Question

Explain company-wide strategic planning and its four steps: (pg. 38-40)

A) Define organizational mission and values
B) Set strategic goals and objectives
C) Develop a strategic plan
D) Implement and monitor the plan

Answer 1

Company-wide strategic planning is the process of establishing long-term goals and objectives for an organization and developing a plan to achieve them. It involves four steps: defining the organizational mission and values, setting strategic goals and objectives, developing a strategic plan, and implementing and monitoring the plan.

Step-by-step explanation:

Company-wide strategic planning is the process of establishing long-term goals and objectives for an organization and developing a plan to achieve them. It involves four steps:

1. Define organizational mission and values: This step focuses on clarifying the purpose and core values of the company. It involves understanding the organization's identity, purpose, and guiding principles.
2. Set strategic goals and objectives: In this step, the organization identifies specific goals and objectives that align with its mission and values. These goals should be achievable and relevant to the organization's long-term success.
3. Develop a strategic plan: This step involves creating a detailed plan that outlines the strategies and tactics the organization will use to achieve its goals. It includes identifying resources, allocating budgets, and defining timelines.
4. Implement and monitor the plan: The final step is to put the strategic plan into action and monitor its progress. This involves allocating resources, assigning responsibilities, and regularly reviewing performance against the established goals.