MGMT455 Strategic Planning Process Announcements Assignments Questions?

MGMT455 Strategic Planning Process What is strategic planning? Management process of setting priorities and using resources effectively while meeting set goals. Strategic Plan Details of how we get there Goals Update each year

MGMT455 Strategic Planning Process What are some tools that are used in the strategic planning process? Market Research Survey or other tool to acquire market information Gain Customer insight Cost-Benefit Analysis Look at cost of doing something vs. benefit Compare various courses of action

MGMT455 Strategic Planning Process What are some tools that are used in the strategic planning process? SWOTT Analysis Strength, Weakness, Opportunities, Threats, trends Feasibility Study Can a project or goal be accomplished? Can we make a profit at the attempt?

MGMT455 Strategic Planning Process Who will be involved? CEO Other executive management as needed Others directly or indirectly Clear rules for involvement Board of Directors should lead in planning Develop planning committee

MGMT455 Strategic Planning Process Who will be involved? Have as many stakeholders as possible Administrator Set up meetings Record Information Monitor work Record the steps in the planning process If in doubt if someone should be there, include them

MGMT455 Strategic Planning Process Determine Number of meetings How many do we need How long each session Try to finish strategic plan in two to three months Strategic Analysis SWOTT and other tools Action planning Mission statement update

MGMT455 Strategic Planning Process Develop plans to achieve goals Look at resources Do we need more? Implement Plan Is it realistic? Strategic plan should relate to smaller plans through the organization Roles and responsibilities of others Document and distribute

MGMT455 Strategic Planning Process Monitor Implementation Develop criteria Regular evaluation Make changes as needed

MGMT455 Strategic Planning Process Final Thoughts