Explain all of the various elements of the informed prediction step of the strategic planning process.
Strategic Planning Process is a frame work within which the organization functions. The strategic planning process provides the strategies and the steps an organization undertakes to attain its objectives.
The steps in the Strategic Planning Process are:
Informed prediction step of the Strategic Planning Process:
Planning is nothing but deciding in advance about the future course of action. Thus planning is done to predict the future. In case of Strategic Planning Process future is not just predicted but in fact future is predicted and shaped.
So under informed prediction the strategic planner is more of deciding what should be than just predicting what will be. To decide about the future realistic predictions are essential. Hence predictions should be based on the research studies and reliable data known as informed predictions.
Informed predictions are arrived at by the following analysis:
? Market Analysis for the company’s products in the near and far future.
? Competition Analysis in terms of near and far future.
? Environmental Analysis to identify future changes in the environment.
? Effects of environmental changes on the company.
? Conducting SWOT analysis for the company to analyze its strength, weakness and future opportunities and the threats.
The above analysis helps in identifying the companies informed predictions and in writing a good strategic plan.
1. Provide a brief overview of how to write the strategic plan.
Once the data is collected, organized and analyzed then the informed predictions are identified based on the market, competition and environmental analysis.
In the third step of strategy planning a rough draft is prepared based on the following criteria:
? Value providing to customers
? Market value
? Organizations competitive strategy
? Organizations vision and mission
? Goal of the organization
? Principles guiding the organizations operations
Writing the plan is a process of converting the rough draft or a strategic plan into a comprehensive written document that is cogently presented.
Factors to be considered in writing a plan are:
• Quality of writing
• Attractiveness of the written document
• Quality of writing: A plan written should be simple, easily understandable to the reader.
• Attractiveness of the written plan: the strategic written plan should be visually attractive and should create the best first impression. An unattractive plan through contains best concept will not attract the potential readers.
Hence it is important to write a quality and attractive plan to attract the attention of the potential readers.