Describe how management uses the strategic planning process to better understand their company's internal strengths and external opportunities and consequently, align their company's operations with its available resources. How does this alignment maximize effectiveness and efficiency?
When management uses the strategic planning process, they perform five steps as follows:
Mission/objectives-while considering the company's vision and values, management would evaluate the organization's current and past strategic objectives including growth targets or cost-reduction initiatives and performance relative to the metrics outlined.
Environmental scan-in this step, the organization would perform SWOT and industry analyses to determine its relative position in the industry compared to competitors and alignment with vendors and customers.
Strategy formulation-while considering the internal strengths and the external opportunities found in the previous step (during the SWOT analysis), management would, then, factor in the results of ...
The solution discusses maximizing effectiveness and efficiency for management.