Define strategic planning, and describe the five basic steps that must be followed in establishing a strategic plan.
What will be an ideal response?
ANSWER: Strategic planning is the primary step in determining the future direction of a business. It is a formal, systematic plan to guide a firm through the uncertainty of the environment as well as newer and stronger competition.
The five basic steps to be followed in establishing a strategic plan are:
1.Examine the internal and external environments of the venture (strengths, weaknesses, opportunities, threats).
2.Formulate the venture's long- and short-range strategies (mission, objectives, strategies, policies).
3.Implement the strategic plan (programs, budgets, procedures).
4.Evaluate the performance of the strategy.
5.Take follow-up action through continuous feedback.
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