Strategic Planning In a Competitive Marketplace. Strategic Planning Process Necessary for large corporations to survive & prosper Budget/Forecast oriented.

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Presentation transcript:

Strategic Planning In a Competitive Marketplace

Strategic Planning Process Necessary for large corporations to survive & prosper Budget/Forecast oriented planning is no longer enough Strategic Planning Defines objectives Assesses internal & external situation Strategies formulated & implemented based on actual situation Evaluation leads to adjustments to stay on track

The Planning Process Mission & Objectives Environmental Scanning Strategy Formulation Strategy Implementation Evaluation & Control

The Sigmoid Curve Typical Life Cycle The Secret to Constant Growth: (Start a New Life Cycle)

The Mission & Objectives Mission Statement - Describes the Company’s Business Vision Unchanging values Purpose of company Visionary goals that guide the pursuit of future opportunities Objectives – guided by company’s vision Measurable financial & strategic objectives Ex: Sales targets, market share, reputation

Environmental Scan Includes the following: SWOT Analysis Strengths/Weaknesses Industry Analysis PEST Analysis (Political, Economic, Social, Technological) Competitive Analysis Rivalry Threat of Substitutes Buyer Power Supplier Power Barriers to Entry/Threats to Entry

Strategy Formulation Given environmental conditions, Match strengths to opportunities identified Address weakness and external threats Competitive Advantage - How will you gain an advantage over your competition? Cost Leadership Strategy – low cost producer Differentiation Strategies Focus Strategies - segmenting

Strategy Implementation Implementation - programs, budgets, and procedures to be used Implementation involves: Organization of company resources Motivation of staff to achieve objectives Usually different people than those who formulate the strategies How strategies are implemented can have a significant impact on success Executives must communicate strategies effectively & reasons behind them

Evaluation & Control Implementation of strategies must be monitored and adjusted if needed Evaluation & Control Process 1. Define parameters to be measured 2. Define target values for those parameters 3. Perform measurements 4. Compare measured results to the pre- defined standard 5. Make necessary changes