Necessary Tools Required to Conduct Strategy Planning
There is a number of techniques that can be used while performing strategic planning in an organization. The writers who offer strategic planning assignment help at BookMyEssay hold the expertise on the extensive range of strategic planning tools that include:
SWOT analysis: In strategic planning, SWOT analyzation refers to the identification of the internal power of the organization. Through the intense SWOT analyzation, the organization can recognize the area of weakness and plan accordingly.
PEST analysis: Each alphabet in the PEST stands for the different sections that should be the part of the strategic planning where P stands for the Political, E stands for the Economic, S means Social and in the end T means Technology. Hence, PEST analyzation is an important part of strategic planning.
Strategy map: It refers to the outline or format of the managing and determining strategy. These are the basic fundamentals of strategic planning. Many interpret strategic planning from the business planning which is not correct. While business planning is just a rough diagram of a project whereas strategy planning is a step-by-step process. In simple words, you can say that strategic planning is a detailed version of business planning.
Strategic management: Strategic management basically refers to the process of translating the determined strategy into the organization actions. In general, strategic management is about providing answers to the complicated questions related to the directions, resources, scope, stakeholders and more. In reality, there are three main components of strategic management namely, Strategic analysis, strategic choice, and strategic implementation.
Three Important Levels of Strategy
As you can see the strategic planning is a vast topic that involves various concepts related to both strategy and planning. There are basically three main levels of strategy which are:
- Corporate Strategy
- Business Unit strategy
- Team strategy
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