This module covers the fundamentals of creating a strategic plan and highlights the importance of a research-based strategic plan.
This module covers the fundamentals of creating a strategic plan and highlights the importance of a research-based strategic plan. It covers the two important tools used to prepare a strategic plan, and it also outlines the various methods that can be used to create a strategic plan.
Learning Objectives
- Identify the internal and external factors that influence your strategic plan
- Learn the importance of research before creating your strategic plan
- Learn how to apply the SWOT analysis
- Learn how to apply the PEST analysis
- Learn how to perform a risk analysis
- Know how to use the various strategic planning methods
What You'll Learn
- Identify the internal and external factors that influence your strategic plan
- Apply SWOT analysis to support strategic planning
- Apply PEST analysis as a preparation tool
- Perform a risk analysis as part of strategic planning
- Use the various strategic planning methods to create a plan
- Recognize the importance of research before creating a strategic plan
Key Takeaways
- A research-based strategic plan is important, and research should be done before the plan is created.
- Both internal and external factors influence a strategic plan.
- SWOT analysis and PEST analysis are two important tools used to prepare a strategic plan.
- Risk analysis is part of preparing a strategic plan.
- There are various methods that can be used to create a strategic plan.
Frequently Asked Questions
What does this module cover?
It covers the fundamentals of creating a strategic plan, the importance of a research-based strategic plan, the two important tools used to prepare a strategic plan, and the various methods that can be used to create a strategic plan.
What tools and techniques will I learn for preparing a strategic plan?
You will learn how to apply SWOT analysis, how to apply PEST analysis, and how to perform a risk analysis, which are covered as tools and techniques for preparation.
What topics are taught in this module?
The module is organized into three lessons: Strategic Planning in Today's Ever-Changing Environment; Tools and Techniques for Preparation; and Strategic Planning Methods.
Why does the module emphasize research?
The module highlights the importance of a research-based strategic plan and teaches the importance of research before creating your strategic plan.
Transcript
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Strategic planning is essential to giving the organization a sense of direction and outlining measurable goals. By having a strategic plan in place, you will be able to make day-to-day decisions, evaluate progress and change direction as needed. In these lessons, you will learn the tools, techniques and methods you will need to create an effective strategic plan. Today's marketplace is changing at a faster pace than ever before. Customers and suppliers are becoming more global. Acquisition of materials, talent and data are constantly changing. How a product or service is brought to market from automation as well as the logistics of getting that product or service to its end users have all changed over time. These elements include external forces that your organization must review as part of its preparation for strategic planning. While your strategic plan is meant to move your organization forward and continually improve it, it should also ensure that it stays relevant in the marketplace. Preparation is key to strategic planning and any associated performance measures. The first step of forming a strategic plan should be to gather inputs, information and data from a variety of external sources like trade associations, economic trends, forecasts and even your own customers. It's also important to look internally for functional perspectives from operations, your supply chain and sales and marketing. In the next lesson, we'll look at a few tools that provide a framework to gather both internal and external elements and provide quantitative inputs for your strategic planning activities.
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