Steps in the economic development planning process
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Definition of the Strategic Planning Process
Strategic planning is a process undertaken by an organization to develop a plan for achievement of its overall long-term organizational goals.
Model
There is no one model of strategic planning. However, the strategic planning process should include a situational analysis. This consists of looking at the current external and internal environment the organization finds itself in, formulating organizational objectives and strategies based upon the environmental assessment, and developing procedures to implement and evaluate the strategic plan. Strategic plans for business organizations often cover a three-to-five year period, but if the business or its environment is highly dynamic, a shorter period may be advisable.
Strategic Planning Steps
Here are the main steps for strategic planning.
1. Analysis of the current state
Here, you analyze your organization's external and internal environment. You may conduct a SWOT analysis, which is an examination of your organization's strengths, weaknesses, opportunities, and threats. You will also carefully examine the specific external environmental factors, such as your rivals, the power of your suppliers, the power your buyers or customers have, whether there is a viable threat that major clients or customers can effectively substitute your product or service, and whether there are any barriers to entry into a new market.
2. Defining the future state
Here, you will develop an organizational vision and a mission statement that describes the future of your organization - where it wants to be, its essential values, and what it wants to do. After you have defined the organization's vision and mission, you can begin to formulate a detailed strategy to achieve them.
3. Determination of objectives and strategies
Now that you have defined the organization's vision and mission, you can develop a set of objectives that will lead you to the overall strategic goal or vision. For an example, an objective may be to increase market share year-over-year by at least five percent. Think of achieved objectives as building blocks in constructing your goal or vision.
4. Implementation and evaluation
The next step is to implement and evaluate the plan. Implementation in large organizations, such as governmental agencies or large corporations, will be done by a different set of organizational members than the members that created the plan. Different parts of the plan are typically distributed to various parts of the organization. You will also need to constantly monitor and assess the implementation of the plan to determine if the plan is achieving the objectives leading to the strategic goal. If not, then adjustments to the long-term strategy will be necessary.
Here ur answer
Definition of the Strategic Planning Process
Strategic planning is a process undertaken by an organization to develop a plan for achievement of its overall long-term organizational goals.
Model
There is no one model of strategic planning. However, the strategic planning process should include a situational analysis. This consists of looking at the current external and internal environment the organization finds itself in, formulating organizational objectives and strategies based upon the environmental assessment, and developing procedures to implement and evaluate the strategic plan. Strategic plans for business organizations often cover a three-to-five year period, but if the business or its environment is highly dynamic, a shorter period may be advisable.
Strategic Planning Steps
Here are the main steps for strategic planning.
1. Analysis of the current state
Here, you analyze your organization's external and internal environment. You may conduct a SWOT analysis, which is an examination of your organization's strengths, weaknesses, opportunities, and threats. You will also carefully examine the specific external environmental factors, such as your rivals, the power of your suppliers, the power your buyers or customers have, whether there is a viable threat that major clients or customers can effectively substitute your product or service, and whether there are any barriers to entry into a new market.
2. Defining the future state
Here, you will develop an organizational vision and a mission statement that describes the future of your organization - where it wants to be, its essential values, and what it wants to do. After you have defined the organization's vision and mission, you can begin to formulate a detailed strategy to achieve them.
3. Determination of objectives and strategies
Now that you have defined the organization's vision and mission, you can develop a set of objectives that will lead you to the overall strategic goal or vision. For an example, an objective may be to increase market share year-over-year by at least five percent. Think of achieved objectives as building blocks in constructing your goal or vision.
4. Implementation and evaluation
The next step is to implement and evaluate the plan. Implementation in large organizations, such as governmental agencies or large corporations, will be done by a different set of organizational members than the members that created the plan. Different parts of the plan are typically distributed to various parts of the organization. You will also need to constantly monitor and assess the implementation of the plan to determine if the plan is achieving the objectives leading to the strategic goal. If not, then adjustments to the long-term strategy will be necessary.
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