Definition of Strategic Planning

Definition of Strategic Planning


DEFINITIONS

Strategic Planning

Strategic planning is the process of conducting researching, defining strategies, and developing business models and plans to achieve the organization’s vision. Strategic planning is dynamic and assumes that the organization needs to respond to a changing environment.

Business Model

A business model describes how the organization will implement the strategy. A business model explains most importantly how the organization will organization will create and deliver substantive value to the customers. The model includes a review of the key aspects of the organization such as its vision, values, offerings, strategies, structures, processes and policies.

Innovation

Innovation is doing something different or new to improve outcomes. Innovation in organizations encompasses the end-to-end cycle from R&D invention to sales.

Invention

An invention is the development of something that has not before existed before.

Long-Range Planning

Long-range planning is the process of development of a plan to accomplish goals over a period of several years.

Strategy

Strategy is how an organization intends to reach its objectives. Business strategies are developed to differentiate the business from its competition. The most effective strategies are often those where the organization’s talent and passion merge with viable economic opportunities.

Strategic Innovation

“Strategic Innovation is the creation of growth strategies, new product categories, services or business models that change the game and generate significant new value for consumers, customers and the corporation.” (By Derrick Palmer & Soren Kaplan at Innovation Point)

Strategic Management

Strategic management involves:

  • Identify objectives for the organization
  • Defining strategies that will give the organization a competitive advantage
  • Managing the organization on a day-to-day basis to achieve the objectives

Strategic Plan

A strategic plan is a set of decisions that outline what the organization will do, why it will do it, what its priorities are, and how it will move forward to achieve the desired future.

Strategic Thinking

Strategic thinking means asking, “are we doing the right thing?” It involves looking for best ways to help the organization succeed.

Structure

The plan to carry out primary tasks and duties.

SWOT Analysis

SWOT analysis is a strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in an organization or project.

System

The processes, procedures, policies and technology to carry out carry activities or the organizatio

Definition of Strategic Planning

Definition of Strategic Planning