What is strategic planning quizlet?

Definition of Strategic Planning. Process of determining the organization's long range, future goals. Determining what strategies are necessary to achieve specific objectives to survive and thrive.

What defines strategic planning?

Strategic planning is a process in which an organization's leaders define their vision for the future and identify their organization's goals and objectives. The process includes establishing the sequence in which those goals should be realized so that the organization can reach its stated vision.

What is the purpose of strategic planning quizlet?

Strategic planning helps a firm to maintain a strategic fit between its goals and capabilities and its changing marketing opportunities.

What is the main purpose of strategic planning?

The purpose of strategic planning

The purpose of strategic planning is to set overall goals for your business and to develop a plan to achieve them. It involves stepping back from your day-to-day operations and asking where your business is headed and what its priorities should be.

What does effective strategic planning require quizlet?

Effective strategic planning requires the support and participation of top management.

What is Strategic Planning | Explained in 2 min

What does effective strategic planning require?

Strategies should map long-term plans to objectives and actionable steps, foster innovative thinking, as well as anticipate and mitigate potential pitfalls. Strategic plans often look out 3-5 years, and there may be a separate plan for each individual objective within the organization.

What is the most critical element in successful strategic planning?

The most critical element for successful strategic planning is top management's support and participation.

What is strategic planning explain with examples?

Strategic planning is a systematic process that commonly embraces the definition of strategic objectives, short, medium and long-term goals and broad plans to achieve them. It generally starts with strategic statements such as company´s vision and mission.

What are the benefits of strategic planning?

What are the three stages of strategic planning quizlet?

the art and science of formulating, implementing, and evaluating cross functional decisions that enable an organization to achieve it's objectives. the strategic management process consists of three stages: strategy formulation, strategy implementation, and strategy evaluation.

What are the major steps in a strategic planning process quizlet?

What are the steps in the strategic planning process? The steps in the strategic planning process are (1) developing the mission, (2) analyzing the environment, (3) setting objectives, (4) developing strategies, and (5) implementing and controlling strategies.

Which of the following is the first step in strategic planning?

The situation analysis is the first step in strategic planning. It involves the gathering of information, both internally and externally, to provide insights into issues related to a business's employees, customers, competitors and industry.

What is another word for strategic planning?

Synonyms for STRATEGIC PLAN: design, scenario, tactics, approach, strategy, blueprint, scheme, tactical plan, working plan, game plan, guideline, foresight, ...

What are the 5 steps in strategic planning?

The five stages of the process are goal-setting, analysis, strategy formation, strategy implementation and strategy monitoring.

What factors are important to consider in strategic planning?

What are the main components of a strategic plan?

What are the four main points of strategic planning?

What is the opposite of strategic planning?

Strategic planning lays out the long-term, broad goals that a business or individual wants to achieve. And tactical planning outlines the short-term steps and actions that should be taken to achieve the goals described in the strategic plan.

What is strategic approach?

To help executives strategically navigate the business, the Strategic Approach System covers a number of topics including strategy development, the business model, competitive landscape, reallocation of resources, decision rights, and others.

What is strategy one word?

Strategy sounds difficult. Sometimes it is – but only as complex as we make it. In most cases, a single word can define the overall direction of an organization (or individual). Strategy is the guidepost in choosing what to do, making decisions, in an environment that has limited resources.

What are the 7 stages of the strategic planning process?

What is the most important part of strategic management?

The most essential element of strategic management revolves around the concept of identifying and understanding specific organization goals. Setting short term goals is an ideal way to start, as they act as a direct blueprint in achieving long term objectives.

What are the 3 stages of strategic management?

Successful strategic management involves three steps: Planning, Execution and Monitoring Developments & Progress.

Which are the primary components of a strategic plan quizlet?

What are the main components of a strategic plan? A vision of where it is headed, a set of performance targets, and a strategy to achieve them.

Which activities are involved in strategic planning quizlet?