Develop and Implement Strategic Plans

This report provides an overview of the strategic planning process in organizations. It covers topics such as the relationship between strategic planning and an organization's mission, objectives, and goals, the aims of strategic planning, the importance of stakeholder support, the role of mission statements, ways to ensure values support the vision and mission, information gathering for internal and external analysis, due diligence, legislation impacting business operations, PEST and SWOT analysis, information included in a strategic plan, the SMART acronym for writing strategic objectives, the difference between strategic and operational plans, major issues focused on in a strategic plan, the perspectives used in the balanced scorecard approach, factors enhancing success in implementing a strategic plan, methods for effective communication of the plan, methods for monitoring and reviewing implementation, steps to implement a strategic plan, and the importance of reviewing the effectiveness of the plan.

Develop and
Implement Strategic
plans

Contents
INTRODUCTION...............................................................................................................................2
MAIN BODY.......................................................................................................................................2
1. Explain strategic planning and how it relates to an organisation’s mission, objectives and Goals?
...........................................................................................................................................................2
2. Describe at least 4 aims of a strategic planning process.................................................................2
3. Why is it important to gain support for the strategic planning process from relevant stakeholders?
...........................................................................................................................................................2
4. Outline two reasons why an organisation would have a mission statement?.................................2
5. Outline 3 ways an organisation can ensure its values support their vision and mission?...............3
6. Name 4 types of information you may need to gather when analysing the internal or external
environment?.....................................................................................................................................3
7. What is meant by the term ‘due diligence’?...................................................................................3
8. List 3 types of legislation that a manager should be aware of that and describe how each may
impact on business operations...........................................................................................................3
9. Explain the acronym ‘PEST’ and outline the purpose of this strategic planning methodology?....3
10. Explain the acronym ‘SWOT’ and outline the purpose of this strategic planning Methodology?4
11. List 4 types of information that should be included in a strategic plan and describe the purpose
of each?.............................................................................................................................................4
12. What does the acronym ‘SMART’ stand for? Explain how it assists when writing strategic
Objectives?........................................................................................................................................4
13. Explain the difference between a strategic and an operational plan?...........................................4
14. Major issues are most likely to be focused on in an strategic plan?.............................................4
15. What are the 4 perspectives used in the balanced scorecard approach?.......................................4
16. Name 2 factors that will enhance the likelihood of success when implementing a strategic plan?
...........................................................................................................................................................5
17. Describe 4 methods that could be used to effectively communicate the strategic plan to different
parties?..............................................................................................................................................5
18. Describe 2 methods that could be used to monitor and review implementation of the strategic
plan?..................................................................................................................................................5
19. What are the main steps required to implement a strategic plan?.................................................6
20. How can reviewing the effectiveness of the strategic plan strengthen the strategic planning
process for the organisation?.............................................................................................................6
CONCLUSION....................................................................................................................................6
REFERENCES....................................................................................................................................7

INTRODUCTION
Strategic plan is a most important part of business process that incorporate several
long term objectives and goals for attaining desired success (Rothaermel, 2016). It is
basically used to strengthen operation, set priorities, focus resources and funds as well as
ensure stakeholder and employees w oar working towards organisation’s common goals.
Strategic plan gives a place to record organisation’s mission, vision and values that assist in
attaining desired success effectively. This report is going to determine aspects related to
strategic planning process that are related to an organisational context.
MAIN BODY
1. Explain strategic planning and how it relates to an organisation’s mission, objectives and
Goals?
Strategic planning is a systematic business process that assist in establishing a direction
for firm and determine how best to achieve. Strategic plan gives a clear vision to firm through
which management can set target, objectives and mission that helps in attaining growth
opportunities.
2. Describe at least 4 aims of a strategic planning process
Main aim of setting strategic planning process in an organization is:
 To set overall targets and goals for business as well as to develop a plan that helps to
attain them.
 To provide strategic direction to firm for making long term decisions.
 Major purpose of strategic planning is to manage and reduce overall business risk.
 To align business resources effectively for getting optimal results.
3. Why is it important to gain support for the strategic planning process from relevant
stakeholders?
Stakeholder engagement and high involvement in strategic planning process aid in
generating better outcome as well as a greater sense of ownership (Riku and Setyohadi,
2017).
4. Outline two reasons why an organisation would have a mission statement?
 Mission statement assist to set direction for an organisation as well as defined
objectives for employees.

 Mission statements basically act as a guidelines for an organisation that provide
decision making power to higher authorities.
5. Outline 3 ways an organisation can ensure its values support their vision and mission?
 Foster an organisational environment that reflect missions and values (Uhl and
Gollenia, 2016).
 By assigning task and implementing team activities which align with the vision,
mission and values of firm.
 To stand behind the mission and organisation’s values in order to attain desired goals.
6. Name 4 types of information you may need to gather when analysing the internal or
external environment?
 Information in regard of new developments and emerging trends
 Current and potential source of funding for resources management
 Changes in governmental policies and political climate
 Information in regards changes in technology
7. What is meant by the term ‘due diligence’?
Due diligence is a financial word, that determine financial reports to be reviewed
before entering into a potential agreement with another entity.
8. List 3 types of legislation that a manager should be aware of that and describe how each
may impact on business operations.
 Employment Law: It is required for manager to be aware of employment law
because it affects every single of the workplace, it determines rights of employees that
consider wages, benefits, discrimination, policy regarding hiring, and termination etc.
 Consumer protection: This law is for consumers and it impact minimal if manager
already implement exchange and fair refund policy in business
 Competition Law: This law positively affects companies as it creates an industry
culture that promotes competitiveness as well as encouraging businesses to grow and
remain a successful competitor in the market.
9. Explain the acronym ‘PEST’ and outline the purpose of this strategic planning
methodology?
PEST is basically stands for Political, Economic, Social, and Technological. In terms
of strategic planning process, it is known as a best way of understanding impact of external
environmental forces upon business.

10. Explain the acronym ‘SWOT’ and outline the purpose of this strategic planning
Methodology?
Acronym of SWOT is stands for Strength, Weaknesses, Opportunity and Threat. In
strategic planning process, this is help in summarising the current position of firm and aid in
devising a plan for future success (David and David, 2016).
11. List 4 types of information that should be included in a strategic plan and describe the
purpose of each?
 Mission and vision in order to providing strategic direction to firm.
 Core values in order to provide fundamental beliefs of organisation.
 SWOT and PEST analysis for analysing impact of internal and external factors upon
business operations.
 Measurement and funding streams in order to successful implementation of strategic
plan.
12. What does the acronym ‘SMART’ stand for? Explain how it assists when writing
strategic Objectives?
Acronym of SMART stand for Specific, Measurable, Attainable, Realistic and Time
bound. In context of strategic planning process, it is used to guide goals setting on the basis
of each criteria of SMART in order to increase the chances of achieving growth
opportunities.
13. Explain the difference between a strategic and an operational plan?
In context of an organisation, Strategic plan basically assist in developing objectives
and targets that provide long-term vision. On the other hand, operating plan involves a
process of deciding what needs to be done in order to achieve tactical objectives of firm.
14. Major issues are most likely to be focused on in an strategic plan?
An effective planning determines a correct action to achieve the target objectives and
goals. In context of strategic plan, major issue that are needed to be focused are policy
implementation and policy development practices that can affect targets objectives and
business vision.
15. What are the 4 perspectives used in the balanced scorecard approach?
The four perspectives of balance sheet are given below:

 Financial: Profitability and maximising the revenue is the main motive of every
organisation that ensure future success.
 Customer: It is essential for an organisation to maximise the satisfaction of customers
by providing quality products.
 Internal process: There should be proper and systematic working in an organisation
which facilitate proper coordination.
 Learning and growth: This perspective enhances the career of employees and help in
accomplishment of task.
16. Name 2 factors that will enhance the likelihood of success when implementing a strategic
plan?
The two factors that enhance the success of strategic plan are as follows:
 Communication: proper and clarity of communication help in avoiding confusions
among the subordinates and ensure greater success in implementing a plan (Baginski
and et.al., 2017).
 Innovation: The introduction of innovative and creative ideas would help in
implementing a strategic plan.
17. Describe 4 methods that could be used to effectively communicate the strategic plan to
different parties?
 It is essential that the manager should use both verbal and non -verbal communication
so as to form greater clarity.
 It is necessary that message should be clear and easy to understand and avoid use of
technical jargons.
 The flow of communication should be in both directions that produce desired level of
output.
 The top manager should render an effective solution that help in taking fast decisions.
18. Describe 2 methods that could be used to monitor and review implementation of the
strategic plan?
 The firm should review the internal and external changes in accordance of appropriate
strategy.
 The firm can use Enterprise Resource Planning in order to monitor the activities of
subordinates and also aids in taking fast decisions.

19. What are the main steps required to implement a strategic plan?
Implementation of strategic plan is essential which measure the success and
prosperity so that task is achieved in a short span of time. The manager first formulates a plan
and then it allocates several resources in a predetermined manner and lastly it direct and
control the activities at every level of organisation.
20. How can reviewing the effectiveness of the strategic plan strengthen the strategic
planning process for the organisation?
Reviewing is very essential in a workplace as it facilitate smooth operations of
business and also bring proper coordination and cooperation among the workforce through
division of work in accordance to specialisation. This increase the productivity and efficiency
in a business entity.
CONCLUSION
From the above report it has been summarised that strategic planning process play an
important role in an organisation that assist in providing strategic direction for the attainment
of long term goal and objectives.

REFERENCES
Books & Journals
Rothaermel, F.T., 2016. Strategic management: concepts (Vol. 2). McGraw-Hill Education.
Riku, M.O. and Setyohadi, D.B., 2017, August. Strategic plan with enterprise architecture
planning for applying information system at PT. Bestonindo Central Lestari. In 2017
5th International Conference on Cyber and IT Service Management (CITSM) (pp. 1-
6). IEEE.
Uhl, A. and Gollenia, L.A. eds., 2016. A handbook of business transformation management
methodology. Routledge.
David, F. and David, F.R., 2016. Strategic management: A competitive advantage approach,
concepts and cases. Pearson–Prentice Hall.
Baginski, S.P. and et.al., 2017. Strategy, valuation, and forecast accuracy: evidence from
Italian strategic plan disclosures. European Accounting Review. 26(2). pp.341-378.