STRATEGIC PLANNING
Strategic planning is the process
of thinking through the current mission of the organization and the current
environmental conditions facing it, and then setting forth a guide for
tomorrow’s decisions and results. Strategic planning is built on fundamental
concepts: those current decisions are based on future conditions and results.
Important ingredients of strategic plans
1)
Market
environment
The first element is the existing
market and the demand of the product or service that we want to produce or
promote. We need to explore and analyze the market environment and pattern of
demand.
2)
Expertise and resources
The available financial support,
product design, manpower, plant and expertise for design, and manufacturing
facility has to be assessed. The resources can be hired or bought by the
management.
3) Strategic policy
The planning of operational strategy and execution is the inherent job
of the management.
3)
Design and development
OM also includes the product design, setting up the plant for
production, improvement of design and marketing. The growth of the company
depends upon hard work, right decision making, updates information system and
promotion policy that provides new opportunities with innovated initiative.
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