{"id":1062,"date":"2022-04-20T11:46:00","date_gmt":"2022-04-20T09:46:00","guid":{"rendered":"https:\/\/support.centreforelites.com\/business-strategic-planning\/"},"modified":"2023-04-14T10:33:04","modified_gmt":"2023-04-14T08:33:04","slug":"business-strategic-planning","status":"publish","type":"post","link":"https:\/\/support.centreforelites.com\/en\/business-strategic-planning\/","title":{"rendered":"Business Strategic Planning Process"},"content":{"rendered":"\n<p>This article talks about Business strategic planning in an organisation. This was devised by corporate leaders to <a href=\"https:\/\/motivemeaning.blogspot.com\/2022\/04\/strategy-implementation-and-execution.html\">implement strategies<\/a>&nbsp;that will enhance the competitiveness of each business unit. It differs from the yearly fiscal plans of the organisation.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter\"><a href=\"https:\/\/i0.wp.com\/st.depositphotos.com\/1845839\/1973\/v\/450\/depositphotos_19730817-stock-illustration-word-cloud-strategic-planning.jpg?ssl=1\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/st.depositphotos.com\/1845839\/1973\/v\/450\/depositphotos_19730817-stock-illustration-word-cloud-strategic-planning.jpg?ssl=1\" alt=\"Strategic Planning\"\/><\/a><figcaption class=\"wp-element-caption\">Strategic Planning<\/figcaption><\/figure>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d9214a72e38\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d9214a72e38\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/support.centreforelites.com\/en\/business-strategic-planning\/#_Background_Information_on_Business_Strategic_Planning\" >&nbsp;&nbsp;Background Information on Business Strategic Planning<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/support.centreforelites.com\/en\/business-strategic-planning\/#Meaning_of_Strategic_Planning\" >Meaning of Strategic Planning<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/support.centreforelites.com\/en\/business-strategic-planning\/#_Development_of_Strategic_Planning\" >&nbsp;&nbsp;Development of Strategic Planning<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/support.centreforelites.com\/en\/business-strategic-planning\/#_Processes_Involved_n_Strategic_Planning\" >&nbsp; &nbsp;Processes Involved n Strategic Planning<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/support.centreforelites.com\/en\/business-strategic-planning\/#_Competitive_Analysis\" >&nbsp;Competitive Analysis<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/support.centreforelites.com\/en\/business-strategic-planning\/#_Planning_Horizon\" >&nbsp;&nbsp;Planning Horizon<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/support.centreforelites.com\/en\/business-strategic-planning\/#_Functional_Analysis\" >&nbsp;Functional Analysis<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/support.centreforelites.com\/en\/business-strategic-planning\/#_Regulatory_Analysis\" >&nbsp;&nbsp;Regulatory Analysis<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/support.centreforelites.com\/en\/business-strategic-planning\/#Technological_Trends\" >Technological Trends<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/support.centreforelites.com\/en\/business-strategic-planning\/#_Economic_Sensitivity\" >&nbsp;Economic Sensitivity<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/support.centreforelites.com\/en\/business-strategic-planning\/#_Changing_Focus_of_Strategic_Planning\" >&nbsp;Changing Focus of Strategic Planning<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/support.centreforelites.com\/en\/business-strategic-planning\/#Strategic_Planning_and_Responsibility\" >Strategic Planning and Responsibility<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"_Background_Information_on_Business_Strategic_Planning\"><\/span>&nbsp;&nbsp;Background Information on Business Strategic Planning<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Strategic planning (SP) evolved in the business world in the United States of America (USA) and was later adapted for non-profit making organisations such as hospitals and tertiary institutions such as the universities.<\/p>\n\n\n\n<p>Strategic planning was embraced by corporate leaders in the mid-1960s to devise and&nbsp;<a href=\"https:\/\/motivemeaning.com\/strategy-implementation-organisations-response-innovation-and-politics\/\">implement strategies<\/a>&nbsp;that would enhance the competitiveness of each business unit, generate decisions about deployment of resources toward fixed goals and priorities and build a sustainable long-term future with a constantly changing or dynamic environment.<\/p>\n\n\n\n<p>Strategic planning cannot be prepared by an outside expert but rather a prescription that is formulated by the combined expertise within the organisation. The purpose of&nbsp;planning is to make decisions about the future before the future either forces the decisions on us or renders any decision irrelevant.<\/p>\n\n\n\n<p>The essence of strategic planning is the identification of specific desired results to which all the efforts and activities of the organisation will be dedicated. The success of any plan is determined only by the results its produces.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Meaning_of_Strategic_Planning\"><\/span>Meaning of Strategic Planning<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Strategic planning differs significantly from yearly fiscal plans. Cope (1981) clearly identifies and states the differences as follows:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Strategic planning focuses on the process while the long-term planning with its application of formulae, gives little attention to&nbsp;the organisation&#8217;s politics and the changing circumstances.<\/li>\n\n\n\n<li>Strategic planning pays attention to the external environment, qualitative information and initiative decisions regarding resource commitment and integrated participatory involvement. Long-term planning tends towards internal analysis and qualitative models&nbsp;of resources deployment, and it&nbsp;conducted as a&nbsp;separate&nbsp;institutional function.<\/li>\n\n\n\n<li>Long-term planning emphasises the science of planning with&nbsp;detailed and interfaced sets of data. The&nbsp; strategic&nbsp;view emphasises creativity, innovativeness and methods to maneuver the institution over time and across turbulent waters.<\/li>\n\n\n\n<li>Long-term planning focuses on organisational goals and&nbsp;objectives for at least five years ahead while strategic planning&nbsp;asks what decision is appropriate today based upon an understanding of where the critical external variables will be five years from now.<\/li>\n<\/ol>\n\n\n\n<p>Therefore, strategic planning has been described as the process of setting organisational goals or objectives based on identified strengths and weaknesses.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter\"><a href=\"https:\/\/i0.wp.com\/previews.123rf.com\/images\/rawpixel\/rawpixel1603\/rawpixel160312552\/53752674-strategic-planning-process-action-plan-concept.jpg?ssl=1\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/previews.123rf.com\/images\/rawpixel\/rawpixel1603\/rawpixel160312552\/53752674-strategic-planning-process-action-plan-concept.jpg?ssl=1\" alt=\"Business Strategic Planning Process\"\/><\/a><figcaption class=\"wp-element-caption\">Business Strategic Planning Process<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"_Development_of_Strategic_Planning\"><\/span>&nbsp;&nbsp;Development of Strategic Planning<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Many things have been written about strategic planning. However,&nbsp;strategic planning as a discipline with its associated concepts and techniques only emerged fully in the early 1970s. There are, of course, many reasons for this. In the words of Kotler (1988), it was largely because of the growing and continuously buoyant markets of the 1950s and 1960s when many companies prospered on the back of largely short-term operational planning.<\/p>\n\n\n\n<p>The turbulence of the early 1970s that followed a series of crises, including oil supply restrictions, energy and material shortages, high inflation, economic stagnation, labour unrest, increased unemployment and then recession caused many major reasons to search for a radically different approach to the running of their businesses. These were compiled with influx of low-price but relatively high-quality products from countries like Japan which began to flood the western markets. These products changed rapidly and drastically the economics of manufacturing industries.<\/p>\n\n\n\n<p>The revised approach to management planning threats that emerged was then designed to provide the organisation with a far stronger and more resilient framework that would enable managers to recognise the opportunities more readily and overcome threats more easily.<\/p>\n\n\n\n<p>This&nbsp;marks the beginning of a new planning process to take maximum advantage of opportunities and threats in the environment. It also entails a consideration of strategic alternatives and a choice of the most appropriate strategy towards achieving set goals or objectives. This is in addition to periodic <a href=\"https:\/\/support.centreforelites.com\/en\/master-monitoring-and-evaluation-in-5-minutes\/\">evaluation<\/a> to ensure that the chosen strategy would achieve the objectives; if not, to alter the strategy or review the objectives. Daniyan (2002) reiterates the definition which states that somebody defines strategic planning as \u201ccongruous and collective exercise of foresight and taking informed decisions about the future\u201d.<\/p>\n\n\n\n<p>Another simple way of looking at strategic planning is to consider it as a formal process of determining long-term objectives and how to achieve them.<\/p>\n\n\n\n<p>In practice, strategic planning deals with five separate tasks, which are as follows:<\/p>\n\n\n\n<p>(i)&nbsp;&nbsp;&nbsp;&nbsp;Determination of the long-term direction of the company.<\/p>\n\n\n\n<p>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Determination of the resources requirement of the company.<\/p>\n\n\n\n<p>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Establishing of overall goals and strategies.<\/p>\n\n\n\n<p>(iv)&nbsp;&nbsp;&nbsp;Assessment of the competitive position of the firm in the&nbsp;industry.<\/p>\n\n\n\n<p>In a modern organization, strategic planning is seen as the focal point for all planning and reporting. It is closely linked to market studies, capital spending, contingency planning and annual profit plan or budget.<\/p>\n\n\n\n<p>In the process of strategic planning are of three fundamental questions that needs to ask, which are<\/p>\n\n\n\n<p>Where is our organisation now?<\/p>\n\n\n\n<p>Where do we want the organisation to be? How do we get the organisation there?<\/p>\n\n\n\n<p>These three basic questions must be objectively and sincerely answered for the strategic planning to achieve its desired objectives. It should be noted that both short-term and long-term strategies require planning.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"_Processes_Involved_n_Strategic_Planning\"><\/span>&nbsp; &nbsp;Processes Involved n Strategic Planning<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There are processes and methodologies involved in conducting strategic planning. The processes involve a step-by-step systematic approach, which starts out from the very beginning with focus on&nbsp;<a href=\"https:\/\/www.blogger.com\/blog\/post\/edit\/7193241829689759114\/2902686125028206326#\">implementation<\/a>. The standard methodology works for every organisation whether big or small. However, industry variations and adaptations need to be made. Such various include the following:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"_Competitive_Analysis\"><\/span>&nbsp;Competitive Analysis<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Organisations that enjoy monopoly of their business, e.g. Power Holding Corporation of Zambia (PHCZ), will certainly omit a step since it has no competitor.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"_Planning_Horizon\"><\/span>&nbsp;&nbsp;Planning Horizon<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Some organisations may need to plan for a long time to come especially in trading activities (e.g. PHCZ) while others may not need more than a year&#8221;s planning.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"_Functional_Analysis\"><\/span>&nbsp;Functional Analysis<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Consumer products companies are very much marketing-oriented.<\/p>\n\n\n\n<p>Such companies must be serious to consider the market for their <a href=\"https:\/\/motivemeaning.com\/product-classification\/\">products<\/a> in the strategic planning.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"_Regulatory_Analysis\"><\/span>&nbsp;&nbsp;Regulatory Analysis<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In this aspect, some industries or businesses are more affected than the others. For instance, tobacco companies and alcohol producing companies are more affected than the soft drinks producing companies.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Technological_Trends\"><\/span>Technological Trends<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Certainly, technological advancement vary vividly between the advanced and the developing countries. This will affect the activities of the organisation. The technology must be of concern particularly to the local industries.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"_Economic_Sensitivity\"><\/span>&nbsp;Economic Sensitivity<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The local companies may be less sensitive than the importers.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"_Changing_Focus_of_Strategic_Planning\"><\/span>&nbsp;Changing Focus of Strategic Planning<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>At the beginning of the 1990s, a number of researchers including Stacey (1991) and Mintzberg (1994) began questioning the traditional and well established line of thinking about strategic planning. With its origin in late 1960s and early 1970s, strategic planning had been held by many as the most logical and effective way of devising and implementing the strategies which would improve the competitiveness of a business unit.<\/p>\n\n\n\n<p>However, Mintzberg argues that the creation in many large organisation of specialist departments, staffed with strategic planners who are involved in the thinking but not in doing or the implementation, has created a series of difficulties and tensions. The net effect, according to him, is that strategic planning has long since fallen from its pedestal. He goes on to say that:<\/p>\n\n\n\n<p>But even now few people really understand the reason: strategic&nbsp;planning is not strategic thinking. Indeed strategic planning often spoils strategic thinking, causing managers to confuse real vision with the manipulation of numbers. And this confusion lies at heart of the issue: the most successful strategies are reasons not&nbsp;plans.<\/p>\n\n\n\n<p>Mintzberg, in making this assertion, highlights the way in which strategic planning is indeed strategic programming, an activity which involves articulating strategies or visions which already exist. He believes managers should understand the differences between planning and strategic thinking so that they can focus upon what the <a href=\"https:\/\/support.centreforelites.com\/en\/definition-of-growth-and-development\/\">development<\/a> process should really be.<\/p>\n\n\n\n<p>This implies that the role of the planner changes significantly. For&nbsp;<a href=\"https:\/\/en.wikipedia.org\/wiki\/Henry_Mintzberg\">Mintzberg<\/a>, the planner&#8217;s contribution should be around rather than inside the strategy-making process. The planner should provide the analysis and data inputs that the strategic thinker needs and not the one supposedly correct answer to the strategic challenge being faced.&nbsp;This redefinition of roles illustrates, in turn, the distinction that needs to be made between the analytical dimension of planning and the synthesis, intuition and creativity that characterise true strategic thinking.<\/p>\n\n\n\n<p>Stacey, in his own criticism of the traditional logical and sequential approach of planning, argues for a managerial emphasis upon adaptability, intuition, paradox and entrepreneurial creativity in order to cope with an unpredictable and inherently unknowable future. Stacey&nbsp;highlights the importance of intuition and the need for managers to deal with problems in a truly holistic fashion. He goes on to suggest that managers must learn to reason through induction rather than deduction, and to argue by analogy, to think in metaphor and to accept paradox.&nbsp;Both <a href=\"https:\/\/en.wikipedia.org\/wiki\/Henry_Mintzberg\">Mintzberg<\/a> and Stacey argue for a greater creativity within the organisation.<\/p>\n\n\n\n<p>Stacey&#8217;s views rest upon the idea that, because of the nature and complexity of the business system, anything useful about the future is essentially unknowable, something which negates the value of the conventional planning. Wisdom that success depends upon developing a vision of where the company wants to be in five, ten or twenty years time, the strategy that will achieve this and a shared culture.<\/p>\n\n\n\n<p>Stacey believes that real strategy emerges from group dynamics, from politicking and informal lobbying in the corridors, from the complicated patterns of relationships and interplay of personalities, from pressure groups that spring up after the formal meetings; that real success lies not&nbsp;in total stability and \u201csticking to your knitting\u201d but in the tension&nbsp;between stability (in the day-to-day running of the business) and instability (in challenging the status quo). Instability is not just due to ignorance or incompetence; it is a fundamental part of successful business firms (Stacey, 1994).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Strategic_Planning_and_Responsibility\"><\/span>Strategic Planning and Responsibility<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The ultimate responsibility of the planning process rests firmly with the corporate management. In practice, organisations differ greatly both in how they go about this and in the degree of freedom given to the managers or individual business units. For instance, some organisations allow business units considerable scope in developing their own objectives and strategies, ensuring only that the promised levels of performance are obtained.<\/p>\n\n\n\n<p>This is referred to bottom-up planning. By contrast, others are opposed to this, in that they establish the objectives and they insist on being involved in the <a href=\"https:\/\/support.centreforelites.com\/en\/definition-of-growth-and-development\/\">development<\/a>\u00a0\u00a0\u00a0\u00a0\u00a0 and\u00a0<a href=\"https:\/\/support.centreforelites.com\/en\/strategy-implementation-and-execution\/\" target=\"_blank\" rel=\"noreferrer noopener\">implementation of the strategy<\/a>.\u00a0\u00a0This is known as the top-down\u00a0planning. Yet, others establish the goals and then leave the business units to develop the strategic for their achievement. This is called goals down-plans up planning.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter\"><a href=\"https:\/\/i0.wp.com\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEjr-a_YREqS7T3rA6O8Mzi9TvK_yVySBX5vNXNrLqcVlOLMshIYyxzzAfz_7F0mt2LCAhpdV8C6hwedJXg6X7XtfEREUw4YwR4fPLclXAQriiZcP1tLhqaH8G0MJ8c7uoIPOBYen2dbz2L1MCKHcUkz0STWtHrZNIz2Eq93EBrMhDf2Ym89lulSOMOA\/w432-h640\/The%20strategic%20planning%2C%20implementation%20and%20control%20cycle.png?ssl=1\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEjr-a_YREqS7T3rA6O8Mzi9TvK_yVySBX5vNXNrLqcVlOLMshIYyxzzAfz_7F0mt2LCAhpdV8C6hwedJXg6X7XtfEREUw4YwR4fPLclXAQriiZcP1tLhqaH8G0MJ8c7uoIPOBYen2dbz2L1MCKHcUkz0STWtHrZNIz2Eq93EBrMhDf2Ym89lulSOMOA\/w432-h640\/The%20strategic%20planning%2C%20implementation%20and%20control%20cycle.png?ssl=1\" alt=\"The strategic planning, implementation and control cycle\"\/><\/a><figcaption class=\"wp-element-caption\">The strategic planning, implementation and control cycle<\/figcaption><\/figure>\n\n\n\n<p>Irrespective of the strategic planning approach that is adopted by the organisation, the corporate management has the ultimate responsibility for the four major dimensions of planning, which are:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Defining of the business mission<\/li>\n\n\n\n<li>Establishing the company&#8221;s business units (SBU&#8221;s)<\/li>\n\n\n\n<li>Evaluating the existing business portfolio<\/li>\n\n\n\n<li>Identifying new areas for the business to enter.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>This article talks about Business strategic planning in an organisation. This was devised by corporate leaders to implement strategies&nbsp;that will [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1305,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"wds_primary_category":136,"footnotes":""},"categories":[136],"tags":[178],"class_list":["post-1062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-strategic-management","tag-business-management"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Strategic-Planning.webp?fit=1300%2C1042&ssl=1","jetpack-related-posts":[{"id":791,"url":"https:\/\/support.centreforelites.com\/en\/introduction-to-strategic-management\/","url_meta":{"origin":1062,"position":0},"title":"Introduction to Strategic Management","author":"centreforelites","date":"April 18, 2022","format":false,"excerpt":"Strategic management provides better guidelines to the entire organisation on the crucial point of \u201cwhat is it we are trying to do and to achieve\u201d? It makes managers more alert to the winds of change, new opportunities\u00a0and threatening developments. It also provides managers with a rationale for evaluating competing\u00a0budget\u00a0requests for\u2026","rel":"","context":"In &quot;Blog&quot;","block_context":{"text":"Blog","link":"https:\/\/support.centreforelites.com\/en\/category\/blog\/"},"img":{"alt_text":"Strategic management","src":"https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Strategic-Management1.jpg?fit=728%2C707&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Strategic-Management1.jpg?fit=728%2C707&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Strategic-Management1.jpg?fit=728%2C707&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Strategic-Management1.jpg?fit=728%2C707&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":1125,"url":"https:\/\/support.centreforelites.com\/en\/the-concept-of-strategic-management\/","url_meta":{"origin":1062,"position":1},"title":"The Concept of Strategic Management","author":"centreforelites","date":"March 28, 2022","format":false,"excerpt":"\u00a0Strategic management provides better guidelines to the entire organisation on the crucial point of \u201cwhat is it we are trying to do and to achieve\u201d? It makes managers more alert to the winds of change, new opportunities\u00a0and threatening developments. It also provides managers with a rationale for evaluating competing budget\u2026","rel":"","context":"In &quot;Strategic Management&quot;","block_context":{"text":"Strategic Management","link":"https:\/\/support.centreforelites.com\/en\/category\/strategic-management\/"},"img":{"alt_text":"Strategic management","src":"https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Strategic-Management1.jpg?fit=728%2C707&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Strategic-Management1.jpg?fit=728%2C707&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Strategic-Management1.jpg?fit=728%2C707&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Strategic-Management1.jpg?fit=728%2C707&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":1053,"url":"https:\/\/support.centreforelites.com\/en\/information-technology-management-strategies\/","url_meta":{"origin":1062,"position":2},"title":"INFORMATION TECHNOLOGY MANAGEMENT STRATEGIES","author":"centreforelites","date":"April 20, 2022","format":false,"excerpt":"\u00a0This article deals with the strategic information system, with a particular attention on information technology management strategies. In recent times, the principles of strategic management are being applied to manage information system delivery. A little aspect of this application system is enumerated in this article. Details of the strategic management\u2026","rel":"","context":"In &quot;Strategic Management&quot;","block_context":{"text":"Strategic Management","link":"https:\/\/support.centreforelites.com\/en\/category\/strategic-management\/"},"img":{"alt_text":"INFORMATION TECHNOLOGY MANAGEMENT STRATEGIES","src":"https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/11\/INFORMATION-TECHNOLOGY-MANAGEMENT-STRATEGIES.jpg?fit=820%2C465&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/11\/INFORMATION-TECHNOLOGY-MANAGEMENT-STRATEGIES.jpg?fit=820%2C465&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/11\/INFORMATION-TECHNOLOGY-MANAGEMENT-STRATEGIES.jpg?fit=820%2C465&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/11\/INFORMATION-TECHNOLOGY-MANAGEMENT-STRATEGIES.jpg?fit=820%2C465&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":1066,"url":"https:\/\/support.centreforelites.com\/en\/fundamental-approach-to-strategic-management\/","url_meta":{"origin":1062,"position":3},"title":"Fundamental Approach to Strategic Management","author":"centreforelites","date":"April 20, 2022","format":false,"excerpt":"The approach to strategic management should be an integrated one. The approach should bring together various aspects of management such as marketing strategy,","rel":"","context":"In &quot;Strategic Management&quot;","block_context":{"text":"Strategic Management","link":"https:\/\/support.centreforelites.com\/en\/category\/strategic-management\/"},"img":{"alt_text":"Fundamental Approach to Strategic Management","src":"https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Fundamental-Approach-to-Strategic-Management.webp?fit=595%2C396&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Fundamental-Approach-to-Strategic-Management.webp?fit=595%2C396&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Fundamental-Approach-to-Strategic-Management.webp?fit=595%2C396&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":793,"url":"https:\/\/support.centreforelites.com\/en\/7-strategic-management-components\/","url_meta":{"origin":1062,"position":4},"title":"7 Strategic Management Components","author":"centreforelites","date":"April 18, 2022","format":false,"excerpt":"https:\/\/www.youtube.com\/watch?v=WEAjAFytFoc INTRODUCTION In formulating strategies, there are basic components or elements that we usually consider. 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These include company mission, profile, goals, objectives, strategy and policy. The components are not so cleanly and neatly performed in actual practice. Usually, there is an interplay of the elements. 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