Major Concepts of Strategic Planning to Grasp to Write the Best Assignment

This article is all about how to prepare an accurate and informative strategic planning assignment.

Before telling you some tips for preparing an outstanding strategic planning assignment, first of all, let’s tell you what strategic planning is. 

Strategic planning means planning activities that help an individual make strategic decisions.

It includes people and capital in it. Strategic planning is a very innovative and growing field that requires creative thinking and practice. 

There are 3 factors to keep in mind in strategic planning:

Decision making

Common sense

Experience

A strategic plan is quite different from a business strategy plan. The former is usually a short document whereas a business strategy plan is usually a much more detailed and substantial document. A strategic planner provides the base and framework for a business plan.

The marketing strategy process is that it allows an organization to focus its limited resources on great opportunities to achieve competitive advantage and increase sales.

The strategic workforce planning process is the business for ensuring that a company has access to talent so that future business success can be ensured. It includes keeping all potential access sources in mind. 

Through planning and strategy, a company defines its strategies so that it can meet the objectives and goals.

   

Now let’s take a look at some important tools for strategy implementation:

Pest Analysis: In PEST analysis, P is political, E means economic, S is social, and T means technology. Hence, its application is an integral part of strategic planning in a business.

SWOT Analysis: It means the identification of strengths and weaknesses of the company so that it is well prepared to handle any type of external problems that can arise anytime.

Strategy Map: It is an outline for determining and controlling strategy. 

Another major topic you must keep in mind while working on a strategic planning assignment is Strategic Management. Now let’s discuss it in detail.

Strategic management is an ongoing process that controls and evaluates the business. It is basically about making decisions that give answers to questions related to advantage, direction, resources, scope, stakeholders, and a lot more.  

There are three main components of strategic management:

Strategic analysis �" The process of analyzing the strength of a company and identifying factors that affect the position of business comes under strategic analysis. The tools are SWOT analysis, market segmentation, competitor analysis and many more. 

Strategic Choice �" It includes the process of recognizing strategic options, understanding the expectations of stakeholder and then choosing the best among the available choices. 

Strategy Implementation �" The translation of the chosen strategy to organizational activity is called strategy implementation. 

With this information, you can get going with your strategic planning assignment. To prepare an outstanding assignment related to all the concepts of strategic planning; be it basic or complex, you should grasp them properly.

Author's Note

The author is working as an academic writer with Instant Assignment Help Australia. It has been 3 years that he is providing Strategic Planning Assignment to students.