Individual Strategic Plan Essay Example | Topics and Well Written Essays - 5250 words

Individual Strategic Plan - Essay Example Strategic planning is a continuous process which is aimed at evaluating the manner in which the firm carries out its various business activities and incorporate changes in them from time to time according to the needs and demands of the market. It could be defined as the process by which organizations and firms can envision their future and develop appropriate plans and policies to reach their final goals by taking into consideration the various internal as well as external factors and by utilizing the resources available to them. A successful strategy, often leads to creation of a model philosophy, which could be implemented in its business activities and becomes an inevitable part of the organizational culture. It helps the organization in identifying its long term objectives, and devise action programs accordingly to address the various issues identified by it, prioritize those issues and proceed to achieve a sustainable business development through implementation of managerial po licies after taking into consideration such factors as the various strengths and weaknesses of the organization, intended economic contribution to be made to its stakeholders, and considering appropriate investment options in order to achieve a competitive advantage over the other major players in the industry. attempts to achieve a long term sustainable advantage in each of its businesses by responding properly to the opportunities and threats in the firm’s environment and the strengths and weaknesses of the organization; In order to develop a competitive strategic policy the organization should ascertain whether the policy defined addresses all the relevant issues that it might have to face in the future, the expected change in the overall business environment in the next decade, whether the strategic plan takes into consideration the