A tailor made approach is essential when it comes to strategy development the systematic analysis of the factors associated with customers and competitors (the external environment) helps the organization to meet the challenges of modern society. Strategic planning is an organization’s process of defining its strategy or course, and making decisions on resource allocations to pursue this strategy. When checked, Shutterstock's safe search screens restricted content and excludes it from your search results. Strategic #planning is the primary step in the process of strategic #management which can be outlined from at least two perspectives: First, #strategy is the “broad programme for defining and achieving the #objectives of an organization and implementing its #mission”.
There may not be any immediate impact out of strategic planning, but the consequences in the long-run prove to be gradual and significant as well.
More and more organizations are focusing on formal approaches and concepts for planning their long range process. Secondly, “It is the pattern of the organization’s response to the #external environment over a period of time”.

It provides with the necessary action plans to make a difference in vital areas concerning #development.
Specifically these challenges are a result of increasing rate of change, the complexity of manager’s jobs, the increasing importance of fitting the organization into external environment, and the increasing lag between the preparation of plans and their #implementation in future. Some times planning highlights the objectives only and the planning premises may not be fully reliable. You can always associate innovativeness with strategy since it explores new #paradigms and tries to enhance the impact. Each #business unit should be categorized based on its performance level to decide on the resource share to be allocated. Strategic planning is the process that classifies the long range #goals of the organization and opts for the precise means (strategies and polices) for achieving these goals, allocates resources, and develops long range plans to reach the destination.
When the size of organizations expands, they are broken down into strategic #business units (SBU’S) for the purpose of functional excellence.

You need to infuse cash flow into ineffectual units and divest funds from dying units into other profitable ones. Two heads are better than one is the philosophy of brain storming where a group of people with knowledge and expertise assemble to lay out clear plans that will steer the organization smoothly even in times of rough weather.
The ultimate aim is to build up star performers that will be the perennial source of income or revenue generation. The assessment of strategic plans of the business units must be made periodically and effectively.

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