Explain the strategic planning process step by step and give the definition of each specific analysis
Steps of Strategic Planning Process
1. Identify the firm's existing vision, mission/goals, objectives; research all the resources available: Vision is firm's primary goal for the future. Mission statement and goals are the refined and clarified form of vision over the years. Objectives are the goals that the firm hopes to accomplish in its immediate future.
If this information is not readily available or explicitly delineated, often assumptions can be made or implied from the general information that is available.
If the vision, mission/goals, and objectives cannot be discerned from actual or implied information , then they should be developed after conducting internal and external analysis.
2. Identify the firm's basic approach to competition in its primary industry: At this stage Michael E. Porter's "Generic" Strategy Model should be applied.
Low-Cost Strategy: The industry situation that calls for this type of approach is one in which consumers perceive little or no difference between the products or services being offered and, therefore typically seek the lowest ...
The main steps of strategic planning process is explained