“successful organizations do not achieve their goals by chance but by ...
The deliberate process followed by successful organizations is strategic planning.
Strategic planning is a comprehensive process that involves defining an organization's mission, vision, and values, analyzing its internal and external environment, setting objectives, and creating strategies to achieve those objectives. The process typically involves the following steps:
1. Defining the organization's mission, vision, and values: The organization's mission statement defines its purpose, the vision statement outlines its goals, and the values statement reflects its core beliefs and principles.
2. Analyzing the internal and external environment: This involves conducting a SWOT analysis to identify the organization's strengths, weaknesses, opportunities, and threats. It also involves analyzing the industry and market trends, as well as the competitive landscape.
3. Setting objectives: Based on the analysis, the organization sets specific, measurable, achievable, relevant, and time-bound (SMART) objectives that align with its mission, vision, and values.
4. Creating strategies: The organization creates strategies to achieve its objectives, such as developing new products, entering new markets, or improving operational efficiency. The strategies should be aligned with the organization's strengths and take advantage of opportunities while mitigating threats and weaknesses.
5. Implementing and monitoring the plan: The organization implements the strategies and monitors progress towards achieving its objectives. It also reviews and updates the plan periodically to ensure it remains relevant and effective.
Benefits of strategic planning:
- Provides a clear direction and purpose for the organization
- Helps prioritize resources and activities
- Improves decision-making and problem-solving
- Increases organizational effectiveness and efficiency
- Enhances communication and collaboration
- Facilitates adaptation to changing circumstances and opportunities.
In conclusion, strategic planning is a deliberate process that successful organizations follow to achieve their goals. It involves defining the organization's mission, vision, and values, analyzing the internal and external environment, setting objectives, creating strategies, implementing and monitoring the plan. Strategic planning provides many benefits to organizations, including improved direction, prioritization, decision-making, effectiveness, communication, collaboration, and adaptation.
“successful organizations do not achieve their goals by chance but by ...
Name of that process is "management" .
"Management is a process of planning, organising, actuating and controlling an organisation's operations in order to achieve coordination of human and material resources essential in the efficient and effective attainment of objectives".
To make sure you are not studying endlessly, EduRev has designed Commerce study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Commerce.