New Development in Strategic Planning

By IntroBooks Team

The attention strategic planning has attracted in the recent
years is the proof that it is evidently used by successful
businesses. Executives and managers alike plan their business
objectives and the goals in a strategic manner. Various factors
such as competitors, market capture, consumer expectations, etc
have to be studied in depth to take better decisions. Thus
strategic planning has gained importance. A strategic plan helps
the business to reach their desired goals. It works like a route
map. It also increases the effectiveness of the business as it
deals in a time bound approach. Hence since the early 1960's
strategic planning has grown to become one of the essential
tools to lead modern businesses towards their success.

• Language: English
• Publisher: IntroBooks
• Release date: Nov 21, 2019
• ISBN: 9781393974765

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New Developments

In Strategic Planning

IntroBooks #522

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Preface

The attention strategic planning has attracted in the recent years is the proof that it is evidently used by successful businesses. Executives and managers alike plan their business objectives and the goals in a strategic manner. Various factors such as competitors, market capture, consumer expectations, etc have to be studied in depth to take better decisions. Thus strategic planning has gained importance. A strategic plan helps the business to reach their desired goals. It works like a route map. It also increases the effectiveness of the business as it deals in a time bound approach. Hence since the early 1960’s strategic planning has grown to become one of the essential tools to lead modern businesses towards their success.

SUMMARY

A business faces numerous challenges ranging from accessibility to quality, from reforms to renovation, from resource management to the creation of new priorities. Addressing these challenges is a cumbersome process and needs awareness of strategic planning. Managers need to be aware of the future of their organization and its goals to enable in taking suitable decisions. This is achieved by Strategic Planning.

Every successful institution today is the product of right planning procedures adopted by its manager. It involves decisions regarding organizational capacity, recruitment, customer service and the ultimate impact on changing the lives of people. It enables an institution to form a preplanned direction for its future. It channelizes efforts that are made collectively to achieve a common goal.

Strategic thinking plays a paramount role in the development of the strategic plan. It is not only essential for strategic thinking to be developed in the top level management, but also there is a need for strategic thinking in the bottom level. When a business hierarchy has a strategic