Planning is the most basic managerial function. It helps managers identify opportunities, anticipate problems, and develop appropriate strategies and tactics. If done properly, planning identifies threats and opportunities, facilitates entrepreneurship and innovations, and fosters learning. Objectives help you attain our goal, establishing an overall strategy or achieving those goals, developing a comprehension hierarchy of plans to integrate and coordinate activities. Strategic planning focuses on the development of an organization’s mission and vision, goals, general strategies, and major resource allocations. Tactical planning focuses on the shorter term detailed decisions regarding what to do, who will do it and how to do it. Tactical planning specifies the actions for implementing strategic plans.
Organizational diversification strategies on planning
The primary organization level diversification strategies vary from single business strategy to dominant business strategy, related business strategy, and un-related business strategy. The complexity of strategic planning increases as an organization becomes more unrelated in terms of the range of differences in goods and services the firm provides and the differences in the markets it serves.
Levels of strategy and planning
Corporate level strategy focuses on the activities of various businesses (or product lines) within a parent organization. Business level strategy focuses on the operations and performance of a single business firm or strategic business unit. Functional level strategy focuses on the actions for managing each specialized area. It specifies how each function will contribute to the organizations business level strategies and goals.
Strategic Business Level Planning
1. Develop the organizations vision, mission and goals
2. Diagnose opportunities and threats
3. Diagnose strengths and weaknesses
4. Develop strategies
5. Prepare strategic plan
6. Prepare tactical plans
7. Control and diagnose the results of both strategic and tactical plans
8. Continue planning process
University/College: University of Chicago
Type of paper: Thesis/Dissertation Chapter
Date: 28 September 2016
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