Why is a well-thought-out strategic plan critical to the success of a company?
What will be an ideal response?
Strategic planning is a process of involving everyone in matching the vision, mission, and core values of an organization with the current situation to focus tactical activities now and in the future. Strategic plans set the direction and pace for the entire organization. The purpose of a strategic plan is to develop and achieve the organization's mission in a manner consistent with its vision and values. The strategic plan spells out the specific goals and objectives that must be accomplished in order to reach the vision. A strategic plan seeks to align how the customers' needs are met through daily business activities with the values, mission, vision, and goals of the organization. Performance measures, integrated into the strategic plan, allow leaders to judge how the organization is progressing toward its goals and objectives and therefore its vision. Strategic quality planning takes a broader view of the planning process than traditional strategic planning.
Successful long-term strategic planning answers some basic questions:
-What business is the organization really in?
-What are the organization's principal strengths and weaknesses for competing in this market?
-What does it takes to compete successfully?
-What does the organization wish to become in the future?
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