Lesson 3: Development of Strategic Planning

Lesson 3: Development of Strategic Planning

The initial task in strategic management is typically the compilation and dissemination of the vision and the mission statement. This outlines, in essence, the raison d’etre of an organization. Additionally, it specifies the organization’s scope of activities and the markets a firm wishes to serve.
Follow-on strategy formation is a combination of three main processes which are as follows:

Performing a situation analysis, self-evaluation and competitor analysis: both internal and external; both micro-environmental and macro-environmental.

 

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