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process
Strategic planning
Process of deciding in advance what should be accomplished and how it
should be accomplished. Thus it involves selecting the objectives and policies
and how to achieve them.
It is long term in nature
It is general
It covers a wide range of activities
Covers broad objectives and direction
Top management responsibility
Focus on planning and forecasting
Tactical plans
Intermediate plans
Time frame 2 to 3 years
Focus on coordination
Action plan for strategy
Operational plan
Short range plan
Time frame one year
Covers day to day work of various operations
Focus on control primarily
Strategy Vs tactics
Strategy
tactics
Strategic intent
Consists of
A broad vision of what the organization should be
Organizations mission
Strategic objectives and specific goals to be pursued relentlessly
The plans that are developed to accomplish the intentions
Most
integrativ
e
Fewest in
number
Vision
Mission
Objectives
Goals
Most
specific
plans
Greatest in
number
Vision
A future that promises
Clarity of a vivid description of what the company wants to be
Achievable
Reachable
To be read understood and preferably memorized quickly
Built around certain core values which are shared
Create a mental image of the vision
Mission
Purpose for which the organization is founded
Why it exists, the nature of business and the customers it seeks to serve
and satisfy
Unlikely that it can ever be achieved completely
Components of Mission
Customers
Products or services
Markets
Technology
Concern for survival and growth
Philosophy- basic beliefs, values, aspirations and ethical priorities
Concern for employees
Concern for public image