Strategic Planning: Processes and Components

Develop and
Implement Strategic
Plans

1. Briefly describe what strategic planning is and the processes involved in writing the
strategic plan?
Strategic planning can be termed as process that highlights upon the formulation of
advance approaches and tactics that can assist the company to regulate its business
operations and attain competitive edge in a productive and strategic manner. The
following components needs to be integrated by the enterprise in order to compose a
strategic plan:-
 Vision Statement
 Mission Statement
 Gap Assessment
 Determination of SMART objectives
 Examination and Monitoring of strategic progression
2. What is a mission statement and what are the four components of a mission
statement?
Mission Statement quotes and depicts the significance behind the existence of a particular
business organisation. The concerned statement reflects upon the future aspiration of the
business enterprise. It basically defines the exact purpose of the organisation i.e. the
reason why an organisation functions and operated in the market. The four essential
component of a mission statement are mentioned below:-
 Value proposition
 Immense inspiration
 Definite or Specific
 Viability
3. What information do you need to get from the stakeholders to begin to develop a
strategic plan for your organisation and how will it be done?
The stakeholders are required to facilitate the essential insights about the vision, purpose,
requirement, interest and goals/ objectives and of the business enterprise in order to assist
in the development of a strategic plan. In order to acquire relevant information from
stakeholders, the strategic manager can plan a meeting, conference and regular discussion
in order to engaged stakeholders within the process of strategic management.