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Strategic Planning. Uop. Mgt330. Instructor's Comment: "Nice Work. Great Flow And Format! 15/15"

1040 words - 4 pages

The article surfaces the importance of strategic planning as one of the essential tools of planning as a management function. It highlights the differences between strategic and long-term planning as well as emphasizes steps of strategic planning.Strategic PlanningThe key role in solving strategic tasks belongs to strategic planning, which is the process of developing and maintaining strategic balance between organization's goals and resources in the changing market environment. The purpose of the strategic planning is to determine the most promising fields of activity providing its growth and prosperity. Strategic planning is a component of a broader concept "strategic management". All four management functions (planning, organizing, leading and controlling), when talking about strategic management include strategic orientation. But to a highest degree it concerns planning where strategic planning stands out.Why strategic planning?Te interest to the strategic planning is caused by several reasons:1.Realization of the fact that an organization is an open system and that the main sources for its success are in the outside environment.2.In the situation of deepening the competition strategic orientation of an organization's activity is the key factor of its survival and prosperity. Strategic planning allows to adequately respond to the factors of uncertainty and risk which are characteristics of the outside environment.3.Since the future is almost impossible to predict and extrapolation used in long-term planning does not work, it is necessarily to apply scenario, situational methods which fit well in the concept of strategic planning.4.For the organization to be able to adequately respond to the changes of the environment its system has to have ability to adapt.5.Strategic planning versus long-term planningStrategic plan characterizing the activity of organizations in the market uses the following paradigm: "Tomorrow will not necessarily be better than today". That means that simple extrapolation from the past to the future coming from already learned development patterns, which might work for long-term planning, does not work here any longer. The basis for the strategic planning is analyzing of prospects for the company according to certain changes of the environment. The key element of this analysis is determining the position of the organization in competition on the market. Based on this analysis of the goal of an organization certain directions of activity are formed and strategies to achieve goals are chosen.If long-term plan includes planning of the directions of development already chosen for the organization, than in strategic planning the decisions made are about which directions of activity should be developed, and which should be eliminated. Strategic planning is aimed at adaptation of the activity to constantly changing environment and at getting profit from new opportunities.Realizing organizational strategies is vital for planning....

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