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

Review Questions

  1. What factors in the external environment are affecting the "Big Three" U.S. automobile manufacturers?
  2. What are some examples of Walmart's strengths?
  3. Suppose you work for a major hotel chain. Using Porter's five forces model, explain what you need to consider with regard to each force.