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Strategic Planning

Strategic Planning. In a Competitive Marketplace. Strategic Planning Process. Necessary for large corporations to survive & prosper Budget/Forecast oriented planning is no longer enough Strategic Planning Defines objectives Assesses internal & external situation

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Strategic Planning

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  1. Strategic Planning In a Competitive Marketplace

  2. Strategic Planning Process • Necessary for large corporations to survive & prosper • Budget/Forecast oriented planning is no longer enough • Strategic Planning • Defines objectives • Assesses internal & external situation • Strategies formulated & implemented based on actual situation • Evaluation leads to adjustments to stay on track

  3. The Planning Process Mission & Objectives Environmental Scanning Strategy Formulation Strategy Implementation Evaluation & Control

  4. The Sigmoid Curve Typical Life Cycle The Secret to Constant Growth: (Start a New Life Cycle)

  5. The Mission & Objectives • Mission Statement - Describes the Company’s Business Vision • Unchanging values • Purpose of company • Visionary goals that guide the pursuit of future opportunities • Objectives – guided by company’s vision • Measurable financial & strategic objectives • Ex: Sales targets, market share, reputation

  6. Environmental Scan • Includes the following: • SWOT Analysis • Strengths/Weaknesses • Industry Analysis • PESTAnalysis (Political, Economic, Social, Technological) • Competitive Analysis • Rivalry • Threat of Substitutes • Buyer Power • Supplier Power • Barriers to Entry/Threats to Entry

  7. Strategy Formulation • Given environmental conditions, • Match strengths to opportunities identified • Address weakness and external threats • Competitive Advantage - How will you gain an advantage over your competition? • Cost Leadership Strategy – low cost producer • Differentiation Strategies • Focus Strategies - segmenting

  8. Strategy Implementation • Implementation - programs, budgets, and procedures to be used • Implementation involves: • Organization of company resources • Motivation of staff to achieve objectives • Usually different people than those who formulate the strategies • How strategies are implemented can have a significant impact on success • Executives must communicate strategies effectively & reasons behind them

  9. Evaluation & Control • Implementation of strategies must be monitored and adjusted if needed • Evaluation & Control Process • Define parameters to be measured • Define target values for those parameters • Perform measurements • Compare measured results to the pre-defined standard • Make necessary changes

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