HOW THE WORLD OF STRATEGY WORKS

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HOW THE WORLD OF STRATEGY WORKS
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WHAT IS STRATEGIC PLANNING?

• Broadly, strategic planning is the process of
  creating a strategic plan to ensure that a
  person/business reaches its final goal. It is
  always a good idea to have a plan to make sure
  that things are thought out properly and have a
  certain idea of the way things will pan out. Many
  businesses these days are bound by the
  difficulties of competition and dynamic
  environments in which they need structure and
  clarity. And this is brought about by creating a
  simple plan which will help them have a brighter
  future.
• Your strategic plan must be
• Complete
• All-Inclusive
• Flexible
• Future Oriented (Long Term)

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WHAT ARE THE DIFFERENT STEPS IN STRATEGIC
PLANNING?

• Every company will have their own way in which
  they will create their own plan as their markets,
  competition and values will be different. Every
  one will have their own strategy which will work
  best for their company. But however there are
  certain steps that must be followed in every
  planning process. These are
• Determining your current position
• Identifying the important needs
• Defining what needs to be achieved
• Determining who will do what in the business
• Reviewing the entire and making sure things are
  progressing properly

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• WHAT IS STRATEGIC MANAGEMENT?
• Strategic management is the process of managing
  all the strategies and plans of a particular
  business and making sure everything is going
  according to plan. The strategic management
  process is very important to make sure that all
  the plans are functioning the way they should be.
  Most companies either have an in house team that
  does this or they hire an outside professional
  consultant to help them with managing their
  strategies. The strategic management process must
  be -
• Streamlined
• Well-planned
• Resource oriented
• Keeping in minds opportunities
• Performance oriented

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• WHAT ARE THE DIFFERENT STEPS IN THE STRATEGIC
  MANAGEMENT PROCESS?
• Every company has its own unique take of the
  strategic management process. Since every brand
  has a different outlook, values and goals, they
  all will have a different strategy to own the
  market. However, each and every one of this
  individual plans will fall under a broad and
  basic structure which must be followed to make
  sure the process is correct. These steps are
• Goal Setting
• Analysis
• Strategy Formulation
• Making the plan
• Plan Implementation
• Plan Evaluation Control

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