Unit 2: Strategic Planning
Strategic planning is the phase of strategic management that comes after goals are defined but before the strategy is implemented. In this phase, you must take your firm's financial situation into account. For example, if your firm wants to grow, this usually involves additional capital investment. If your firm does not have the cash or the means to raise money to spend, then the goal may be dead in its tracks.
Likewise, there are external issues that must be taken into consideration. Google cannot grow much in the advertising space market without facing reviews from the Department of Justice for anti-trust issues. These are political issues, but economic, social, and technological concerns are also at play. By considering these factors, strategic planners can design a strategy that can be implemented without being stalled or shut down by unforeseen issues.
There are many ways to analyze a system and develop a strategic plan. Hopefully, you will study the methods in this course and then further research systems that may best cater to your desired industry.
Completing this unit should take you approximately 6 hours.
2.1: Organizational Goals
2.2: SWOT Analysis
2.3: PEST Analysis
2.4: Factors of Success
These study sessions are an excellent way to review what you've learned so far and are presented by the professor who created the course. Watch these as you work through the unit and prepare to take the final exam.
Unit 2 Assessment
- Receive a grade