Due to the importance of the steps in strategic planning, we present a new post on this topic. To avoid missteps, please use strategic planning. 🙂
To start, look at these strategic planning posts:
- Excellence in Global Marketing Strategies
- How to Use Growth Marketing
- Brand Dilution, Extensions, and Cannibalization
- Marketers as Strategic Influencers
An Look at the Steps in Strategic Planning
In today’s post, we cover a visual way to consider strategic planning. As described by BSC Designer:
“To learn the five steps of the strategy planning process from mission definition and business hypothesis. To strategy mapping and cascading.”
“We often hear business professionals talking about vision, mission, strategy maps, SWOT analysis, or risk management. And even using strategy execution frameworks like Balanced Scorecard. All these business tools help to understand a company’s challenges better. As well as formulate its strategy. Therefore, we discuss the 5 steps of strategic planning process.”
“These steps include: (1) Mission Definition. A clearly defined mission (the purpose of the company) and vision (a picture of the perfect future of the company) statements. (2) Formulating Strategy. At least 10 different schools of strategy that explain different approaches to the strategy and how to formulate it. (3) Strategy Description. One of the most popular strategy execution frameworks is the Balanced Scorecard. (4) Strategy Cascading. To succeed, everyone in the company are aware of the strategy and understand it. (5) Strategy Execution. By having a well-defined and described strategy in front of your eyes, you have your company’s GPS.”
3 Replies to “Steps in Strategic Planning”
The most interesting thing that I find and curious about is the step 3 and 4, strategy description and strategy cascading, according to the definition, seems that these two are quite similar, for the description also means let all members who need to know the strategy could understand the strategy, as my view, it looks the same with step 4’s definition. I think the better way for people to more accurately understand what we need to do in step 3 and 4 is providing more detail and what we want to do in step 3 so that people who like me may feel less confusion about this.
i mean that’s a good point to lean how to business or marketing. but in reality, let’s say 100 ppl want to start a business and all of em using this modal guess how many of them survive maybe none of them. the fact is when Warren Buffett told you buy and hold and you do the exactly what he;s saying, by the end of day I can’t afford a cup of coffee.