Strategic Business Planning Process

Strategic Business Planning Process-62
When analyzing the company’s activities managers look into the value chain and the whole production process.As a result, situation analysis identifies strengths, weaknesses, opportunities and threats for the organization and reveals a clear picture of company’s situation in the market.These smaller objectives are specifically designed to achieve financial, marketing, operations, human resources and other functional goals.

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and tends to be more formal in well-established organizations.

The ways that strategies are created and realized differ.

A good example of this was when Apple released its IPod and shook the mp3 players industry, including its leading performer Sony.

Firms assess their competitors using competitors profile matrix and benchmarking to evaluate their strengths, weaknesses and level of performance.

It also redistributes responsibilities and powers between managers.

Managers may be moved from one functional area to another or asked to manage a new team.

Internal analysis includes the assessment of the company’s resources, core competencies and activities.

An organization holds both tangible resources: capital, land, equipment, and intangible resources: culture, brand equity, knowledge, patents, copyrights and trademarks (Rothaermel, p. A firm’s core competencies may be superior skills in customer relationship or efficient supply chain management.

Usually, tactics rather than strategies are changed to meet the new conditions, unless firms are faced with such severe external changes as the 2007 credit crunch.

Measuring performance is another important activity in strategy monitoring. Managers have to compare their actual results with estimated results and see if they are successful in achieving their objectives.

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