Strategic Planning Vs Business Planning

Companies often enter into a joint venture to pursue specific projects.The JV may be a new project or new core business or mergers.

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The concept of strategic planning originated in the 1950s but only became popular in the mid-1960s and the mid-1970s.

During that time, managers and the entire corporate world believed that strategic planning provided answers to most if not all business problems.

Business strategies result in long-term effects on organizational success; only top business executives understand their impact and are authorized to assign the resources necessary for their implementation.

After the strategy formulation, the company needs to establish short-term goals (usually one-year goals), devise policies, and allocate resources for their execution.

The increased dialogue and communication across all the stages of the process strengthens the employee’s sense of effectiveness, initiative-taking, and imagination.

It explains the need for companies to decentralize the strategic planning process by involving lower-level managers.

The development and execution of strategic plans is a well-thought-out plan performed in three critical steps: In the formulation of strategies, the business assesses its current situation by performing an internal and external audit.

Strategy formulation also involves identifying the organization’s strengths and weaknesses, as well as opportunities and threats (A joint venture (JV) is a commercial enterprise in which two or more organizations combine their resources to gain a tactical and strategic edge in the market.

However, reactive strategies are short-term, causing firms to spend a significant amount of resources and time.

Strategic planning helps firms prepare beforehand; it lets the company initiate influence instead of just responding to situations. Some studies show the strategic planning process makes a significant contribution more than the decision itself.

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Comments Strategic Planning Vs Business Planning

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