Strategic Financial Planning

Strategic Financial Planning
Strategic Financial Management Financial planning is the task of determining how a business will
afford to achieve its strategic goals and objectives. Usually, a company creates a Financial Plan
immediately after the vision and behavior have been set. The Financial Plan describes each of the
activities, resources, equipment and materials that are needed to achieve these objectives, as well as
the timeframes involved. The Financial Planning activity involves the following tasks;– * Assess the
business environment * Confirm the business vision and objectives * Identify the types of resources
needed to achieve these objectives * Quantify the amount of resource (labor, equipment, materials)
* Calculate the total cost of ... Show more content on Helpwriting.net ...
Through research, you may be able to find badly managed companies, unsuccessful funds and other
threats to your financial strategy One of the key environmental elements driving the interest in, and
value of, rolling strategic plans is the abbreviated time horizons that healthcare leaders now face.
The condensed planning cycle is a result of many factors in the market, including increased
competitive pressures, heightened scrutiny by the public and the press, and the general high–profile
status and challenges of the healthcare sector. Health care is consistently in the media headlights
and, according to polls, on the public's mind. It is viewed by many as both problematic and
emblematic–a reflection of the high costs and diminishing access that increasingly frustrate and
perplex the country, collectively and individually. Consequently, calls to address the problem and
initiate change can be heard from all sides, including employer groups and political figures,
resulting in federal and state legislation and regulation and other high profile efforts to improve the
system. Onewell–known example is Massachusetts' decision to provide health insurance for all its
residents. Another is the recently announced rebasing initiative, in which the Centers for Medicare
and Medicaid Services is recalibrating diagnosis related groups for the inpatient prospective
payment system. Dynamism in the DetailsThe painful reality of many strategic plans is that, once
completed,
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Strategic Planning Essay
STRATEGY FORMULATION
Basic strategic planning is comprised of several components that build upon the previous piece of
the plan, and operates much like a flow chart. However, prior to embarking on this process, it is
important to consider the players involved. There must be a commitment from the highest office in
the organizational hierarchy. Without buy–in from the head of a company, it is unlikely that other
members will be supportive in the planning and eventual implementation process, thereby dooming
the plan before it ever takes shape. Commitment and support of the strategic–planning initiative
must spread from the president and/or CEO all the way down through the ranks to the line worker
on the factory floor.
Just as importantly, ... Show more content on Helpwriting.net ...
Briefly put, form follows function; the form of the strategic plan must follow the functionality of the
organization, which is a direct result of organizational values and culture. If any party feels that his
or her values have been neglected, he or she will not adopt the plan into daily work procedures and
the benefits will not be obtained.
VISION AND MISSION FORMULATION
This step of the planning process is critical in that is serves as the foundation upon which the
remainder of the plan is built. A vision is a statement that identifies where an organization wants to
be at some point in the future. It functions to provide a company with directionality, stress
management, justification and quantification of resources, enhancement of professional growth,
motivation, standards, and succession planning. Porrus and Collins (1996) point out that a well–
conceived vision consists of two major components: a core ideology and the envisioned future.
A core ideology is the enduring character of an organization; it provides the glue that holds an
organization together. It itself is composed of core values and a core purpose. The core purpose is
the organization 's entire reason for being. The envisioned future involves a conception of the
organization at a specified future date inclusive of its aspirations and ambitions. It includes the
BHAG (big, hairy, audacious goal), which a company typically reaches only 50 to 70

Business: Strategic Planning
Guidelines and Notes for Assisting in Project Completion The following notes, guidance and
illustration will help you in answering the first question: Target has described its Mission Statement
as follows: "The mission is to make Target the preferred shopping destination for the guests by
delivering outstanding value, continuous innovation and an exceptional guest experience by
consistently fulfilling the brand promise of Expect More. Pay Less. To support the mission, Target is
guided by the commitments to great value, the community, diversity and the environment. Expect
More. Pay Less. Expect more of everything. More great design, more choices and more designer–
created items that consumers won 't find anywhere else. And pay ... Show more content on
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Our headquarters' diversity business councils are a valuable resource for driving business decisions,
including merchandising and marketing initiatives in key multicultural categories like food,
entertainment, health and beauty. Target might have 1,750 locations throughout the country, but
when you get down to it, we're a neighborhood store–offering relevant local brands, volunteering at
nearby schools, and giving grants to community nonprofits." (Target, 2010 Annual Report). These
goals are clear and compelling and action oriented. Vision, Mission and Objectives have been
described as below: Vision is what and where a company wishes to be in future (Hunger &
Wheelen, 2010: 20). Pearce, Robinson & Mittal (2008: 395) describes a leader's vision as the
characterization of how a leader visualizes the business to become to establish the business and
sustain its global leadership. Thompson et al. (2010: 22, 23) describe a Strategic Vision of an
organization as the route which it intends to take to develop and strengthen its business which also

Strategic Planning For Educational Leaders
Bret Jacobsen
Western Governors University
Strategic Planning For Educational Leaders
A. Steps in Developing Strategic Plans: Why have strategic plans? For the last two years San Juan
School District has focused on implementing 90 day plans for schools. The 90 day plan provides a
road map for focus & goals, identifies and provides needed support, builds capacity, including
teachers, principals, school community, and district personnel. Furthermore the plan establishes
accountability, creates a culture of high expectations, and the Utah State Board of Education accepts
the schools' 90–day plans in lieu of the Title I school–wide plans (which keep plans current and
focused).
In ... Show more content on Helpwriting.net ...
9) Determine who will complete each action, and when will each action be completed? For
example: Mr. Bret Jacobsen– October 12th. Finally, 10) What resources are needed to complete each
action? Example: District curriculum director to provide professional development and will use Title
One funds for extended time. In SJSD the 90–day will include a plan for monitoring implementation
of the selected strategies. The School Transformation Team will use classroom observations,
coaching feedback, and Collaborative Teacher Team meetings to lead the efforts to monitor
implementation. Informal and formal assessments will be utilized to adjust instruction and to
identify additional supports for students who may need it. It's crucial as a school leader to establish
goals that are possible and create reasonable action steps that will propel the work of the school
organization, remembering it's a journey not a destination.
B. Identification of Participants: Depending on the purpose of the strategic plan, there could be
numerous stakeholders, either through a parent survey, a focus group of parents or students. Plans in
our district are usually created by the principal and school leadership team based upon the input
from all stakeholders, including teachers, staff, parents, students and consultants. For example, on
Trust land Plan schools get input from parents through school community council meetings or it
might be a phone call home to

Strategic Management : Strategic Planning
Strategic management is the process of selecting the organization 's goals, mossion and ways to
achieve them. It is vital for any business venture to establish and implement strategy for its
prosperous development, efficient functioning and success in the future. Strategic planning provides
the basis for all management decisions. Otherwise, without a clear strategy, an organisation could
face difficulties in achieving its mission, as every business venture requires an elaborate approach,
skilful management to fulfil it, collaboration of all elements involved in the business process,
flexibility and sensitivity to outer factors. The last factor has become crucial in the today's
changeable and highly competitive world.
Strategic management ... Show more content on Helpwriting.net ...
Advantages
This approach is quite simple and prescriptive with a lot of research and real examples. The business
can easily apply, understand and deal with this method.
Disadvantages
The simplicity of the traditional approach acts as its major weakness, as it may not give an accurate
picture of the real problem of the business:
– the analysis is based on current information that limited to thinkable future
– the tools and the process cannot keep up with the times and the rapidly changeable business
environment, leading to lagging results
– strategies are limited due to its pre–determined corporate vision, goals and mission
– the strategic plans may be too inflexible for today's pace of change.
Sustainable approach
According to JJJJJJJ "Sustainable development is development that meets the needs of the present,
without compromising the ability of future generations to meet their own needs." This means that
this approach considers environmental, social and economic limitation we will face in the future.
This is a well–known fact, that the company's main goal is maximising shareholders value. Only 40
years ago giant corporations achieved this objective at all cost without taking into account social
and environmental responsibility. However, businesses were required to be

Strategic Planning : A Strategic Plan
There are many opportunities to capitalize on providing consistency of strategic planning, which
will improve business efficiencies by undertaking continued systematic evaluations of all processes
and overhead costs of the business economic performance. Companies can find the basis of
developing a strategic plan by understanding the functionality of the company, the structure of
organizational change, the impact of the strengths and weaknesses of the organization, and abiding
by the company's mission.
Furthermore, strategic planning is the development of a well thought out plan by an organization to
produce growth, please customers, achieve targeted objectives, increase market position, and have
the ability to compete in the market successfully (Bethel, 2011). In strategic planning a company
must set long–term objectives "by spelling out annual (or perhaps quarterly) performance targets,
management indicates the speed at which longer–range targets are to be approached" (Bethel, 2011).
Additional forms of planning consist of short–range objectives that serve as stair steps or milestones
that an establishment can reach to achieve its goals (Bethel, 2011). In some cases, managers can
face several challenges when it comes to revisions of organizational change of a company's
performance evaluation.
As a result, the issues managers may face consist of findings on how to "combat rival price
discounting", "how to reduce the company's high costs to pave the way for price

Planning And Strategic Planning: Strategic Goals And Planning
As mention previously regarding on the mission of H.I.D, we will be focusing on strategic goal and
planning. Strategic goal is basically a planned objective that an organization set to achieve.
Whereas, strategic planning is an organizational management activity used to set priorities, focus
energy and resources, strengthen operations, to ensure employees and other stakeholders are
working toward common goals, establish an agreement around intended results, assessing and
adjusting organization's direction in response to a changing environment making sure that they are
in the right path to success. Hence, setting the goals and then defining strategies would embrace to
achieve the objectives is the true essence of strategic planning. Besides, it gives a clearly defines the
purpose of the organization and establishes realistic goals and objectives ... Show more content on
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Dave Collins, the H.I.D.'s president made an aggressive goals which including increase the number
of hotels by 50 within 10 years. Hence, if the goals proposed by Collins were accepted among the
H.I.D management team members, the company will need to build probably 26 or 27 hotels over the
next five years in several new locations in order to reach the strategic goals. Besides, the strategic
planning that the company need

Strategic Planning : Strategic Plan
Strategic Planning Strategic plans result from a great amount of energy, time and focused discussion
with the intention of the organizations successful delivery of the plan to their shareholders,
customers and employees. Success may not only be defined by fiscal measurements of success and
may include both short, mid and long–term strategies including; increasing market share, expanding
product or service offerings, investment in the organization or having higher customer satisfaction
scores than their competitors. Often, strategic plans are financial or cost cutting iterations rather than
living breathing documents that answer the questions 1) where are we now, 2) where are we going,
3) how do we get there and 4) how did we do? Thus, ... Show more content on Helpwriting.net ...
Additionally, be prepared to quickly access additional data points that might be discussed during the
discussion with the team. This will allow for creative data comparisons that might lead to a solution
not expected from the strategy session. 3. Develop the Vision, Mission, Goals and Guiding
Principles – that will tie the purpose and tasks of the organization to the strategic plan. The vision is
the defined character of the organization expected while delivering the mission and goals of the
organization. The mission is the purpose of the organization and is the comparative to the strategic
plan for alignment. The mission when compared to the strategic plan asks are we doing what we
said we will do? Next are defining goals, which are the tactical, measurable and time bound tasks
and projects for the team. Finally, the guiding principles provide the parameters that are acceptable
and not acceptable to achieve the mission, vision and goals. Each piece of this step helps to define
and align the culture and environment of the organization to the strategic plan by giving boundaries
defining who we are, what we are doing, how we are doing and how we will act when doing it. 4.
Cost Control Assessment – is always something the team should assess, making a list of potential
opportunities to control cost as a means of being proactive in planning. This does not mean that
these projects will

Operational Planning, Strategic Planning And Control
Operational Planning, Strategic Planning & Control The function of planning is integral to the
success of any organization and is typically achieved through the development and communication
of the organization's mission statement, vision statement, and future goal setting. To set those goals
a manager must understand present realities and future contingencies for their organization, while
creating a vision of the organization's future (Boateng, Karikari, & Akafo, 2015 p. 103). Per
Satterlee (2013), "the mission statement is the crucial first step of establishing the future direction of
the organization. The vision statement explains the goals of how to achieve the mission. Policies,
procedures, and rules are written and implemented ... Show more content on Helpwriting.net ...
Additionally, it is imperative to formulate the strategy regarding exactly where the company is
going with their products and services. This portion of the process is truly organizational specific
according to their needs. Last, but not least, once all the planning has been completed, executives
must oversee its implementation to successfully live up to the mission statement. Key components
of successful implementation include clear, concise, and relevant communication, focus, and
perseverance. One of the ways to ensure effective implementation is ongoing evaluation.
Operational Planning After strategic planning, has taken place and filtered down through the
management team, operational planning takes place to execute the mission. Strategic planning
provides the vision for where the organization is heading; however, operational planning is where
the intricate details establishing mission completion is completed. Per Satterlee (2013) "the
operational level, an integral part of the planning process consists of specific details – to whom,
what, when, and how – and includes functional areas within the organization, such as marketing,
finance, and distribution" (p.69). During the operational planning phase, each section within the
organization is provided with their responsibilities for task completion. Managers conducting
operational planning must factor in issues such as budgetary concerns, policy and procedures, and
team

Strategic Planning : Strategic And Organizational Planning
Every successful business has a defined vision and goals that influence the approach that is utilized
to fulfill the company's objective. Strategic and organizational planning is the cornerstone of
developing a business strategy to attain an organization's purpose. With the passage of the
Affordable Care Act (ACA), strategic and organizational planning have become essential in a
healthcare system's ability to remain competitive within their community, as well as remaining
compliant with governmental standards. This paper will explore strategic and organizational
planning with the purpose of exploring these concepts with a local hospital.
In general, healthcare organizations define their vision and goals as a guide to attain the mission of
the business. Strategic planning develops a system in which the organization can accomplish the
vision and goals while adhering to regulatory compliance and maintaining a budget. Strategic
planning is defined as "a systematic process of envisioning a desired future and translating this
vision into broadly defined goals or objectives and a sequence of steps to achieve them" (Business
Dictionary.com, 2016, para. 1). Organizations utilize strategic planning to map out the direction in
which the business will progress within the next three to five years and are determined and
monitored by upper management (Simply Strategic Planning, 2015). The strategic plan provides a
general outline of the course of action in which the organization will

Strategic Planning : Strategic And Tactical Planning
In my facility, we take a regimented approach to strategic and tactical planning. There are usually
multiple committees formed and operational at any given time, addressing various operational and
clinical organizational needs. The committee meetings are highly structured in their approach to
identifying the problem, brainstorming for potential solutions, and determining implementation and
monitoring/feedback methods.
After each meeting, a document is created to "map out" the short and long term goals and identify
the staff responsible for implementation and monitoring. This document serves to literally keep
everyone on the same page during the entire process. As goals are met and feedback is obtained, the
committee continues to meet to make any necessary modifications or adjustments to ensure progress
continues towards achieving the identified goal.
This strategic planning process is very similar to the one depicted in our textbook. According to
Hebda and Czar (2013), the first steps are to identify the strategic planning team and the goals and
scope of the project. My facility accomplishes this by forming a committee and immediately
identifying the purpose and goals of that committee. The committee model is fully embraced by my
organization as a means to achieve its organizational goals.
The next steps according to Hebda and Czar (2013) are to gather data and perform an analysis of
internal and external environments. These steps allow the team to identify trends

Strategic Planning Process
Strategic Planning – Week 1
Keyla (Bolin, Niu)
Keiser University
MKT531
Marketing Management
Dr. Jeff Ritter
03/09/13
Strategic Planning Process Strategic planning is refers to the development of the organization's
long– term goals and put forward into practice (Peter, 2013). Strategic planning system is the
strategy, objectives, environmental factors, it is a process about the internal conditions and various
elements integration and used to guide the rational allocation of limited resources enterprise for a
certain period of time, in order to reach the goal of the management activities Some big enterprise
have particular plan for next fifth years. Strategic planning can be separate to three steps, the first
step is to ... Show more content on Helpwriting.net ...
The effective decision system of corporate strategic planning must start with a strong organization.
Enterprises in determining the strategic planning system, the corresponding processes must be
designed so that the audit in the enterprise between various departments, as well as the correlation
between their activities and planning, influence each other and mutual dependence. Generally
speaking, due to the historical development of each enterprise, decision–making habits, thinking
mode of different leaders, led to its approach in formulating strategic planning system is also
different. The strategic planning system of the scientific program should be determined based on the
each company's actual situation. Enterprise brand, family brand (brand) category and product brand
constitute the brand level, different levels of brand both relate to each other, and influence each
other (Kraus, & Schwarz, 2006). For example General motors, the enterprise brand, Chevrolet
is general motors ' family brand (brand) category, and sail (sail) is the product brand. Gm gives
customers the brand association is a U.S. auto giant, a global fortune 500 companies, has a good
reputation, and so on; The Chevrolet brand is one of the largest brands, gm 's global sales volume
since introduced the first product in 1912, total sales has more than 100 million vehicles, market
coverage to 70 countries, has a record of sales of a new car every 40 seconds. Chevrolet 2004 global
sales of more

Disadvantages Of Strategic Planning
Strategic planning is a process that can allows us to both study and conduct simulations of the
future. The process can show hidden opportunities or threats and providing the way to apply on
them early. Strategic planning gives a clear framework with criteria for us to make day–to–day
decisions, It also help to identify fragmentary and unaligned choices and personal value judgments.
This strategic planning encourages the commitment of the entire HO in order to achieve the planned
results and this is why it is an important element in institutional cohesion. An organization that has
better strategic planning and applies it consistently can help to raise up corporate reputation.
A strategic plan is the systematic way that describes how your company apply the chosen strategy. A
plan list out where an organization is going within few years and how it's going to reach there.
Moreover, the plan is focused on a major function such as a division or a department.
A strategic plan may list out the purpose of helping an organization do a job in better way. This is
because a plan focuses the energy, resources, and time in the organization to meet the same
destination.
A strategic plan is a management tool that help to
build your competitive advantage
Communicates your strategy to staff
Prioritizes your financial needs
... Show more content on Helpwriting.net ...
Strategic planning in healthcare shows the financial sustainability of the project as planned. It lets us
know the basic question, "Will my idea work?" During this phase of planning it's possible to
discover that the answer to that question is a decided "no". However, many times a diligent strategic
planning process will find alternatives, other healthcare or medical services, likely to be more
successful than the original idea. All of this is invaluable information to have discovered before
committing more time and money to any given project as originally

Strategic Planning
1. Appraise the formal planning efforts at the Copley Company for the period 1981 to 1984.
INTRODUCTION
Copley Manufacturing Company was primarily a manufacturer of a wide line of cutting tools and
related parts and supplies. Late in 1980, Mr. Sagan, director of corporate development and Mr.
Albert, executive vice president agreed that regular formal planning should become part of
management 's way of life at Copley. EXECUTIVE SUMMARY
In 1981, Copley Manufacturing Company had begun formal corporatewide planning. The
formalized planning was ingrained into life at Copley through a series of visits by corporate groups,
planning review meetings, as well as planning response meetings.
However in 1982, the planning system was ... Show more content on Helpwriting.net ...
However, the staff departments were recommended to commence the planning process by analyzing
past results and identifying resources, strengths, weaknesses, major threats, and major opportunities
of their divisions.
In 24th October 1982, Mr. Albert reaffirmed his intention to emphasize planning at Copley by
setting specific goals, allocating resources, measuring progress, and emphasizing more on the
delegation of responsibility and also in the measurement of performance against determined goals
(Hicks 1999).
COMMENTS AND PROBABLE REASONS IN 1982
Generally, the progress of the planning effort in 1982 was temporarily obstructed by several
organizational changes and developments in Copley. It was disruptive to the planning effort because
considerable management effort had been placed on managing the acquisition of new company and
on working out the segregation of divisions.
DISCUSSION OF SITUATION IN 1983
In 1983, the planning process was largely influenced and administered by Mr. Tyler, executive vice
president. The division managers were required to reduce the number of pages for each product
group strategy and the related financial five–year plan in order to allow the divisional management
to have more time for strategic considerations (Tucker 1999).
Besides that, the management review process was also altered.

Strategic Planning Process And Plan
Strategic Planning Process and Plan Harper College's Information Technology (IT) Client Services
department houses the Information Security group. This group does not gather most of its own data,
so the leaders will need to gather metric information from other College areas. Harper College
Mission and Vision The Harper College mission is "Harper College enriches its diverse
communities by providing quality, affordable, and accessible education. Harper College, in
collaboration with its partners, inspires the transformation of individual lives, the workforce, and
society" (Mission, 2015). The Harper College vision is "Committed to academic integrity and
excellence, Harper College will be a leader in teaching and learning, transforming lives by
responding to the needs of the individual and the community" (Mission, 2015). IT Mission, Vision,
and Values The IT department mission is: The Information Technology organization supports Harper
's mission by providing technological tools and support that permits the academic and administrative
areas to deliver integrated services for students and faculty to participate and collaborate in the
learning experience. The Information Technology organization provides technological tools that
emphasize and support the College, through the integration of audio, video and data in the
application of Telecommunications, Networking, Computing, and Information Technologies.
(Welcome, 2010) The IT Vision is "All members of the Harper community

Ritz Carlton Strategic Planning Essay
A familiar organization and stakeholders that ought to be involved in the strategic planning process
There are many organizations that are very familiar to me; however, there is one organization that
stands out among them. The name of the organization is Ritz–Carlton Hotel. Ritz–Carlton hotel was
founded in 1983 and headquartered in Chevy Chase, Maryland, United States of America. The
organization has accumulated well over ninety (90) hotels in twenty–nine (29) countries. Its vision
is "inspires life's most meaningful journeys" (Ritz–Carlton Hotel, n.d.).
The Ritz–Carlton has various stakeholders who ought to be involved in the strategic planning
process. These stakeholders include the senior management, employees, Value Chain Partners
(Suppliers), ... Show more content on Helpwriting.net ...
While different organizations appoint several stakeholders for this task, others restrict their strategic
planning process to their internal stakeholders only. In this case, only top executives are responsible
for the planning and decision–making. However, in the Ritz–Carlton hotel, both internal and
external stakeholders are involved in the strategic planning process. The organization understands
the benefit of inclusion in generating ideas. This paper will, therefore, elaborate on the Ritz–Carlton
hotel as a familiar organization and duly identifies the various stakeholders that ought to be involved
in its strategic planning process and the paper examines the importance of these stakeholders and
the unique insight they bring to the strategic planning process. Furthermore, the paper considers the
various functional areas that are important and the functional areas that are less relevant in the
strategic planning process. As in every organization, decision–makers are important so this paper
identified key decision–makers in the Ritz–Carlton strategic planning process and finally, we
evaluate the importance and effect of these stakeholders in the organization's planning

Strategic Planning : Mission And Vision
Strategic planning is a process of developing a set of steps for the organization to use to accomplish
its mission and vision. The plan takes on a broad perspective of the organization and is
accomplished through strategic thinking which draws upon the past, understands the present, and
envisions a better future. The plan requires an analysis of the organizational strengths, weaknesses,
opportunities, and, threats both internal, and external to the organization (Falk, 2015). Nursing
leadership is an integral part of the development, and implementation of the plan. To understand the
Veterans Administrations
Medical Center we must: understand the organizations mission, and vision, identify the nurse
executives role, and what influence she has in the strategy process, what unique challenges face the
organization, and how the plan was developed to fulfill the mission, vision, values, and trends. The
organizations"
Blueprint for Excellence "provides guidance for transforming the Veterans Health Administration
from a provider–centric to a Veteran –centric organization. The mission of our medical center is to
"Honor American 's Veterans by providing exceptional healthcare that improves their health, and
well– being "(Department of Veteran Affairs, Mission
Statement, 2013). The vision states "we will continue to be the benchmark of excellence, and value
in healthcare, and benefits by providing exemplary services that are both patient–centered, and
evidence–

Strategic Planning Process
There are seven steps that strategic planners must take to determine staff readiness for the process.
These steps are (1) securing the support of the church's empowered leadership, (2) recruiting
strategic leadership team (3) communicating constantly with the congregation (4) assessing the
church's readiness for change (5) conducting ministry analysis (6) approaching the process with
reasonable time expectations, and (7) laying spiritual foundation for the project
Enlist the Support of the Empowered Leadership– The question here is, are the people with that
power supportive of embracing the strategic planning process? The empowered people are the
church's governing board, pastor, staff, and any matriarch or patriarch. Ultimately, they must support
the process if it is to succeed. Step 2 Recruit a Strategic Leadership Team the more leaders you
involve in the process, the greater will be their ownership of the results. a. Recruit the members of
the Core Team b. Recruit a leader of the team– this should be the senior pastor other potential
leaders in a large church might be an executive pastor, associate pastor, pastor of strategic planning,
the board chairperson or board member or an extremely ... Show more content on Helpwriting.net ...
a. Communication builds trust b. The pastor is responsible for communicating with the
congregation. Others who might communicate are the team leader not board chair. c. The best way
to communicate with the congregation is informally d. The pastor should alert the congregation that
the church would be going through a strategic process led by the strategic leadership team e. To
ensure best communicate, there are several simple questions the team must ask: (1) Who needs to
know? (2) What do they need to know? (3) Who will tell them? (4) How will we tell them–formally
or informally? In addition, (5), When and where will we tell them?

Strategic Planning Support Systems
Strategic Planning Support Systems
(Student Name)
Course Name
Faculty Name
Date
Abstract
Strategic planning is the overall planning that facilitates the good management of a process by
taking employees outside the everyday activities of their organization and provides them actual
representation of what they are doing and where they are going. A Strategic planning process
includes mission statement, goals for accomplishing mission, approaches for implementing goals,
action plans and monitoring and updating of plan. Various models/techniques such as iconic, analog
and quantitative are used for different phases of decision–making (Intelligence, design, choice,
implementation and ... Show more content on Helpwriting.net ...
Some questions such as where are we, what do we have to work with, where do we want to be and
how do we get there are considered in any strategic planning for organization (Schilder 2006).
According to Shapiro, strategic planning enables to answer the following questions:
Who are we/what capacity do we have/what can we do?
What problems are we addressing and what difference do we want to make?
Which critical issues must we respond to?
Where should we allocate our resources and what should our priorities be? (Shapiro n.d.)
After the above questions are answered, then the below questions are taken in account for
consideration in strategic planning:
What should our immediate objective be?
How should we organize ourselves to achieve this objective?
Who will do what when? (Shapiro n.d.)
According to McNamara (2003), sstrategic planning provides several benefits to organizations.
First, it clearly defines the purpose of the organization and establishes realistic goals and objectives
of the organization. It also brings together every employees best and most reasoned efforts, and
ensures the most effective use of the organization's recourses. Strategic planning provides a base,
from which progress can be measured, establishes clearer focus of organization, more efficiency and
effectiveness and solves major problem of the organization. Some potential problems and their
solutions are given in appendix

Strategic Planning : Strategic Thinking
Communication is key in sharing information, promoting strategic thinking, and foster relationships
by working in teams within the organization. Executives could have managers start by participating
in strategic thinking with community groups and local businesses (Goldman, 2007). Organization
strategic thinking should urge employees to look ahead for opportunities as to avoid being in
constant reactive mode. It is essential to communicate that strategic thinking is goal oriented,
planned over a length of time, and tied to the mission and goals of the organization. It is significant
to match employees with mentors when you can to aid in developing and fostering strategic thinking
skills in addition to rewarding employees when possible (Goldman, 2007).
Strategic thinking will involve risk taking on leaders of healthcare organizations to engage their
team to create new ideas in order to support decisions that are that are viable for the organization. If
a company desires a team to think strategically they must take the required steps to nurture strategic
thinking and provide feedback (Goldman, 2007). It is important that through the strategic planning
process the team evaluates all possible scenarios that may result from the process, not just scenarios
in the immediate future in order to predict the best possible outcomes in an ever–changing
healthcare environment. Leaders must continue to encourage their team, typically a diverse group of
individuals each with unique

Strategic Planning
9–306–002 REV: JUNE 19, 2006 DAVID A. GARVIN LYNNE C. LEVESQUE Strategic Planning
at United Parcel Service We fully recognize that it is not possible to develop a true strategic plan
more than a few years out and that business plans should have an even shorter horizon. But we are
convinced that it is possible and wise, indeed necessary, to develop a set of very long–range
scenarios that can form the foundation for our future strategic plans. – Michael (Mike) J. Eskew,
Chairman and Chief Executive Officer, United Parcel Service (UPS) As Mike Eskew walked
through the long, open atrium of UPS's corporate headquarters late in March 2005, he thought about
his upcoming lunch meeting with Vice President of Corporate Strategy Vern ... Show more content
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Senior management and staff, working in a collegial, consensus–building culture at corporate
headquarters, set direction, determined priorities and budgets, and defined initiatives and rollout
plans. The more hierarchically run field was responsible for execution and meeting revenue and cost
goals. The Corporate Strategy Group's (CSG's) strategic–planning manager, Ed Rogers, explained:
"All strategic decisions are made by the corporate office. UPS does tactical, rather than strategic,
planning at the regional level. There is a clear line between strategy and execution, since the regions
focus on delivering on the next quarter's business. They also have rollout responsibility." Said one
observer, "One side of me says it would be nice to have more autonomy in the regions, but we're in
a network business, and what's best for one region could easily foul things up for other regions or
the overall network." Culture Over the years, the company had acquired a reputation for being
relentlessly focused on efficiency and execution. Founder Casey instilled a desire to run the
company "like a military operation, ordering recruits to be polite at all times and to place speed
above all other virtues."1 Carefully researched work methods, developed by industrial engineers and
rooted in time and motion studies, coupled with time–tested policies and procedures, led to UPS's
reputation for low–cost and highly predictable

Strategic Planning : Strategic Management
1. How do you conduct your strategic planning? Strategic planning is a joint endeavor that involves
field operations, headquarters and mission support. The agency's strategic planning practices entail
brainstorming new ideas, implementing innovations and reflecting on past practices in developing
action plans to improve daily functions, upcoming operations and immediate response actions to
crisis situations. The operational plan or warning order provides mission critical information
regarding equipment, personnel and objective, it also denotes the time frame to fulfill mission
requirements. The agency's human capital strategy is based on comprehensive research methods to
identify activities and operating costs which are key in driving risk mitigation factors.
2. How does your strategy development process stimulate and incorporate innovation? This is
achieved through strategic planning to enhance the current workforce by providing a supportive
environment through improved initiatives and advanced training. This development of innovative
methods insures uniformity and sustainability in joint endeavors. The focus on operational
effectiveness through strategic planning merges preexisting assets that are readily available,
therefore stimulating innovation. The Strategic Human Capital Plan (SHCP) establishes criteria for
sustainability through innovative thought process. Innovation provides new ideas and or concepts in
developing a more proficient and effective plan.

The Fall And Rise Of Strategic Planning
In his article, "The Fall and Rise of Strategic Planning," Henry Mintzberg (1994) provides his views
on the process of strategic planning. He offers that most companies and organizations start a
strategic planning process with little understanding of the definition or actual purpose of planning.
He tends to admonish much of the conventional understanding concerning strategic planning and
proposes his interpretations. He states that "the most successful strategies are visions, not plans"
(Mintzberg, 1994, p. 107). Mintzberg further states that the strategy–making process should include
summarizing the data that the manager has acquired from all sources and then synthesizing that data
into a vision of the path which the company should follow (Mintzberg, 1994). He continues his
ideas by stating that "Planners should make their contribution around the strategy–making process
rather than inside it" (Mintzberg, 1994, p. 108). He believes that the planner should not be the one
creating the plan, but rather the one who supplies the needed analysis, or data, to the strategic
thinkers. An analogy that comes to mind is in my previous job whereby the exceptions processing
representatives were a type of advanced data entry representatives. Not only would they extrapolate
the data received, but they were also required to forward it to the proper department for processing.
They did not make any decision on how to use the data, but instead, directed that data to the group
that

Strategic Planning : Strategic And Operational Planning
All organizations have a mission statement and a vision for the future. Every organization should
know where they stand, and have an idea of where they see themselves five to ten years from now.
To make their vision a reality, they must set goals and make specific plans. The two major types of
planning used by organizations to achieve goals are strategic and operational planning. Goal setting
is imperative to organizational growth, but without planning those goals may not be attainable. Top–
level managers, as well as frontline lower level managers must work together if they want their
organization to succeed. As stated by Cascella, (2002) "most business leaders recognize the
importance of strategic planning, but few succeed in translating their strategies into business results"
(Cascella, 2002, Pg.1). Everyone in the organization must understand the strategic and operational
plans and how to act on them. Without this balance and understanding, there will be no
improvements to the business or their customers.
Strategic Planning Strategic planning is based on the organization's mission statement and vision for
the future. As stated by Simerson (2011) strategic planning provides managers with a focus and
direction in determining what is important to the organization. The CEO of the company, along with
top–level managers, makes strategic plans. Strategic planning focuses on long–term goals for the
future, this could include making goals to appeal to different markets, or to a

Strategic Pl Strategic Planning
6. Imperative strategic planning approach
Mechanisms for imperative strategic plan for setting up of more efficient funding mechanisms
examined, either by creating new structures or by strengthening or restructuring the existing ones,
for promotion of basic research in imperative strategic plan. Personnel of imperative strategic plan
as imperative strategic technologists, while being large in absolute numbers is not commensurate
with the requirements in imperative strategic and when measured on a per capita basis.
Organizational imperative strategic involves uncommon events and recognition of entrepreneurial
firms. The multivariate analysis of the error variance also led us to verify that, it decreases with
formal education and work experience prior to the current imperative strategic planning. These
results cannot be explained by conventional human capital models and provide a more robust test of
learning.
Management of imperative strategic plan has an important role in any general collective to address
the problems of management of the impacts of natural hazards. The introduction of imperative
strategic planning management positions to explain differences in managerial imperative strategic
could make the information about the characteristics of the manager irrelevant in determining
imperative strategic. After all, holding a particular imperative strategic planning position implies
having the ability required for the imperative strategic planning

The Strategic Planning Process.Doc
What is strategy?
Strategy means consciously choosing to be clear about your company's direction in relation to
what's happening in the dynamic environment. With this knowledge, you're in a much better
position to respond proactively to the changing environment.
The fine points of strategy are as follows:
_ Establishes unique value proposition compared to your competitors
_ Executed through operations that provide different and tailored value to customers
_ Identifies clear tradeoffs and clarifies what not to do
_ Focuses on activities that fit together and reinforce each other
_ Drives continual improvement within the organization and moves it toward its vision
A strategy provides the vehicle and answers the question "How are we ... Show more content on
Helpwriting.net ...
The financial, internal business processes, and people areas are internal. The customer area is
external. Chapter 12 elaborates on this framework and the Balanced Scorecard.
_ Market focus: Growth comes from focusing on your customers and delivering superior value to
them consistently year after year. Built into your strategic plan is a market–focus framework
because of how critical this is to your organizational growth.
Who uses strategic plans?
Everyone – or at least every company and organization that wants to be successful. Companies in
every industry, in every part of the country, and in most of the Fortune 500 use strategic plans.
Organizations within the nonprofit, government, and small to big business sectors also have
strategic plans. Just exactly what is strategic planning?
The term strategic planning refers to a coordinated and systematic process for developing a plan for
the overall direction of your endeavor for the purpose of optimizing future potential. For a profit–
making business, this process involves many questions:
_ What is the mission and purpose of the business?
_ Where do we want to take the business?
_ What do we sell currently? What could we sell in the future?
_ To whom shall we sell it?
_ What do we do that is unique?
_ How shall we beat or avoid competition?
The central purpose of this process is to ensure that

Further, Hunger and Wheelen (2011) noted that strategic management has been defined as the set of
managerial decisions and actions for determining the long run future of the organization. Here, the
set of decisions and actions includes internal and external environmental scanning, strategic
formulation (strategic planning), strategy implementation, and evaluation & control at all three
levels. However, it has learned that origin of business strategy or, strategic management discipline
was started after the second word–war, around the year 1950.
School of Thoughts in Strategic Management
Strategic management has become more versatile and broader field for research and managerial
practice in last six decades. To provide univocal definition of strategy would mean ignoring the
versatility of strategic management where partly competitive and partly supplementary partly
paradigm emergence has been in strategy research. Here, the choice of definition and application of
strategic management technique is greatly depend on the preference in school of thoughts one
believe (Elfring & Volberda, 2001). According to Elfring & Volberda (2001), the school of thought
can be viewed as the range of thought of specific group of researcher in particular field; that is also
called institutional paradigm.
The school of thoughts in strategic management started with Henery Mintzberg paper 'Strategy
Formation: School of Thoughts' published in Jim Fredrickson's collection 'Perspectives on Strategic

Planning For A Strategic Planning
Strategy Planning
Planning means to look ahead and chalking out future courses of action to be followed. It is a
preparatory step. Planning is an important function of management. In the absence of planning, all
the business activities of the organization will become meaningless. It determines how and who is
going to perform a specific job. Planning is about identifying and selecting appropriate goals and
courses of action; one of the four principal take of management (Bethel University, 2006). Planning
is always done for the future. Each goal should have financial and human resources projections
associated with its completion. Each goal should have tasks or projects associated with its
achievement. Strategic planning determines where an organization is going. It serves as framework.
The most two important task that need to be done before a strategic planning. You need to review
the organization and review the internal functions within the organization.
Prioritizing goals and tasks is about ordering objectives in terms of their importance. It is clear that
planning selects the best alternative out of the many available. Strategy is a cluster of decisions
about what goals to pursue, what actions to take, and how to use resources to achieve goals (Bethel
University, 2006). Strategy is about planning to reach a vision which differentiates a company from
its competitors in a positive way. As a result of its importance to the business or company, strategy
is generally

Strategic Planning : Pitfalls And Implementation
Strategic Planning – Pitfalls in Implementation
By Robert W Bradford | Submitted On June 03, 2007
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Expert Author Robert W Bradford
In our strategic planning work, we often work with companies who have tried strategic planning
before. Almost inevitably, the companies we meet were disappointed in the results they got before
using Simplified Strategic Planning. While some of these disappointments can be attributed to poor
strategy or process issues, many – perhaps a third – were disappointed because the plan failed to
lead to good implementation of the strategy.
This is a shame, because your management team puts some of its best thinking into your strategic
plans. Often, the team is quite excited about the vision portrayed by your strategies. So, how is it
that strategic plans are so often poorly implemented?
In our experience, there are five main root causes of poor implementation. Some of these are very
closely linked to each other – that is, it 's common to see pairs of this issue operating in tandem. But,
ultimately, each of these items, by itself, can torpedo your strategy implementation:
1. The plan is not linked to implementation
2. The

When it comes to strategic management many defined it as the management that link strategic
planning decision–making. It is sometimes over looked unless it is specifically brought up when it
comes up in strategic planning. With this management in place an organization can achieve its long–
term goals. As well as plan out its future goals and endeavors for the organization to be successful.
Strategy itself has many forms and levels as well; it is broken down into smaller parts of planning.
For strategy there are usually four parts to it. Having the overall Idea is the first step, it consist of
everything what you are trying to accomplish and what is trying to get done. After that you go into
how to do it and break down the procedure of what you are trying to do as well. After you have the
planning and operational level, when you plan and let the operation of the plan go into effect.
Implementation is the last step when you actually put all of your planning into affect and see the
results of it as well. Strategic management consists of six key elements, using these tools can assure
a successful strategic plan. These tools are; Vision, Mission, Core Value, Strategic areas of Focus,
Strategic Goals, and Action Plan. When creating a successful strategic management plan you must
include these elements. Each is necessary in creating a blueprint that will not crumble. Having the
correct vision of a strategic plan can help you plan out and create a mental picture for the goal you

strategic planning
1. Introduction to Strategic Planning If you don 't know where your business is going, any road will
get you there. What is a Strategic Plan? Entrepreneurs and business managers are often so
preoccupied with immediate issues that they lose sight of their ultimate objectives. That 's why a
business review or preparation of a strategic plan is a virtual necessity. This may not be a recipe for
success, but without it a business is much more likely to fail. A sound plan should: Serve as a
framework for decisions or for securing support/approval. Provide a basis for more detailed
planning. Explain the business to others in order to inform, motivate & involve. Assist
benchmarking & performance monitoring. Stimulate change and become building ... Show more
content on Helpwriting.net ...
Also, some people confuse mission statements with value statements (see below) – the former
should be very hard–nosed while the latter can deal with 'softer ' issues surrounding the business.
The following table contrasts hard and soft mission statements. Hard Soft What business is/does
Primary products/services Key processes & technologies Main customer groups Primary
markets/segments Principal channels/outlets Reason for existence Competitive advantages
Unique/distinctive features Important philosophical/social issues Image, quality, style, standards
Stakeholder concerns Compare the following statements: Hard Statement Soft Statement X Corp.
designs, develops, assembles and markets systems for data base management. These systems
integrate its proprietary operating system software with hardware supplied by major manufacturers,
and are sold to small, medium and large–sized companies for a range of business applications. Its
systems are distinguished by a sophisticated operating system, which permits use without trained
data–processing personnel. Our mission is to enhance our customers ' business by providing the
very highest quality products and services possible. Our customer support strategy is based upon
total, no–compromise customer satisfaction and we

Strategic Planning : Chipotle Mexican Grill
Strategic Planning
According to Lukaszewski (2001), this can be defined as some set of characteristics such as;
A sense of vision that explains the as to the overall mission of any organization.
A key attribute of leadership and knowledge for success and victory.
A force that motivates businesses and organizations, guides leadership, directs the team in same
direction and activates the current plan of action
A moral and ethical guideline for achieving goals.
Chipotle Mexican Grill
Chipotle is a Mexican grill restaurant that was opened in 1993 with a simple idea of that food served
fast didn 't have to be a "fast–food" experience. To demonstrate this, the restaurant uses high–quality
basic raw ingredients, classic receipts and cooking methods. Also the restaurant has unique interior
design which is done by using simple materials in distinctive ways that gives the restaurant a style
that is more architectural in nature and less dependent on standardized design elements. These types
of designs are normally used in the world of fine dining. During the period when this restaurant was
opened, the industry was not in any category, but 20 years later and with more than 1,600
restaurants, it is now categorized as dining called "fast–casual," which is the fastest growing
segment of the restaurant industry in the United States. In this industry, customers expect food
quality that 's more in line with full–service restaurants, coupled with the speed and convenience of
fast

Strategic Planning : A Strategic Plan Essay
Business Strategic Planning Strategic planning is management action that is used to set priorities,
strengthen operations, ensure that employees and other stake holder are working toward a common
goal. Effective strategic planning expresses not only where a business is going, actions needed to
make progress, but shows if the business will be successful. So a strategic plan is used to
communicate with the organization the organizational goals. There are several step in a strategic
planning process. This process can take anywhere from an hour up to a 1–2–day strategy retreat by
management, owner or a team. First, where is the company now? This takes a look at the major
drives of the strategic planning. This includes things that is happening now or things that might
happen. It will also allow the business to get clear on problems challenges and danger that they
might be facing, when it comes to finances, valuable resources, capabilities, and competitive
weakness (Bethel University, 2011). Narrow down the one(s) that will create the most impact.
Second, the company's vision. The need for strategic thinking is driven by problems and challenges.
Strategy process is driven by the vision. There has to be a vision, or nothing happens. The more
powerful and imaginative of the strategy depends on how clear the vision is. Revenue goals, market
share goals, values, culture and purpose must be included in the vision. Reviewing the mission,
vision, and values every year will ensure the

Strategic Planning : Strategic And Tactical Planning
To be successful a leader or manager must have vision, and to have that vision come to fruition the
leader must align that vision with goals, but the only way to achieve those goals is through planning.
Every plan needs to operate like a map to success. Strategic and tactical planning, when used
correctly, represent planning models that can lead companies forward toward the vision of their
leaders, and the attainment of the goals those leaders have developed. Strategic and tactical planning
work together. Strategic planning focuses on the big picture, and tactical planning supports that big
picture by focusing on various items within it.
Strategic Planning
Once a leader has a vision, and set goals, unless it is a very short term goal, then strategic planning
is often the best model to use to see that vision come to light. Strategic planning focuses on the big
picture, and uses long term planning models to successfully arrive at the established goals for a
company (Simerson, 2011). A strategic plan is action focused, and sets the parameters for how to
move a company towards goals (Barnat, n.d.). Strategic planning is often hard to implement within
a business because it is difficult to define fully, and getting hung up on defining strategic planning
can lead to confusion (Molvig, 1993). Strategic planning requires research. Because it is a long term
planning model, it gives time for review and recognition while following the plan to fruition
(Simerson, 2011). Using strategic

Strategic Planning And Operational Planning
In business planning there are two types of plans to consider. Strategic planning and operational
planning. The first being a long term plan establishing goals for the organization and the later a
series of short term goals that are set in an effort to accomplish the long term strategies previously
laid out. Strategic planning is a tool best used by management when creating an overall vision of the
organization. Managers build and organize strategic planning when there is a need to spell out the
organizations mission, values, and responsibilities. Responsibilities can be to the organization,
stakeholders, and customers alike.
Strategic Components Different types of organizations would have different goals in their plan, but
according to Strategic Planning for Dummies– There are 11 major components to any successful
strategic plan starting with the mission statement. The purpose of a mission statement is to provide
the overall purpose and what the organization is looking to accomplish. A vision statement provides
the framework detailing the organization's plans for the near future (3–5 years). The next
recommended section is a values statement. This statement illustrates the core beliefs and guiding
principles of an organization, and a brief view at the organizations position. Specifically, strengths,
weaknesses, opportunities and threats, otherwise known by the mnemonic acronym SWOT, are all
recommended to be included in a well written strategic plan. A sufficient plan

When it comes to strategic management many defined it as the management that link strategic
planning decision–making. It is sometimes over looked unless it is specifically brought up when it
comes up in strategic planning. With this management in place an organization can achieve its long–
term goals. As well as plan out its future goals and endeavors for the organization to be successful.
Strategy itself has many forms and levels as well; it is broken down into smaller parts of planning.
For strategy there are usually four parts to it. Having the overall Idea is the first step, it consist of
everything what you are trying to accomplish and what is trying to get done. After that you go into
how to do it and break down the procedure of what you are trying to do as well. After you have the
planning and operational level, when you plan and let the operation of the plan go into effect.
Implementation is the last step when you actually put all of your planning into affect and see the
results of it as well. Strategic management consists of six key elements, using these tools can assure
a successful strategic plan. These tools are; Vision, Mission, Core Value, Strategic areas of Focus,
Strategic Goals, and Action Plan. When creating a successful strategic management plan you must
include these elements. Each is necessary in creating a blueprint that will not crumble. Having the
correct vision of a strategic plan can help you plan out and create a mental picture for the

Undertaking Strategic Planning
Formulate a process for undertaking strategic planning in your area of interest. What is the need for
strategic planning at this time? Which actors should be involved? How do you apply the steps and
procedures discussed in Berman Chapter 4 to your process? Which steps would you undertake to
ensure that conditions for success are in place?
There is a need for strategic planning on a continuous basis, not only for organizations, but also for
departments or sections within organizations. The Michigan Veterans Affairs Agency went through
very thorough strategic planning upon its inception and continues to update that plan on an annual
basis. The strategy section, by extension engages in strategic planning in order to meet the goals set
by the ... Show more content on Helpwriting.net ...
At least, that I know of. The Department of Technology Management and Budget (DTMB) may deal
with a plethora of issues that I am unable to understand or even be aware of. When I log into my
computer, I am required to enter a bit key. After that, I am required to log on to the SOM system
using a unique username and password that changes every 120 days. I am required to develop a
password that is at least 10 digits long and contains a lower case letter, an upper case letter, a
number, and a special character. Additionally, I am required to secure approval from DTMB before
installing any software on my computer, which can take weeks to go through the vetting

Strategic Planning
1. Appraise the formal planning efforts at the Copley Company for the period 1981 to 1984.
INTRODUCTION
Copley Manufacturing Company was primarily a manufacturer of a wide line of cutting tools and
related parts and supplies. Late in 1980, Mr. Sagan, director of corporate development and Mr.
Albert, executive vice president agreed that regular formal planning should become part of
management's way of life at Copley.
EXECUTIVE SUMMARY
In 1981, Copley Manufacturing Company had begun formal corporatewide planning. The
formalized planning was ingrained into life at Copley through a series of visits by corporate groups,
planning review meetings, as well as planning response meetings.
However in 1982, ... Show more content on Helpwriting.net ...
Typical of these meetings was that of the Cutting Tool Division, which was headed by Mr. Tyler, the
general manager. COMMENTS AND PROBABLE REASONS IN 1981
Generally, it was felt that the planning effort at Copley in 1981 had made a good beginning because
most agreed that the plans had provided useful information to aid the top management to obtain
better understanding on Copley's business activities.
DISCUSSION OF SITUATION IN 1982
In 1982, formal planning had been significantly affected by certain organizational changes, such as
the elevation of Mr. Albert to president, the creation of two corporate staff functions, the further
delegation of operating responsibility and the segregation of the Cutting Tool Division.
In the same year, the planning committee decided to divide the formal planning cycle into three
phases, which were the Strategy Development phase, the Quantitative phase and the Action phase.
The division's strategic plans were presented to corporate management by each division in a
planning review meeting and subsequently evaluated in a planning response meeting (Lee & Ke
2004). Unlike 1981, these meetings followed each other on the same day in 1982.
In 1982, the progress of the planning efforts was disrupted by certain developments; chief among

them was the change in the top management. Besides that, considerable management effort was also
required to assimilate the recently

Objectives And Objectives Of Strategic Planning
Setting and Achieving Goals
To stay competitive in today's markets, it is important for companies to determine objectives and
develop a plan so as to achieve financial goals. Effective planning is an essential element if a
company is to successfully employ change management and implement new processes and
procedures that will adjust organization functions and operational assignments in order to meet the
desired outcomes. Different methodologies for planning exist to meet the specific needs within
organizations. The most common planning approaches include strategic, tactical, operational, and
contingency plans (Hartzell). Even though all of these strategies are extremely useful at different
echelons within any one business, the goal setting capabilities of strategic and tactical planning
within organizations have the highest degree of criticality and set the guidelines for subordinate
operational and contingency plans.
Strategic Planning Strategic planning is developed as an organizational pathway that will come to
fruition over many years. It uses internal and external information that is gathered at a macro level,
which will become the basis for how a whole organization operates (Simerson, 4). This approach is
a top down methodology used to give direction and guidance to all echelons within an organization
(Simerson, 3). Some companies such as Johnson & Johnson are broken into multiple operating sub–
companies, which allow each individual sub–company to set a

Strategic Financial Planning

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