Strategic Planning Essay Example | Topics and Well Written Essays - 6250 words

Strategic Planning - Essay ExampleSome others consider it to be future-oriented plans for interacting with the matched environment. Overall, strategical homework is long-term plan to optimize the resources to sustain competitive advantage and achieve the corporate goals. Different words and phrases have been used by different thinkers but basically, it is a long-term provision with definite goals. Hence, a formal strategic plan should consist of written plans it should cover more than a year of activity. This should be formulated taking into consideration the strategic alternatives and identity the resource requirements.Strategic planning has been defined as the devising and formulation of organisational level plans which set the broad and flexible objectives, strategies and policies of a business, driving force the organisation towards its vision of the future (cited by Aldehayyat & Anchor, 2008).When speaking of strategy as a plan, Mintzberg and Quinn specified devil essent ial characteristics about strategy it is made in advance of the actions to which it applies and it is developed consciously and purposefully (Dooris, Kelley & Trainer, 2002). Mintzberg had former recognized strategy as a broader concept than planning. It could also be seen as a Ploy, Position, Perspective and Pattern (Anderson & Atkins, 2001). Even Quinns definition of strategy included planning as a part of strategy formulation.Planning, according to Dooris, Kelley and Trainer (2002) is concerned with improving ones condition and pertains to market share and improving profits. As a structured management discipline and practice, strategic planning is still in its nascent stage. Strategic planning has been considered as the one best flair to devise and implement strategies that would enhance the competitiveness of each business unit. The concept emerged during turbulent times of the 1970s, when the vim crisis and other unanticipated