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This paper examines the need for strategic planning within a company and how a strategic plan can benefit a company. It explains how a strategic plan clarifies a company's short-term goals and the tactics that will be used to achieve them. The writer further explains how a mission statement is an integral part of any strategic plan, as it is a concrete description of what the company is trying to do within its marketplace. The writer also discusses a company's primary strategic planning tool - the SWOT analysis, and explains that by going through a SWOT analysis the company may identify possible strengths and weaknesses. The writer concludes that managers play the most vital role in implementing a successful strategic plan by constantly evaluating the company's attitude towards its customers
From the Paper:"A business without a plan has no future, and so all the other functions will be redundant. A strategic plan is necessary for a company to succeed because, without it, the business is likely to meander from decision to decision without any sense of priorities or goals as to where it is going. An analogy would be that a company without a strategic plan is without an explorer without a map: the explorer may get somewhere interesting, but it will be an accident. With a map the likelihood of finding his way, and perhaps of discovering new places of interest increases. Similarly, a company without a strategic plan may become accidentally successful, but it much more likely to achieve success, and to maintain its profitability, if it has a plan in place. A company with a strategic plan will know how it has got to current success and thus may be able to continue on this path in the future."
Sample of Sources Used:
- Byrne, John. "Strategic Planning Back in Business Thought" www.htstrategy.com/articles
- Carter, Louis et al. Best Practices in Leadership Development and Organization Change: How the Best Companies Ensure Meaningful Change and Sustainable Leadership. Wiley, San Francisco: 2005.
- Drucker, Peter. On the Profession of Management. Harvard Business Review, 1994
- Lipton, Mark. "Demystifying the Development of an Organizational Vision". Sloan Management Review 37, no. 4 (Summer 1996): 83-92.
- Miller, Brian. Keeping Employees Accountable for Results. Amacom Books, New York: 2005.
Cite this Essay:
Strategic Planning (2008, February 07) Retrieved September 21, 2023, from https://www.academon.com/essay/strategic-planning-100822/
"Strategic Planning" 07 February 2008. Web. 21 September. 2023. <https://www.academon.com/essay/strategic-planning-100822/>