What is Strategic Planning? (Essay Sample)
• Write a one-two sentence personal definition of strategic planning. Base your definition on what you have encountered in the reading/materials this week, as well as on what you have already learned about the topic.
• Discuss this statement by Roger L. Martin: ". . . good strategy is not the product of hours of careful research and modeling that lead to an inevitable and almost perfect conclusion. Instead, it’s the result of a simple and quite rough-and-ready process of thinking through what it would take to achieve what you want and then assessing whether it’s realistic to try. If executives adopt this definition, then maybe, just maybe, they can keep strategy where it should be: outside the comfort zone.”
• Finally, describe the differences between strategic planning and business planning.
• Support your writing with at least three scholarly sources, two of which must be peer-reviewed journal articles. Your textbook (or a textbook from another management course) may be used as a third source.
• 3 citations and 3 references minimum (in APA) on initial post only.
Strategic planning is understood as a methodical process of envisaging a desired future, and translating that vision into generally defined objectives or goals as well as a series of steps for achieving them. Strategic planning is essentially an all-inclusive process that is used to determine what an organization should become and the way in which it could best attain that goal. A good strategy is the result of a simple and rather rough-and-ready process of thinking through what it would take to achieve what the company wants and then assessing whether or not it is realistic to try. A business strategy is essentially about how senior managers in the company should make decisions and then allocate the necessary resources so as to attain main objectives (Cordeiro, 2013). A proper strategy, as Martin (2014) pointed out, offers a clear roadmap, comprising various rules or guiding principles, that defines the actions that managers should or should not take as well as the things that they should or should not prioritize in order to accomplish goals.
There are several differences between business planning and strategic planning. ...
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