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Strategic Planning Process

In: Business and Management

Submitted By robinzuberer
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Strategic Management Process
November 22, 2010

Strategic Management Process Strategic planning is key to the success of any organization. According to Wheelen and Hunger, strategic management is a compilation of goals that will determine the future of an organization. Strategic planning includes internal and external environmental scanning, strategic or long-range planning, implementation, followed by evaluation, and control (2010). An organization will attempt to follow the four phases of strategic management to ensure success. The four phases are financial planning, forecast-based planning, external-oriented planning, and strategic management. Financial planning allows the managers to commence a serious planning process to create a budget for the next year. The ideas that the management proposes are usually based on information from the firm with little analysis done prior. Input comes from the sales forces but lacks environmental information. The basic financial planning usually halts normal work for a time to create a proposed budget and the time horizon in one year. The next phase is forecast-based planning so that a three to five-year plan will be created. The projects taken into consideration may be longer than a year in length. Managers gather both internal information and environmental data to create a possible trend for the next five years. Although this phase is time-consuming it is required to weed through the political aspects, evaluate proposals, and justify the assumptions made about the trends. In the external-oriented planning phase it becomes apparent to upper management has to take the reign and fine tuned. A planning staff is usually created to develop the plans for the organization. Consultants are brought in to provide the latest techniques that the organization will benefit from. Once a plan is decided upon the plan, then upper

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