BUS 475 week 1 DQ s - 14036

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Week One DQ 1

What is strategic planning? What is the purpose of strategic planning? Why is
it necessary? What are the components of a strategic plan? Which component
in your opinion is the most important? Why?

Strategic planning is the process of identifying the long-term goals of a company and
thinking of ways to achieve those goals. The focus of strategic planning is on long-term and is
like a guiding plan for an organization.

The purpose of strategic planning is to help an organization think and plan in the long-
term. In addition, strategic planning helps an organization to plan for the future and foresee the
opportunities and threats. Furthermore, strategic planning helps in proper allocation of resources.

Strategic planning is necessary in order to prevent getting caught unaware in the future
and to become ready for any unforeseen circumstances. Also strategic planning helps in focusing
on the long-term and therefore prevents an organization from becoming engrossed too much in
short-term things.

The components of a strategic plan are vision, mission, environmental scanning, strategy
formulation, strategy implementation, and control.

The component of environmental scanning is most important because it sets the tone
and objectives for the plan. Moreover, a plan must always be made by keeping in mind the
inferences received from environmental scanning. It is through environmental scanning that
one gets to know about competitors, their strategies, untapped opportunities, likely threats, and
governmental regulations, and so on.

Solution Description

Week One DQ 1

What is strategic planning? What is the purpose of strategic planning? Why is
it necessary? What are the components of a strategic plan? Which component
in your opinion is the most important? Why?

Strategic planning is the process of identifying the long-term goals of a company and
th

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