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In: Economics

Provide a brief explanation of the planning phase in developing business strategy. Give an example.

  1. Provide a brief explanation of the planning phase in developing business strategy. Give an example.

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Expert Solution

Strategic planning can be a vital tool for a business as it provides measurable goals for companies that help in day-to-day decision making. This planning process helps prevent firms from performing business tasks aimlessly without setting priorities or a real purpose. Having a clear vision for the future in mind, managers may make misguided choices about their company and workers can feel misled about their place in the company. A strategic planning process is designed to drive companies in the right direction and encourage the exchange of useful ideas among people with similar objectives

The first step trains you for the rest of strategic planning. You must have a clear dream first to attain your goals. Start by describing both your short-term and long-term priorities

A SWOT analysis is also carried out to help determine a company's strengths and vulnerabilities, as well as recognise any openings and risks that may occur. When all the strengths, vulnerabilities, prospects and risks have been established by the manager, you will work together to create new strategies that can help the company address these possibilities more confidently.

When you have successfully defined your strategic role and have a set of priorities consistent with the purpose of your company, you will start focusing on your strategic plan. Think which policies to have the biggest effect on your business while designing your strategy, and which will help further strengthen your position. Consider often which measures are most important and place them at the top of the track.

If you have developed your strategic strategy, you are able to execute it. This move is the strategic planning process of operation. Start by putting the idea to bear on everyone involved in the process. Ideally, you want to disperse tasks to various individuals or departments to avoid being overwhelmed by one person or group of people

Unless everybody does their part, the strategic planning process will not be successful. It allows you to track and control performance continuously, and to adjust any elements that do not result in acceptable outcomes. It is also critical that those participating in the strategic planning process keep their assigned tasks accountable

Rahul Sunny answered 2 years ago
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