Strategic planning is a very important part of planning and tasks. This subject should be described in detail, including the definition of the word “strategy” and how strategic planning relates to other areas of management. Check four components of the successful strategic plan in the article below.
A Proper Understanding of the Successful Strategic Plan
Sooner or later, the head of any enterprise thinks about strategic planning. At the same time, the manager needs to make an important decision – to plan or not to plan, and if so, how? Detailed or just key indicators? Consider the main difficulties of this process and identify possible solutions to overcome them.
The first difficulty is the lack of a specific customer. Strategic planning cannot be implemented if there is no specific interested leader who is able to develop a planning methodology, coordinate the actions of employees, and have the ability to convince and allocate the necessary resources. Because many non-strategic companies are more concerned with day-to-day operations without a big goal or plan, this can have long-term implications for their business success.
Strategic planning can be viewed as a dynamic set of six interrelated management processes that logically flow from one another. At the same time, there is stable feedback and influence of each process on the others. The strategic planning process includes:
- determination of the mission of the enterprise and organization;
- evaluation and analysis of the external environment;
- evaluation and analysis of the internal structure.
The first step in strategic planning is a description of the desired state to which the enterprise must be brought after some time. The second step of strategic planning is an analysis of the current state of the enterprise (strategic analysis). It includes market research, competitive environment, and internal company situation. The main task of strategic analysis in the framework of planning is to determine the mismatch of the enterprise’s competencies with real market opportunities and dangers.
Which Are Four Components of a Successful Strategic Plan?
- Clearly separate global and local tactics.
Ideally, the global marketing strategy includes both general plans and specific local initiatives. The activities are planned, of course, at the global level – but local teams should be allowed to think with a certain level of freedom when they implement these plans in the regions.
2. Respond to local markets.
Sadly, too many short-sighted marketers ignore regional differences. The motto “need to think globally” in this case, keeps them from making informed marketing decisions. In fact, they simply do not want to take the time to understand the local characteristics and individual needs of customers.
3. Analysis and assessment of the external and internal environment.
Environmental analysis is usually considered the initial process of strategic management, as it provides both the basis for defining the mission and goals of the firm and for developing a strategy of behavior that allows the firm to fulfill its mission and achieve its goals.
4. Don’t forget to sum up!
At the end of a global-local marketing campaign, it will be appropriate to draw conclusions, whatever the results. Rate your experience. Conduct a deep analysis of the most successful tactics in order to save them for the future. Use automated methods for processing customer data.