1. Executive Summary:
In this research paper we will briefly discuss about the essential factors that involved in strategic planning and decision making and the change management and the importance of change management. The essay is all about the important strategic tools which can be implemented in order to get an excellent strategic plan. In conclusion the back bone of any organisation which tends to become a success lies upon each and every decision they make and they must take into consideration the forces which act on the macro environment and in the micro environment of the organisation. 2. Introduction
Planning and Strategy are the essential factors which act as the back bone of an organisation. A company with an excellent strategic planning and change management capabilities is sure to get a concrete market stake in this dynamic business environment. Some organizations tend to leave the strategic part of business planning and end up in bankruptcy. Strategy is the way to achieving short and long term goals. Planning is the means of achieving the goals through strategy while exploiting the available resources. 3. Main Body:
3 (a) Strategy and Planning:
The term strategy is derived from the Greek word strategos which means the highest ranking army general. So we can derive from these words the importance of strategy and the out come of strategy. Strategy is a tool which helps to create an advantage over the competition in the dynamic business environment. To create a strategic plan for an organisation there are certain constraints which are to be followed in order to achieve the optimum benefits from the decisions we make through strategy and planning. The maximum exploitation of our resources is the key to advantage over the competitors. Marketing is one of the main areas in which a well versed strategic plan can make the organisation to attract customers here the way in which we describe the organizations motives, goals and the dedication to the customers reflect in our adverts. So, cleverly placing the right factors in the right place is a challenge in the strategic planning decision making. In this ever changing business environment the only way of survival of an organisation depends upon the decisions it makes. Thus strategic planning is the key factor to success.
In this research we will briefly discuss about the tools of strategy and the outcomes of implementing these tools in an organisation. We will discuss about SWOT analysis, PESTEL analysis and Potter's Five Force. 3 (b). SWOT Analysis
SWOT analysis is one of the tools in strategic planning and decision making. This tool helps us to judge the organizations position in the business environment. SWOT stands for Strength, Weakness, Opportunities and Threats.
Strength - The organizations factors which are most influential with respect to customers, market share, and brand value and so on. The strength of an organisation maybe its good will, an excellent customer relationship management and many other sensitive factors which lies on the organizations side.
Weakness - The things which are an advantage of the competitor and a disadvantage to our organisation. The weakness factor may depend upon our organizations own business policies and or work ethics which binds us to a corner, the competitors takes advantage of this issue and exploit the opportunity but fine tuning our strategy and decision making will bring in a drastic change.
Opportunities - The chance in which all the things fall in line for our organisation to exploit and to make a profit of it is the definition for opportunities. Opportunities can occur due to a change in trend of customers, brand switching an so on. It is wise for an organisation to make use of such opportunities.
Threats - The main and most important factor is the threats from rivals and competitors. If an organisation fails to with stand the threats from the competitors...