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In corporate sectors, a business divides its operation into separate units, each unit having its own vision and mission. These units work as independent entities but they have to report their objectives, progress in work, and achievements to the parent company. Similarly, the parent company also has some responsibilities towards the business units, such as resource allocation, budget allocation, acknowledgment of their achievement etc. It needs proper strategic planning to control the business units. We have a huge experience in offering business unit strategic planning homework help and our service enables our students to score higher grades.
What is Strategic Planning?
An organization designs a strategic plan to accomplish its overall long-term objectives. It involves five steps to develop a strategic plan. The steps are:
To evaluate the current position of the company, the management has to analyze the external and internal environment of the organization. Through SWOT analysis, a company comes to know about its strengths, weakness, opportunities, and threat.
This is a phase of developing an organizational vision and a mission statement which demonstrates the future of the organization- where it wants to see itself in the future,it’s important values, and what does it want to do. Once the vision and mission of the organization are defined, it can design a detailed strategy to accomplish them.
At this phase, the management analyzes the objectives of the company and prepare overall strategies goal or vision.
Once the objective is set and strategy is developed to accomplish the objectives, the next step is to execute and evaluate the plan. In large organizations, the strategies are implemented through various groups of organizational members who were not a part of the planning. Each unit has to proceed following plan of the headquarters.
Time-to-time management must review whether its strategic plan is working fine. The regular review must be done and required changes must be made if necessary.
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