Describe strategic planning process (1) Would Boeing and Old Navy develop strategic plans over the same time horizon? Why or why not? (2) How does the vision statement guide the planning process?
(1) What is your personal vision statement for your career and your life? Have you ever thought about your future in this way? (2) Consider a career path that you might pursue upon graduation, and perform a quick SWOT analysis. What are some of your internal strengths and weaknesses and external opportunities and threats?
Planning is the process of developing strategies, establishing goals and objectives for the organization, and translating those strategies and goals into action plans. Plans vary in their time frame and scope, from high-level, long-range strategic plans to lower-level, short-term tactical and operational plans. The strategic planning process consists of six interrelated steps: defining the organization’s mission, vision, and values; performing a SWOT analysis; developing forecasts; analyzing the competition; establishing goals and objectives; and developing action plans.