Business Essay Example | Topics and Well Written Essays - 2000 words - 20

Business - Essay Example There are various steps involved in developing and implementing organizational strategies. These steps are important part of strategic planning process. According to the requirements of a company, strategic planning process is developed. Based on that planning process a company is able to build strong and effective strategies. In this planning process an organization analyse its external and internal environment. If the strategy fits with the company’s criteria and expectations then as per the plan, strategy is implemented by the organization. In this case study the importance of strategic planning in developing organizational strategies has been critically evaluated. Many explanations are reasons are provided for showing the importance of strategic planning in forming strategies. There are some negative aspects of strategic planning for which this planning process is avoided by some companies. Strategic planning process mainly relies on figures, analysis, forecasts etc. If those data are not updated then the entire planning process and the strategy becomes wrong. Planning process of strategy consumes huge amount of time. As a result it is not always possible for companies to spend so much time in planning strategies. Sometimes strategic planning process increases confusion in developing strategies (Hooley, Piercy, and Nicoulaud, 2012). But if these factors are handled tactfully then strategic planning contributes a lot in developing effective strategies. Companies get a clear idea about its strengths and weakness by conducting strategic planning process. They can utilize its strengths effectively with the help of good strategic which is only possible through strategic plans. Top managers and Board of Directors of a company make strategic decisions. But before forming a strategy they do different types of analysis programs to evaluate the effectiveness of the strategy.