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
Key Takeaway
A firm must analyze factors in the external and internal environments it faces throughout the strategic planning process. These factors are inputs to the planning process. As they change, the company must be prepared to adjust its plans. Different factors are relevant for different companies. Once a company has analyzed its internal and external environments, managers can begin to decide which strategies are best, given the firm’s mission statement.