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Corporate Planning

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This revision presentation provides business students with an overview of the role of planning in business strategy. It highlights the key parts to the strategic planning process and considers the ...

This revision presentation provides business students with an overview of the role of planning in business strategy. It highlights the key parts to the strategic planning process and considers the main business benefits of effective planning.

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Corporate Planning Corporate Planning Presentation Transcript

  • Corporate Planning
  • What is planning?Planning is a process of
  • What is a plan? A plan is a statement of intended means to accomplish a goal
  • Types of plan in business• Strategic plan - sets out the overall direction for the business in broad scope• Business plan – the actions that a business will take to compete• Operational plan – Details how the overall objectives are to be achieved – Specifies what senior management expects from specific departments or functions
  • Levels of planning Strategic Business OperationalLevel Business wide Business unit Functional areaFocus Direction and Direction and Resources and strategy for strategy for the action for whole business business unit functional areaNature Broad and More detail on Specific to the general goals and tasks functionTime Long term 1-2 years Up to one yearhorizon 3+ years
  • Some purposes of planning
  • The business benefits of planningPlanning gives: Planning helps• Certainty • Shape thoughts• Confidence • Think through• Route map scenarios• Evidence to others of • Co-ordinate activities our thoughts • Identify SWOT • Examine risks • Communicate ideas
  • A plan is more than a forecast• Forecasts are predictions - they concern events and trends over which the business has little or no control• Plans are about what the business intends to do• But forecasts (especially sales forecasts) are essential in planning
  • Top down or bottom up planning?Top down planning Bottom up planning• Decisions taken at the top • Involves all levels of• Lower level managers managers and others have little input • Ensures all are involved and• Plans are passed down all issues considered the line for • Functional managers able to implementation suggest and evaluate plans• Planers are able to focus • A danger of having too on strategic issues but narrow a perspective can be divorced from the without seeing the “big detail picture”
  • Key planning questions• Where are we now?• How did we get here ?• Where would we like to be?• How do we get there?• Are we on course to achieve our targets?
  • The planning process• Analyse the external environment• Analyse the internal environment• Define the business and mission• Set corporate objectives• Formulate strategies• Make tactical plans• Build in procedures for monitoring and controlling
  • The planning cycle
  • Where are we now?• The purpose of situational analysis is to determine which opportunities to pursue• PEST / PESTEL analysis - identify and analyse trends in the environment• Competitor analysis – understand and, if possible, predict the behaviour of competitors• Audit of internal resources• SWOT analysis: build on strengths ,resolve weaknesses, exploit opportunities, confront threats
  • Situational analysis• Analysing the present situation is the prelude to devising objectives and strategies for the future• We need to understand where we are and where we have come from before planning the future• But we must always be careful to avoid paralysis by analysis• This describes a situation in which no decisions are made because of the disproportionate amount of effort that goes into the analysis phase
  • Where are we going?• Vision – Non-specific directional and motivational guidance for the entire business – What will the business be like in five years time• Mission statement – An business’s reason for being – It is concerned with the scope of the business and what distinguishes it from similar businesses• Objectives – SMART objectives• Goals – Specific statements of anticipated results
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