Monday, February 24, 2020
Strategic Planning Essay Example | Topics and Well Written Essays - 6250 words
Strategic Planning - Essay Example Some others consider it to be future-oriented plans for interacting with the competitive environment. Overall, strategic planning is long-term plan to optimize the resources to sustain competitive advantage and achieve the corporate goals. Different words and phrases have been used by different thinkers but basically, it is a long-term planning with definite goals. Hence, a formal strategic plan should consist of written plans; it should cover more than a year of activity. This should be formulated taking into consideration the strategic alternatives and identity the resource requirements. Strategic planning has been defined as ââ¬Ëthe devising and formulation of organisational level plans which set the broad and flexible objectives, strategies and policies of a business, driving the organisation towards its vision of the futureââ¬â¢ (cited by Aldehayyat & Anchor, 2008). When speaking of strategy as a plan, Mintzberg and Quinn specified two essential characteristics about strategy ââ¬â it is made in advance of the actions to which it applies and it is developed consciously and purposefully (Dooris, Kelley & Trainer, 2002). Mintzberg had earlier recognized strategy as a broader concept than ââ¬Ëplanningââ¬â¢. It could also be seen as a ââ¬ËPloyââ¬â¢, ââ¬ËPositionââ¬â¢, ââ¬ËPerspectiveââ¬â¢ and ââ¬ËPatternââ¬â¢ (Anderson & Atkins, 2001). Even Quinnââ¬â¢s definition of strategy included planning as a part of strategy formulation. Planning, according to Dooris, Kelley and Trainer (2002) is concerned with improving oneââ¬â¢s condition and pertains to market share and improving profits. As a structured management discipline and practice, strategic planning is still in its nascent stage. Strategic planning has been considered as ââ¬Ëthe one best wayââ¬â¢ to devise and implement strategies that would enhance the competitiveness of each business unit. The concept emerged during turbulent times of the 1970s, when the energy crisis and other unanticipated
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