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Strategic Planning: Most Difficult and Challenging Part

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1. What is the most difficult or challenging part of strategic planning?

2. Which parts of a strategic plan would modify for success in the future and why?

Mission statement and business concept
Marketing plan
Operations plan
Financial plan
Key assumptions made for these plans' success

3. If a individual approached you for advice on starting a business, what advice would give them about strategic planning?

4. What are some takeaways from this entire process?

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STRATEGIC PLANNING CHALLENGES

The most difficult or challenging part of strategic planning
Strategic planning is determining in advance the future direction that a business is going to take, considering the environmental (both internal and external) conditions. It is basically formulating answers to the following:
1. Where we are
This involves an assessment of the company's current situation that may include: market share, market positioning, brand equity, profitability, value of the firm to its shareholders, company size relative to competitors, company resources, company image, competitive advantage, and others that reflect present condition. There is not much difficulty in determining the company's current situation. Several tools such as document analysis (e.g. financial statements and other company and industry records) and marketing research may provide the needed information.

2. Where we want to go
This involves formalizing the company's dreams that are indicated in its mission, vision, goals, and objectives. While these are important in order to set the company in the right and intended direction, formulating ...

Solution provided by:
Elisa Valdez, PhD
Education
  • Bachelor of Science in Business Administration, University of the Philippines
  • Master in Business Administration, Saint Mary's University
  • Doctor of Philosophy in Education, University of the Philippines
  • Doctor in Business Adminstration (IP), Polytechnic University of the Philippines
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