Business Management and Enterprise (Year 12)
The strategic planning process is an organisation’s process of defining its long-run strategy. It involves making decisions on allocating its physical, financial and human resources to pursue this strategy. Management often collaborates to plan and set long-term goals, as well as methods for achieving them. To determine the future direction of a company, they need to understand where they are currently and different modes for improvement.
Strategic planning tends to answer the following questions:
What do we do?
For whom do we do it for?
How do we excel?
There are many reasons why businesses create strategic plans:
It allows them to develop and maintain a competitive advantage
It contribute to long-term success, however it does not guarantee it
Identifies how much capital is needed and ways to acquire it
Allocates resources to their most efficient and effective use
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