Friday, 28 June 2013

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Strategic Planning And Management.

strategic planning and management.

Systematic process of envisioning a desired future, and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them. 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. At every stage of long-range planning the planner asks, "What must be done here to reach the next (higher) stage?" At every stage of strategic-planning the planner asks, "What must be done at the previous (lower) stage to reach here?" Also, in contrast to tactical planning (which focuses at achieving narrowly defined interim objectives with predetermined means)
Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy. In order to determine the direction of the organization, it is necessary to understand its current position and the possible avenues through which it can pursue a particular course of action. Generally, strategic planning deals with at least one of three key questions:
  1. "What do we do?"
  2. "For whom do we do it?"
  3. "How do we excel?"
In many organizations, this is viewed as a process for determining where an organization is going over the next year or—more typically—3 to 5 years (long term), although some extend their vision to 20 years

Strategic management is the comprehensive collection of ongoing activities and processes that organizations use to systematically coordinate and align resources and actions with mission, vision and strategy throughout an organization. Strategic management activities transform the static plan into a system that provides strategic performance feedback to decision making and enables the plan to evolve and grow as requirements and other circumstances change.

  1. analysis or assessment, where an understanding of the current internal and external environments is developed,
  2.   strategy formulation, where high level strategy is developed and a basic organization level strategic plan is documented 
  3.  strategy execution, where the high level plan is translated into more operational planning and action items, and 
  4.  evaluation or sustainment / management phase, where ongoing refinement and evaluation of performance, culture, communications, data reporting, and other strategic management issues occurs.
  1. Better Decisions - Information communicated through vision and strategy allows people to make the best decisions
  2. Increased Energy – Resulting from rallying behind a cause, and elimination of conflict and confusion of priorities.
  3. Increased Capacity – People are focused on what is important and less concerned about what isn’t.
  4. Improved Customer Satisfaction – A true test of value and leads to higher retention and growth.
  5. Competitive Advantage – Doing what you do better than others.
  6. Better Solutions – Uncovering the enormous intellectual and creative capacity of an organization that collectively works toward solutions rather than a relying on select few.
  7. Market Recognition – Over time you can “own” a position and space in the marketplace.
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