Unit 2: Strategic Planning
Strategic planning is the phase of strategic management that comes after goals are defined but before the strategy is put into place. In this phase, the financial situation of your firm must be taken into account. For example, if your firm wants to grow, this usually involves additional investment of capital. 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 there are also economic, social, and technological concerns at play. By considering these factors, strategic planners can design a strategy that can be implemented without being stalled or shut down by some unforeseen issue.
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 be best catered to your desired industry of employment.
Completing this unit should take you approximately 21 hours.