Strategic management is a course which talks about strategy and planning in order to decide an organization’s current and future goals and paves the way for achieving them. There can be several concepts in relation to this and assessments can be developed around these concepts. It can be in the form of case studies or scenario-based assignments. These can also be assignments related to the development of strategic plans which involves strategic thinking and management skills. Therefore it is important to develop an understanding of strategic thinking and strategic management before attempting these assignments.
Strategic thinking is nothing but an approach which includes making a series of decisions which describe and help to frame the various actions to be taken by a company for future growth prospects. The strategic planning process is majorly a yearly ritual where a document is created which can be described as a guidebook for the management team putting forward a strategy for the coming year so as to achieve the goals. It is however best that the activity is an ongoing year-round process.
It is a long term planning towards achieving the pre-specified goals and objectives of the firm. The objectives are majorly empirical information which tries to understand the feasibility of the strategy. It is a long term plan for 5 or more year timeline. It clearly mentions the current position of the business and the future goals of the management including the process of moving forward and determining when the goals have been achieved.
As a part of the long term strategic plan, there are several short term goals that are set and the operational plan focuses on creating value from these operations. It is responsible for achieving the short term objectives of the strategic plan and thereby, create value for the company.
Broadly speaking, in a lot of cases companies fail to put up operational plans which lead to poor execution of their long term strategies and therefore not leading to expected results. Similar can happen if operational plans are not in sync with the long term strategies. Therefore, it is very important that there is a strong connection between both the operational plan and the strategic plan of the company.
In order to build a long term strategic and short term plan, it is important to keep in mind the vision and mission of the company. The major focus must be to ensure that the operational factors are accounted for in order to judge the successful implementation of the plan. Without a tactical short term plan, it is difficult to clearly state the milestones which are important for the achievement of the overall strategy of the business plan. Therefore, it is important that in order to build a successful management plan all steps of strategic planning and management are understood and followed.
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