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Strategic planning is important in the organizational environment, so it is equally important to understand the nuances of, and differences between, different models of strategic planning. It is also important to distance strategic planning from other associated issues such as strategic decision-making in terms of providing a definition and analyzing current issues. Some of the theoretical framework for this paper, which examines strategic planning in the organizational environment, comes from previous theories as well as present voices, including Maslow's 'Hierarchy of Human Needs' and Porter's 'Five Force Analysis'. This paper primarily serves to illustrate strategic planning from an introductory standpoint and moves on to discuss the meaning of strategic planning (illustrated through example and through the theoretical connections mentioned above), the models of strategic planning that are most often used (qualitative and quantitative models included in the analysis), and, finally, the lessons that can be learned from the application of these concepts of strategic planning.
From the Paper:"In formulating a strategic plan, it is also important for the organization to consider "speed and agility in responding to new market trends and changing competitive conditions; know-how in creating and operating a system for filling customer orders accurately and swiftly; and expertise in integrating multiple technologies to create families of new products."(Thompson and Strickland, 1997, p. 128). Coming from this initial perspective of core competency, one can also assess the strategy of possessing first mover advantage. "While a core competence is something a company does well internally, what makes it a core competence, as opposed to just a competence, is that it is central to a company's competitiveness and profitability rather than peripheral"
(Thompson and Strickland, 1997, p. 128). First mover advantage is also about centralizing competitiveness and adopting a strategic plan that is based on a real-world competitive environment."
Cite this Research Paper:
Strategic Planning (2005, February 08) Retrieved May 17, 2022, from https://www.academon.com/research-paper/strategic-planning-55889/
"Strategic Planning" 08 February 2005. Web. 17 May. 2022. <https://www.academon.com/research-paper/strategic-planning-55889/>