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The plans are the prime media communicating the management's strategic intentions, thereby promoting a common direction instead of individual discretion. It is also the tool to secure the support of the organization's external sphere, such as financiers, suppliers or government agencies, who are helping achieve the organization's plans and goals.
Strategy is a high level plan to achieve one or more goals under conditions of uncertainty. [2] Strategic foresight happens when any planner uses scanned inputs, forecasts, alternative futures exploration, analysis and feedback to produce or alter plans and actions of the organization. [3] [4] Scenario planning plays a prominent role in ...
Strategic thinking is a mental or thinking process applied by individuals and within organizations in the context of achieving a goal or set of goals.. When applied in an organizational strategic management process, strategic thinking involves the generation and application of unique business insights and opportunities intended to create competitive advantage for a firm or organization.
Instead Mintzberg concludes that there are five types of strategies: Strategy as plan – a directed course of action to achieve an intended set of goals; similar to the strategic planning concept; Strategy as pattern – a consistent pattern of past behavior, with a strategy realized over time rather than planned or intended.
Strategy is important because the resources available to achieve goals are usually limited. Strategy generally involves setting goals and priorities, determining actions to achieve the goals, and mobilizing resources to execute the actions. [4] A strategy describes how the ends (goals) will be achieved by the means (resources). [5]
Business strategy, the art and science of enabling an organization to achieve its objective Marketing strategy, a process that allows an organization to increase sales and achieve a competitive advantage; Technology strategy, how information technology should be used as part of a business strategy
Objectives, goals, strategies and measures (OGSM) is a goal setting and action plan framework used in strategic planning.It is used by organizations, departments, teams and sometimes program managers to define and track measurable goals and actions to achieve an objective.
Deciding the specific course of the plan; In organizations, planning can become a management process, concerned with defining goals for a future direction and determining on the missions and resources to achieve those targets. To meet the goals, managers may develop plans such as a business plan or a marketing plan. Planning always has a purpose.