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Strategic Planning

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STRATEGIC PLANNING
A business needs to have a clear sense of direction, which must be clearly communicated to all stakeholders. This is the aim of the business which can then be broken down into smaller aims, and objectives.
Strategic planning is of importance in giving directions to organizations. A strategic plan is drawn up for relatively long period of time, typically by senior managers. The plan will cover a five year period of time or longer.
The plan needs to be shaped by the mission and the values of the organization.
Mission and values
Most organization set out two statements that guide their action, these are; * A mission statement; setting out the purpose of the organization, usually in one or a small number of sentences. It needs to be clear to communication key purpose of the organization to stakeholders. * A value statement; setting the core values of the organization and what it believes in. These values should shape all of the relationships between the members of the organization and other stakeholders
Development of strategic plans and objectives
While the mission of an organization sets out its purpose and the values that it stands for , its aims set out in board terms what the organization seeks to archive through its strategic plan. The aims of an organization are closely tied to the mission, and give a general sense of direction for planning.
The aims of an organization can be broken down in to more specific objectives. The objectives are goals the organization wants to archive during the period of the strategic plan.
Cascading objectives
Objectives that are set for an organization as a whole cascade down into objectives set for the various components on an organization as follows.
Company-wide objectives
Functional objectives
Team objectives
Individual objectives

The strategic planning process
The strategic...

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