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What are the major elements of strategic planning?

A strategic plan consists of a company's mission statement, vision statement, goals and objectives, division of labor, resources, and implementation. These elements are are dynamic and they are realigned or changed as time passes.

What are examples of strategic plan?

Strategic Plan Example Provide excellent service to current customers for a competitive cost. Strategy: Provide yearly customer service training for all employees. ... Increase shareholder value by 25% within the next 3 years. Strategy: Increase customer base by 10% each year. ... Increase marketing to reach more customers.

What are the 3 types of strategic plan?

There are three types of strategic planning that are essential to every firm: corporate, business and functional.

What are the 7 elements of strategic planning?

A Great Strategic Plan Should Contain These 7 Elements: Vision Statement. Your vision statement should be ambitious and goal-oriented. ... Mission Statement. This is what's going on today. ... Core Values. ... A S.W.O.T. ... Long-term Goals. ... Yearly objectives. ... Action Plan.

What are the 5 components of a strategic plan?

The 5 Essential Elements of Strategic Planning Company Vision. ... Strategic Priorities. ... Goals. ... Objectives. ... Key Initiatives. ... Putting Your Strategic Plan into Action.

How do you draft a strategic plan?

How to write a strategic plan Consider the company mission. The mission for a business describes what the company does. ... Establish a communal vision. ... State key values. ... Develop focus areas. ... Create specific objectives. ... Describe projects. ... Define key performance indicators.

What are the 7 steps of strategic planning?

How to Strategic Plan in 7 Steps Step 1: Environmental Scan. ... Step 2: Internal Analysis. ... Step 3: Strategic Direction. ... Step 4: Develop Goals and Objectives. ... Step 5: Define Metrics, Set Timelines, and Track Progress. ... Step 6: Write and Publish a Strategic Plan. ... Step 7: Plan for Implementation and the Future.

What are the 4 P's of strategic planning?

A simple model made up of ?Four Ps? can help companies create this advantage. These Ps are Perceptions, Performance, Purpose, and Process. There are six different stakeholder groups you should be listening to periodically to determine whether you're moving in the right direction.

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