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Strategic planning may also refer to control mechanisms used to implement the strategy once it is determined. In other words, strategic planning happens around the strategic thinking or strategy making activity. [24] Strategic management is often described as involving two major processes: formulation and implementation of strategy.
A strategy describes how the ends (goals) will be achieved by the means (resources) in a given span of time. Often, Strategic planning is long term and organizational action steps are established from two to five years in the future. [2] The senior leadership of an organization is generally tasked with determining strategy.
Strategy (from Greek στρατηγία stratēgia, "troop leadership; office of general, command, generalship" [1]) is a general plan to achieve one or more long-term or overall goals under conditions of uncertainty. [2]
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.
Analytical: From the analytical view, good strategy-making follows a linear process with each task being “checked off” as it is completed. As set out in many strategy texts, it is a set of reasonably well-defined steps leading to a fully formed plan of execution. Effectively, the strategy is set for a defined time period and executed.
Long-term goals, on the other hand, are usually achieved after five years or more. ... a one-year CD might be a good option. ... While a short-term savings strategy may focus more on establishing ...
In other words, the business strategy must be translated into a set of clear short-term operating objectives (activities and outcomes) in order to execute the strategy. Key issues, elements, and needs of strategy must be translated into objectives, action plans, and “scorecards” and this translation is an integral and vital part of the ...
The focus strategy has two variants, cost focus and differentiation focus, so it is possible to see the concept in terms of four distinct strategies. A company chooses to pursue one of two types of competitive advantage, either via lower costs than its competition or by differentiating itself along dimensions valued by customers to command a ...