"The importance of strategic planning is now fullyrealized by the Indian corporate sector than before"-Discuss
Answers
Explanation:
Strategic management activities transform a static plan into a system that gives performance feedback to deciding and enables the conceive to evolve and grow as requirements and other circumstances change.
Thus, strategic management becomes essential not just for resource allocation but also to make sure the optimum utilization of resources. the method of fixing standards for evaluation for the aim of performance measurement also comes out as an element of the strategic management process, this can be now a critical a part of change management processes globally and in India.
An ideal process of strategic management should assess the resources available and certain future environment.
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Strategic planning is the mechanism by which an organization determines its strategy, guidelines and decisions to use its resources to execute that strategy. It may also include control mechanisms to direct strategy execution
Explanation:
- Strategic planning includes establishing and executing all the organization's goals and priorities. The tool used by an organization to achieve its goals is given in details. It reflects the steps that a firm plans to take on behalf of its boards, employees, owners and other stakeholders
- The organization and its staff are driven by strategic management. This makes it possible to grasp the organization's strategic priorities. A company's strategic priorities are long-term and can take years. A company nevertheless controls itself by ensuring that all its activities comply with its strategic plan. Because of the obvious benefits that strategic management possesses, it is gaining relevance among Indian corporate.
- There are a number of start- in India's booming economy. Such start-ups are new and must remain focused. They will retain their eyes on the target by a strong strategy. It lets them set specific priorities for their company and what kind of customers they want to attract. It's possible to get confused, with the multiple business segments in a dynamic economy. A simple plan allows companies to keep themselves out of the uncertain situation.
- Situational analysis is one of the types of management in strategic planning. In its current market it allows a company to determine itself. In doing so, you will determine where you want to be, your potential course of action and the timeline you want to achieve your goals. You will easily change your work to meet your goals by understanding how far you have to go. It allows you to know how many resources you need to achieve the desired result in the specified time span.
- When a organization has a set of targets and a timeline to reach these targets, it would be able to find solutions to help it accomplish its objectives. A strategic partnership is one of these approaches. Two organizations with similar or complementary strategic objectives can enter into a strategic alliance. You can have a partner, or you can buy a bigger business. It allows both sides access to the wealth of each other and to their client base. You can put the products of each other in your shops. This way, one can improve the aim by connecting the company's growth with the strategic alliances.
- Innovation is one of the important requirements to keep a company customer active. This keeps the company at the forefront and inspires workers to create new and improved products and procedures than the previous ones. Strategic planning encourage innovation.
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Difference between strategic planning and tactical planning - Brainly.in
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