Be independent, be your own financial planner
 
Search our Website:
Go to Bottom
 
  1. Monetizing Social Media : Find out how social media can also be a great money making tool.
 
  1. Pure Money Making tools : Here we are composing tools to help you manage, optimize and guide your internet marketing strategies!
  2. SEO Forum : Use our open forum. You can use this as an opportunity to share your links and make profits!
The process is about planning because it involves intentionally setting goals (i.e., choosing a desired future) and developing an approach to achieving those goals. In short an organisation can formulate a successful strategic plan using the following methods :

1. Mission and Objectives

The mission statement describes the company's business vision, including the unchanging values and purpose of the firm and forward-looking visionary goals that guide the pursuit of future opportunities.

Guided by the business vision, the firm's leaders can define measurable financial and strategic objectives. Financial objectives involve measures such as sales targets and earnings growth. Strategic objectives are related to the firm's business position, and may include measures such as market share and reputation.

2. Environmental Scan

The environmental scan includes the following components:
  1. Internal analysis of the firm
  2. Analysis of the firm's industry (task environment)
  3. External macroenvironment (PEST analysis)

The internal analysis can identify the firm's strengths and weaknesses and the external analysis reveals opportunities and threats. A profile of the strengths, weaknesses, opportunities, and threats is generated by means of a SWOT analysis

An industry analysis can be performed using a framework developed by Michael Porter known as Porter's five forces. This framework evaluates entry barriers, suppliers, customers, substitute products, and industry rivalry.

Polls

3. Strategy Formulation

Given the information from the environmental scan, the firm should match its strengths to the opportunities that it has identified, while addressing its weaknesses and external threats.

To attain superior profitability, the firm seeks to develop a competitive advantage over its rivals. A competitive advantage can be based on cost or differentiation. Michael Porter identified three industry-independent generic strategies from which the firm can choose.

4. Strategic Planning Implementation

The selected strategy is implemented by means of programs, budgets, and procedures. Implementation involves organization of the firm's resources and motivation of the staff to achieve objectives.

The way in which the strategy is implemented can have a significant impact on whether it will be successful. In a large company, those who implement the strategy likely will be different people from those who formulated it. For this reason, care must be taken to communicate the strategy and the reasoning behind it. Otherwise, the implementation might not succeed if the strategy is misunderstood or if lower-level managers resist its implementation because they do not understand why the particular strategy was selected.

5. Evaluation & Control

The implementation of the strategy must be monitored and adjustments made as needed.

Evaluation and control consists of the following steps:

  1. Define parameters to be measured
  2. Define target values for those parameters
  3. Perform measurements
  4. Compare measured results to the pre-defined standard
  5. Make necessary changes

Vision and Mission Statements

Stakeholder Analysis

  1. Vision and Mission Statements
  2. What is Mission Statement?
  3. How to write Mission Statement?
  4. Mission Statements examples
  5. What is Vision statement?
  6. How to write Vision?
  7. Vision Value
  8. Vision statements examples
  9. Importance of Values statement
  10. Organizational goal setting
  1. What is a Stakeholder?
  2. Stakeholder approach
  3. Stakeholders in Corporate responsibility
  4. Different stakeholders
  5. Identifying stakeholders
  6. Stakeholder mapping
  7. Stakeholder mapping analysis
  8. Why Stakeholder Analysis?
  9. Shareholders vs Stakeholders
 

Strategic planning

SWOT and PEST analysis

  1. Strategic planning methods
  2. Strategic planning implementation
  3. Corporate planning strategy
  4. What is Situational Analysis?
  5. Planning strategic
  1. Business SWOT analysis
  2. Elements of SWOT analysis
  3. How to do a SWOT analysis?
  4. Use of SWOT analysis
  5. What is PEST analysis?
  6. Elements of PEST analysis
  7. How to write PEST analysis?
  8. Use of PEST analysis
  9. SWOT and PEST analysis
trade online
Content updates

Email Notification

Share on APSense

Seed Newsvine

 
You are here :
Home » Strategy Building » Vision and Mission Statements » Strategic Planning Implementation
Bookmark this topic :
Bookmark and Share
 
 
Subscribe to our Content Pure Money Making updates Subscribe to our Community Financial information sites Internet business services Websites of the future

Join Traiborg

 
 
 
 
 
Go to top
 
Home  |  About Us  |  Contact Us  |  Links  |  Submit Your Site  |  Exchange Link  |  Sitemap  |  XML Sitemap  |  Toolbar Copyright © 2009-2014 Pure Money Making.net.
All Rights Reserved.