The Importance of Strategic Planning in Business Organizations

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In every business organization, strategic planning is of great importance especially in ensuring that the company meets its end goals. The success of a company's strategy depends on the strategic planning function. In the organization that I work for, the process of strategic planning and decision making usually involves a series of steps. Before the implementation of a strategy within the organization, the company must revisit its mission and visions (Ugboro et al., 2011). Afterwards, the company analyses its business trends, external and internal opportunities, threats and strengths. My organization mainly uses the Porter's five forces for business analysis and identification of the company's competition level in the retail industry. The formulation of the desired strategy then follows and finally after carrying out some reviews, the company then implements the business model (policy) and evaluates its success. Ugboro et al. (2011) argue that the strategic planning function used by the company that I work for is significant as it has helped the company to achieve a competitive advantage by investing more in its strengths and opportunities and using its weakness and threats to improve its business and even learn from its competitors.

There are many mistakes that organizations make when planning and implementing a strategic plan. According to Porter, there is a strategic reason why some companies are more profitable and successful than others (Ugboro et al., 2011). The most common mistake that most organizations (including my organization) make is competing to be the best in the industry. In so doing, business organizations end up trying out anything to remain relevant in the business world which symbolizes the lack of a functioning strategic plan. For a successful introduction and implementation of a strategy (business model), organizations should understand the differences between their mission and vision statements. 

                                                                                         

References

Ugboro, I. O., Obeng, K., & Spann, O. (2011). Strategic planning as an effective tool of strategic management in public sector organizations: Evidence from public transit organizations. Administration & Society, 43(1), 87-123.

October 30, 2023
Category:

Business

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Company

Number of pages

2

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322

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