Strategic planning and management functions are all the more important in case of large organizations. Other functional management areas like Human Resources, Finance etc. deal with only a part of the organization or its activity. At times two or more such areas may need to take assistance from each other. But strategic planning and management relates to the management of the organization as a whole. Different set of persons may contribute in different proportions towards making strategic moves. Strategic decisions are concerned with the issue of setting a direction for the organization to move or the course the organization will follow Though very crucial, yet preparing 'strategic moves' for future often is not based on hard facts, but on presumptions. It involves past experience, forecasting and 'surround-effect'. The input from different sources are integrated into one comprehensive plan in order to manage the operations, marketing, production, human resources, marketing communications, technology implementation, diversification, mergers & acquisitions etc. Multinational Enterprises with stakes in many markets, different sets of individuals, cultures etc. need to take care of the variations in perceptions and practices in order to remain relevant to the desired areas of operations.
In general the planning process begins by taking stock ...Show more