You are here: DIME Home > Online Education > How to make a Strategic Plan


How to make a Strategic Plan

This article is about how a company should make a strategic plan and what the elements of a strategic plan are. Strategic plan starts from the company vision and mission; external and internal analysis; deciding upon a generic strategic and strategic positioning of the company and mobilizing all the components of the company towards the chosen strategic positioning.

Author: John Atkinson
Date: Jul 14, 2011 - 7:30:41 AM


Printer FriendlyPrinter friendly page

Strategy is like a game plan that helps a company in gaining competitive advantage. Strategic planning results in creating focus to value the customer and making better utilization of resources. It integrates the work of every employee toward a definite goal that increases the ability to manage sustainable growth (Bryson & Alston 2004). It is dynamic in nature.

Strategic plan is essential for every business, irrespective of their market size or availability of financial resources. The strategic planning process includes the vision, mission, internal & external analysis, strategic analysis and the tactical analysis of the company.

Vision & Mission

Vision: Describe the long term objective of the organization in the business i.e. why in this business. It defines one common goal for which the whole organization work (May 2010). It consists of the statements that explain organizational status for 5 to10 years down the line. A vision might be result of brainstorming that deal with the issue of conflict. A vision statement can include two overlapping or conflicting statements (Malphurs 2005).

Mission: Describing the mission statement is the next important step in formulating strategic plan. It clarifies the operating focus of the organization, i.e. what to do? Mission is more concrete and answers the questions like, what the business does. Mission includes the questions like, who is the customer. Where is the customer? What does the customer buy? And how to satisfy the customer’s need? (May 2010).

External & Internal Analysis

External analysis: External analysis is the analysis of direct competitor, trends in the industry and general environmental changes. External analysis helps in finding the technological or demographic changes and their impact on the business. SWOT & PEST analysis helps in finding the external analysis of the organization that covers opportunities and threats & political, environmental, social and technological analysis (Ghani, Nayan, Ghazali, Shafie & Nayan 2010). External analysis helps in creating better strategic planning as the decisions are taken according to the external environmental conditions.
 
Internal analysis: Internal analysis is necessary to find the strength and weakness of each functional a John Atkinson from Homeworkhelpexperts.com, Our homework helper is providing best homework help from last 5 years. We have good experience of writing assignments or homework so if you need online homework help or assignment help then please send us your query at info@homeworkhelpexperts.com for a free quote.rea of the organization and also provide detail about the financial condition and access to capital (May 2010). It also include potter’s value chain model which explain about firms’ infrastructure, human resource management, technological development and other factors relating to marketing and sales (Katsioloudes 2002).

Strategy & Tactics
 
On the basis of above study, strategies and tactics are formed that helps in creating competitive advantage to the organization. They are dynamic in nature and constantly reviewed as the internal or external condition changes (Alfred 2006). Strategy can be defined as integrating the organization with stakeholder to create value that differentiate the organization with its competitors and provide advantage over them.

Tactics include future goals, plans, objectives, priorities and budgets for the organization. It helps in taking frequent action thus creates value for the business. Tactics is a driving force for the organization and provide meaning for individual behavior (Alfred 2006).

Benefits of Strategic Planning

Strategic planning result in increasing ability of the organization to think, act and learn strategically. It enhances the effectiveness of the organization toward the rapid changing environment and increases efficiency by achieving better results with fewer resources (Bryson & Alston 2004). It helps the organization to understand the situation more clearly and conceptually. 

John Atkinson from Homeworkhelpexperts.com, Our homework helper is providing best homework help from last 5 years. We have good experience of writing assignments or homework so if you need online homework help or assignment help then please send us your query at info@homeworkhelpexperts.com for a free quote.

John Atkinson from Homeworkhelpexperts.com, Our homework helper is providing best homework help from last 5 years. We have good experience of writing assignments or homework so if you need online homework help or assignment help then please send us your query at info@homeworkhelpexperts.com for a free quote.



View all articles by John Atkinson

Link to this article:

Code to copy: <a href="http://www.dime-co.com/online-education/How-to-make-a-Strategic-Plan.shtml">How to make a Strategic Plan</a>




Related Articles...

How to make a Strategic Plan

Jul 14, 2011 - 7:30:41 AM

Strategy is like a game plan that helps a company in gaining competitive advantage. Strategic planning results in creating focus to value the customer and making better utilization of resources. It integrates the work of every employee toward a definite goal that increases the ability to manage sustainable growth (Bryson & Alston 2004). It is dynamic in nature.... [Read the full story]

Microsoft Office Training Courseware

Jun 18, 2011 - 10:07:36 PM

As a teacher or trainer who wants to provide the best Microsoft Office training to their students, you're faced with a bewildering range of training materials to choose from. Choosing the right material for your students can be a minefield, so here are some factors that might influence your choice:... [Read the full story]

High School Bullying Statistics - The Disturbing Trends of Modern Bullying

Apr 10, 2011 - 9:38:48 PM

It was once very common for parents to consider bullying a natural part of growing up. Those were the days when high school bullying consisted of locking smaller kids in their lockers and calling them names like "four eyes."... [Read the full story]

Facebook Bullying Deaths and the Bullycide Movement

Apr 6, 2011 - 9:05:04 PM

Most people know what "bullycide" is today. It speaks of the sad movement progressing across the country – and overseas - where victims of online bullying take their own lives. Facebook bullying deaths are becoming all too common.... [Read the full story]


Newest Articles in Popular Topics:

Business & Marketing Computers & the Internet Entertainment Health & Fitness
Finding Ways To Save Money And Maximize Revenue In Business
Cooper's Golf Park Tees Off Their New Website
Fiinovation Adjudged CSR Team of the Year & Caring Company at World CSR Day
Reasons Why Kale Realty is the Best Real Estate Firm in All of Chicago
Montreal Tech Startup Kangaroo Rewards Launches Mobile Loyalty Program for Local Merchants
It is time we break out of the SEO Shelter
3 Strong Reasons You Should Start Your Own Blog
Evolve Your Career With CompTIA A+ Certification Exam
High speed VMware Backups - Powered by UltraBlaze(™) from Vembu
Things to Consider When Selecting a Domain Name for Your Website
Fling Boom "Launches" This Holiday Season
Beautiful Abstract Canvas Art is Up for Grabs
Buying Art as a Gift: Tips From an Expert
Complete Guide to the 2014 Gatlinburg Fine Arts Festival Released by Jackson Mountain Homes
Learn Blues Music Online-Alternative to Traditional Piano Lessons
Causes and Treatment of Acne
What Type Of Constipation Home Remedies Are There?
Manual Wheelchairs: Buying One
Instant Facelift with Dental Implants
Lasik Surgery Leading Correction Of Vision Issues

Home & Family

Shopping

Sports

Travel
Enhance Your Learning Experience Through Best Responsive Elearning Development Tools
Best Apps for Learning German
Esvees is Cranbourne's Elite Hair Dressing Company
Ozone Generator
Practical Tips When Choosing Gates and Gate Openers for Your Home or Business
Why Cases are Required for Mobile Phones?
Are Dealership Services Worth It?
2015 Jeep Grand Cherokee Named Must-Shop SUV for Towing from AutoTrader.com
Online Selling With An Appraisal Advantage
Macsome AudioBook Converter released New Version V2.0.4
Aditi Ashok signs off with a double
Softball Coaching: Avoid Becoming A Nattering Nabob of Negativity
Softball Coaching Tips - The Funnel Approach
Pick Up Specialized Advice on Jumping Exercises Which Are Highly Effective
Vertical Jump Training Tactics to Increase Your Athletic Performance
Tips for Choosing the Right Paris Short Lets
Hostels - the best choice for working womens and college students
Perfect holiday? Book a cruise and sail in Croatia!
Say Aloha to Your Best Vacation Ever with Kohala Coast Properties
The Perfect Guide for a Fantastic Family Trip to Kansas City

 



Follow & Share Your Favorite Video Articles

Tell a Friend About This Site



Chamber of Commerce - on the Web logo



Subscribe to the eMarket SmartsTM Newsletter in order to keep up to date with what's happening with dime-co.com, get the emails on new video articles, featured articles, and more. Your privacy is always protected. We never rent, sell or trade your private information

:
:

Service provided by GetResponse Autoresponders


Recommended Associates


Latest Articles in All Categories


Putting Up a Small Commercial Printing Business
So You Might Be Unemployed And Desire To Become A San Francisco Real Estate Investor Now
Meditation and Mindfulness: Dealing With Emotion
CPA Websites: Five Essential Ideas for Composing Convincing Articles
Set Goals In Order to Come Up With Your Action Plan
Is the Air in Your Home Safe to Breathe?
Coarse Fishing Tackle Review: The JW Young 13ft Trotter Rod
Section 1031 Exchanges For San Diego Real Estate Investors
Phoenix Real Estate Investing For Highest Possible Earnings
Legendary are the Volk Racing TE37 Wheels
Developing the Next Generation Wall Station (ChaseDesk™) for Healthcare - A Case Study
What are step down transformers?
Introducing Sharehype, the Revolutionary Tool for Online Marketers
Rewards To Shopping For Austin Real Estate On The Web
Hydroponics for Beginners



Do you write?

Would you like submit your articles and have them approved on a priority status? Find out more about how you can become a Priority author for pennies a day! Click here.

Dime-co.com Home
  • Business (9328)
  • Computers & The Internet (5740)
  • Entertainment (1348)
  • Family (958)
  • Finance (1963)
  • Health (4246)
  • Home and Living (6670)
  • Marketing (6113)
  • Shopping & Product Reviews (2624)
  • Sports (694)
  • Travel and Vacations (1689)
  • Video Articles (1)
  • Editors Pick (1)