What Is Strategic Planning 8746 2021

Question:

What is strategic planning, and who is involved in the strategy-making process?

Answer:

Strategicplanning is main critical part of business for long term success. It is amethod of defining as business goal and mission and formulating strategies toreach desire goal. Strategic planning also involves the different controlmechanisms to effectively implement the strategy.

Strategicplanning model analysis the organization’s external and internal environmentand select appropriate strategies in order to pursue the set goal. This alsoinvolves selecting strategies of the company at the corporate, business, andfunctional levels; allocating roles and responsibilities, organizationstructure, allocating resources, setting short term object, design theorganization’s control and reward system, formulate the strategies to addressthe potential weakness and change them in to opportunities and monitor theresults of implemented strategies. 

Corporate level of management involving chief executive officer (CEO), other senior executives, and corporate staff are involved in the strategy-making process. The CEO is the principle general manager. Corporate level managers consult with their other senior executive and CEO to develop the strategy for whole organization in order to define goals of organization, who grow business in specific direction, implementing strategies that span the business, and provide leadership.