Strategic planning process: setting strategic objectives

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Strategic planning involves many elements, but one of the most important is the establishment of strategic objectives. A good strategic plan helps a company identify where it wants to be in the future and what steps are necessary to get there. Strategic planning should include an assessment of the organization's strengths and weaknesses, the resources it has available, and areas where it can improve its performance. A good strategic plan includes clearly formulated corporate action objectives that align with the organization's mission and help implement strategic actions.

An important part of the strategic plan is philippine cp number also determining what resources the organization will need to achieve its objectives. This includes the human, financial, technological, and other resources needed to achieve the strategic objectives. As part of this process, the organization must also have a detailed action plan that outlines the steps it will take to implement the strategy. Developing such a plan requires both a thorough understanding of the company and the environment in which it operates.

What does the company's strategic plan contain?



Environmental analysis should include answers to the following questions: What is our market? What is our market share? Who are our substitute competitors and who are our potential competitors? Who are our suppliers and what is their negotiating position? What is the situation of the labour market? What are the legal regulations affecting our company? At this stage, it is useful to use tools such as Porter's 5 forces analysis or PEST analysis.