What is step 3 in the strategic planning process?
3. Develop a plan. Now it's time to create a strategic plan to reach your goals successfully. This step requires determining the tactics necessary to attain your objectives and designating a timeline and clearly communicating responsibilities.
Effective strategic planning is a process that should be broken down into three separate, equally important components: strategic thinking, long-range planning, and operational planning.
Step 3 – Identify specific actions or strategies that must be implemented to achieve each goal.
Why is stage 3 (implementation plan) so important? It's where the strategic plan gets converted into specific action items.
- Identify the problem/issue you seek to address.
- Set SMART goals and objectives.
- Identify and collaborate with key stakeholders.
- Design activities to achieve goals and objectives.
The 3 Cs are: Company, Customers and Competitors - the three semi-fixed environmental factors in your market.
- Step 1: Environmental Scan. ...
- Step 2: Internal Analysis. ...
- Step 3: Strategic Direction. ...
- Step 4: Develop Goals and Objectives. ...
- Step 5: Define Metrics, Set Timelines, and Track Progress. ...
- Step 6: Write and Publish a Strategic Plan. ...
- Step 7: Plan for Implementation and the Future.
- Environmental Scanning. Environmental scanning is the process of gathering, organizing and analyzing information. ...
- Strategy Formulation. ...
- Strategy Implementation. ...
- Strategy Evaluation.
Specifically, what happens during step 3 of the planning process? Formulate premises about future conditions. It is where one looks ahead, trying to figure out what may happen.
Strategic planning is usually used for long-term operations, while tactical and operational planning are used in short-term goals and resource projection. Tactical planning is a significant part of the planning process, and it is the step in which employees identify and prioritize their goals.
What are the three stages of strategic planning quizlet?
Consists of three stages: strategy formulation, strategy implementation, and strategy evaluation.
The strategic-management process consists of three stages: strategy formulation, strategy implementation, and strategy evaluation.
Techniques of strategy formulation can be integrated into a decision making framework. Strategies can be identified, evaluated and selected by this framework that includes three stages: (1) input stage, (2) matching stage, and (3) decision stage (Figure 1) (David, 2007).
Step 3: Collect Current Data
Collect the following information on your organization: The last strategic plan, even if it is not current. Mission statement, vision statement, values statement. Business plan.
The first stage in development of a strategic plan for the organisation involves determining who needs to be involved in the planning process. The Management Committee needs to decide who should be involved in the strategic planning process.
There are five essential tasks of strategic management. They include developing a strategic vision and mission, setting objectives, crafting tactics to achieve those objectives, implementing and executing the tactics, and evaluating and measuring performance.
According to the PMBOK Guide (Project Management Body of Knowledge) by the Project Management Institute (PMI), a project management life cycle consists of 5 distinct phases including initiation, planning, execution, monitoring, and closure that combine to turn a project idea into a working product.
- Define your vision.
- Assess where you are.
- Determine your priorities and objectives.
- Define responsibilities.
- Measure and evaluate results.
Step 3: Construct a strategy
Determine the resources that business currently has, which can help you achieve their goals. Identify the areas where the business should take help from external resources. If the overall strategy does not work, then you need to have a backup plan.
Step 3: Identify alternative solutions
This step requires you to look for many different solutions for the problem at hand. Finding more than one possible alternative is important when it comes to business decision-making, because different stakeholders may have different needs depending on their role.