Business Unit Strategic Planning Process

Business Unit Strategic Planning Process-69
Most often, the strategic planning process has 4 common phases: strategic analysis, strategy formulation, implementation and monitoring (David The starting point of the process is initial assessment of the firm.At this phase managers must clearly identify the company’s vision and mission statements.

Most often, the strategic planning process has 4 common phases: strategic analysis, strategy formulation, implementation and monitoring (David The starting point of the process is initial assessment of the firm.

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Components: Objectives, Business level, Corporate level and Global Strategy Selection Tools used: Scenario Planning, SPACE Matrix, Boston Consulting Group Matrix, GE-Mc Kinsey Matrix, Porter’s Generic Strategies, Bowman’s Strategy Clock, Porter’s Diamond, Game Theory, QSP Matrix.

Successful situation analysis is followed by creation of long-term objectives.

Thus, there are many different models of the process.

The models vary between companies depending upon: There are many components of the process which are spread throughout strategic planning stages.

When analyzing the company’s activities managers look into the value chain and the whole production process.

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As a result, situation analysis identifies strengths, weaknesses, opportunities and threats for the organization and reveals a clear picture of company’s situation in the market.and tends to be more formal in well-established organizations.The ways that strategies are created and realized differ.Vision is the ultimate goal for the firm and the direction for its employees. It informs organization’s stakeholders about the products, customers, markets, values, concern for public image and employees of the organization (David, p.93) Components: Internal environment analysis, External environment analysis and Competitor analysis Tools used: PEST, SWOT, Core Competencies, Critical Success Factors, Unique Selling Proposition, Porter's 5 Forces, Competitor Profile Matrix, External Factor Evaluation Matrix, Internal Factor Evaluation Matrix, Benchmarking, Financial Ratios, Scenarios Forecasting, Market Segmentation, Value Chain Analysis, VRIO Framework When the company identifies its vision and mission it must assess its current situation in the market.PEST or PESTEL frameworks represent all the macro environment factors that influence the organization in the global environment.Micro environment affects the company in its industry. Competition is another uncontrollable external force that influences the company.Or market development strategy may require an additional division to be added to the company.Every new strategy changes the organizational structure and requires reallocation of resources.A good example of this was when Apple released its IPod and shook the mp3 players industry, including its leading performer Sony.Firms assess their competitors using competitors profile matrix and benchmarking to evaluate their strengths, weaknesses and level of performance.

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