Description
Competitive Profile Matrix
Develop a competitive profile matrix for the case study you have chosen to do your final project on. You should model your assignment based on Table 3.13 in your text. Include a 250-word summary of what you discovered while doing this analysis.
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Running head: STRATEGIC PLANNING FOUNDATIONS
Foundations of Strategic Planning
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STRATEGIC PLANNING FOUNDATIONS
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Introduction
Strategic planning is the process in which an organization goes through to get a clear direction
of their vision for success. This concept became prominent during the early 60's since it could
assure successful operations in their activities. To further the understanding of strategic planning
in organizations some of the critical aspects in the topic have to be discussed, hence in this
overview aspects like importance and steps are among the presented content
(Balancedscorecard.org, 2018).
The Steps in a Strategic Planning Cycle
In most instances, various frameworks apply to strategic planning under different
management. However, there exists no process regarding the right structure to implement in the
strategy implementation, but most organization adhere to a familiar pattern with similar
attributes. The first step is the analysis of the strategy and it entails the definition of the plan
itself. In this step, the company understands both its internal and external environment hence the
organization can get a clear understanding of the type of strategy that best works for them. For
instance, most organizations will factor in aspects such as competition in the assessment to come
up with a strategy that will work well with the changing competition in the market (Bryson, J. M,
2018).
The second step is the formulation of the strategy which entails the development of the
assessed strategy and n this phase the organization gets to practice its documentation process in
the design of the better strategy. The value of this step is that organizations can reflect on the
data collected from the first step. However, it is important to note that if the company or
organization does not adequately assess the strategy, then its formulation will be very
STRATEGIC PLANNING FOUNDATIONS
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challenging since there will be inadequate knowledge of the approach. For instance, if a
professional organization has evaluated a given strategy well then, there will be valuable
information that will allow them to formulate the strategy better and, in the process, have
complete control of both the internal and external environments (Balancedscorecard.org, 2018).
Strategy
Analysis
Strategy
Evaluation
Strategic
Planning
Cycle
Strategy
Formulation
Strategy
Executon
Figure 1.0 chart showing the strategic planning cycle
Strategy Execution is the third step in the cycle, and this phase entails the actual
implementation of the formulated strategy. This step is essential to a professional organization
because it puts to practice the strategy that has been assessed and formulated. A company that
analyses and formulates a given strategy well will have few problems to worry about in the
execution stage since every detail recorded will be applied. A good example is the application of
the written document containing the formula to be followed during the actual process. The final
step is the evaluation of the strategy where the organization looks back and gives a gene...
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