Guided by the business vision, the firm's leaders can define measurable financial and strategic objectives.
V Control This process is most applicable to strategic management at the business unit level of the organization. For large corporations, strategy at the corporate level is more concerned with managing a portfolio of businesses.
For example, corporate level strategy involves decisions about which business units to grow, resource allocation among the business units, taking advantage of synergies among the business units, and mergers and acquisitions.
In the process outlined here, "company" or "firm" will be used to denote a single-business firm or a single business unit of a diversified firm.
Mission A company's mission is its reason for being. The mission often is expressed in the form of a mission statement, which conveys a sense of purpose to employees and projects a company image to customers. In the strategy formulation process, the mission statement sets the mood of where the company should go.
Objectives Objectives are concrete goals that the organization seeks to reach, for example, an earnings growth target. The objectives should be challenging but achievable.
They also should be measurable so that the company can monitor its progress and make corrections as needed. Situation Analysis Once the firm has specified its objectives, it begins with its current situation to devise a strategic plan to reach those objectives. Changes in the external environment often present new opportunities and new ways to reach the objectives.
An environmental scan is performed to identify the available opportunities. The firm also must know its own capabilities and limitations in order to select the opportunities that it can pursue with a higher probability of success. The situation analysis therefore involves an analysis of both the external and internal environment.
The external environment has two aspects: The macro-environmental analysis includes political, economic, social, and technological factors and sometimes is referred to as a PEST analysis.
An important aspect of the micro-environmental analysis is the industry in which the firm operates or is considering operating. Michael Porter devised a five forces framework that is useful for industry analysis. Porter's 5 forces include barriers to entry, customers, suppliers, substitute products, and rivalry among competing firms.
The internal analysis considers the situation within the firm itself, such as:Rich Picture. The rich picture technique is used to provide a visual overview of an entire business situation.
Unlike other modelling techniques such as process mapping, rich pictures are not restricted to a specific notation and usually show the more human aspects, often reflecting elements such as culture and political issues that may be causing problems within the current business situation.
Business Analyst Work Plan Presented by: – Business analysis Planning Process – Communication with Stakeholders – Project Complexity BABOK Section Project Complexity Increase as These Increase • Number of stakeholders • Number of business .
Financial Planning & Analysis. Coordinates long range planning and development of the budget for The Ohio State University including alternative strategies to maximize resource availability; coordinates data for Board of Regents' subsidy model; and provides management information analyses from University data bases and performs special studies using these data.
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Strategic planning is the PROCESS by which the GUIDING MEMBERS of an organization ENVISION its future and develop the necessary PROCEDURES AND OPERATIONS to achieve that future.. The planning process can be viewed as a somewhat circular flow of topics and action steps, where the results from one step initiate study and action in the next step.