Components of the Strategic Planning Process
Read these sections, which discuss the strategic planning components and outline the strategic planning process. It's essential to follow the process to write an informed strategic plan. The firm's strategic plan sets the firm's direction, and management and employees must work together to meet the outlined objectives.
2.2 Components of the Strategic Planning Process
The Mission Statement
The firm's mission statement states the purpose of the organization and why it exists. Both profit and nonprofit organizations have mission statements, which they often publicize. The following are examples of mission statements:
PepsiCo's Mission Statement
"Our mission is to be the world's premier consumer products company focused on convenient foods and beverages. We seek to produce financial rewards to investors as we provide opportunities for growth and enrichment to our employees, our business partners, and the communities in which we operate. And in everything we do, we strive for honesty, fairness, and integrity".
The United Way's Mission Statement
"To improve lives by mobilizing the caring power of communities".
Sometimes SBUs develop separate mission statements. For example, PepsiCo Americas Beverages, PepsiCo Americas Foods, and PepsiCo International might each develop a different mission statement.