BUSN 10140 Strategy Analysis and Planning

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Strategic planning is the process of formulating an overall vision for the future of an organization and identifying key steps to move the organization in this direction. Strategic analysis is one of the key steps and requirements in the preparation of any strategic plan.

The strategic planning process defines:

(1) The goals your organization wants to achieve are usually expressed in terms of strategic goals.

(2) How will you direct the organization and its resources to achieve these goals over the next few years, usually in the form of strategic action.

Such plans usually require decisions to be made or made regarding:

• The vision and mission of your organization.
• Who will you serve - your so-called target customers or customer groups.
• The "added value" of your organization (marketers may call this your USP or unique selling point).
• The type of program, service, or product that you will develop and provide.
• The resources needed for a successful implementation - people, funding, experience, relationships, equipment, etc., as well as a realistic estimate of how much resources will be available over time.

Strategic analysis refers to the process of exploring a company and its business environment to develop a strategy. The definition of strategic analysis may differ from an academic or commercial point of view, but the process involves several common factors:

• Identifying and evaluating data related to company strategy
• Use Porter's five forces analysis, SWOT analysis, value chain analysis and other analysis methods.

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