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on Strategic Planning - Essay Example
Pages 8 (2008 words)
STRATEGIC PLANNING Author: Class Name: Name of the School: City: Date: Strategy Strategic planning is the decision making process that aligns the internal capability of an organization with the chances and threats it faces in its immediate market place, geared towards achievement of good results…
Strategic planning helps the management team to properly understand the current situation. Thus the present times requires a continuous strategic planning because the escalating rate of change of business world. Firm are hiring people who can foresee the implication of a certain newly employed process or concept. This has led to the development of predictive models which simulate what might happen in future. Managers of various companies and organizations are forced to think of the future. To achieve this they need to think out of the box and remain focused. Studies previously done, show organizations that have had long-term strategic plans have survived and thrived in times of crisis compared to the ones which had short-term strategic plans. Growth in terms of customer base and general organizations’ catchment is seen if long-term strategic planning is employed. Strategic planning acts as a form of communication that the firm is planned for the future and basically the good intent of the organizations’ management team. Though all these occur, the flip side of such kind of planning cannot be assumed. ...
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