance targets, and strategy.

When a distinguished but elderly scientist states that something is possible, he is almost certainly right. When he states that something is impossible, he is very probably wrong. (Profiles of the Future, 1962) Strategic planning is a combination of rational, scientific examinations and educated, instinctive best guesses.

The process entails: examining the organization's critical issues and determining how the organization's strengths and skills can be employed and analyze the opportunities of the organization to meet the critical issues and choosing the best approaches for the organization. During this evaluation ask these key questions: Does the strategy meet/address critical issues? Is this associated with our mission? Is this approach financially viable? It is important not to disregard the ideas that come to people during non-working hours.

The Polaroid camera is the result of a three year old's question to her father: "Dad, why can't I see the picture now?" Strategic Planning is the process an organization goes through to envision and achieve its future-identifying the steps and means necessary to leverage existing strengths and overcome identified weaknesses.

IS STRATEGIC PLANNING NECESSARY? Consider the following reasons for strategic planning.

• Technology and the fast pace of change are making business management more complex. In this strategic planning will help to foresee and react quickly to market changes and opportunities and to identify the areas in which the business is lagging behind.

• Competition is becoming tougher. Small companies find themselves competing with much larger companies and theses larger companies know the benefits of strategic planning and they practice it. For example: Ericsson is one company which plans far ahead over others i.e. it plans for the next 80 years to come and therefore...



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