Process Of Business Planning

Process Of Business Planning-13
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.

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.

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The strategy likely will be expressed in high-level conceptual terms and priorities.The situation analysis therefore involves an analysis of both the external and internal environment.The external environment has two aspects: the macro-environment that affects all firms and a micro-environment that affects only the firms in a particular industry.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. 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.The strategy should be translated into specific policies for functional areas such as: In addition to developing functional policies, the implementation phase involves identifying the required resources and putting into place the necessary organizational changes.Once implemented, the results of the strategy need to be measured and evaluated, with changes made as required to keep the plan on track.Another drawback is that this strategic planning model assumes fairly accurate forecasting and does not take into account unexpected events.In an uncertain world, long-term forecasts cannot be relied upon with a high level of confidence.The strategic management process is dynamic and continuous.A change in one component can necessitate a change in the entire strategy.

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