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    Strategic Planning in For-Profit and Non-Profit Firms

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    How does strategic planning for non-profits differ from profit-making firms?

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    Planning is deciding in advance about the future course of action. Management uses strategic planning to prepare for economic, demographic, competitive, technological, and regulatory changes that affect the way their organization operates. Thus it is concerned with accomplishing the mission and vision of the organization. The strategic plan drives the overall corporate strategy and defines the core business strategies with respect to various aspects such as marketing, finance and operations and specifies broad guidelines and framework for the organization to operate. A strategy is an overall map that guides the use of these tools toward clear goals. All kind of organizations need strategy to achieve the goals.

    Certainly there are some strategic issues which are different in the non profit sector then the private sector. They do have diversities:
    Greater number of Variables
    They deal with greater levels of complexity. The decision makers simply deal ...

    Solution Summary

    The solution discusses startegic planning for the two different types of firms.