Mgt 498 Week 1 DQ's
1. Why is strategic planning important to the organization? How does strategic planning help the organization?
Strategic planning is an organizational process of defining its strategy and making decisions on allocating its resources to pursue this strategy. This process helps the companies in achieving its long term goals. It is an important business activity and provides an overall strategic direction to the management of the organization. It gives a specific direction to areas like financial strategy, marketing strategy etc to achieve success. Its importance is that it is planning for the corporation as a whole, not for its parts. Strategic planning helps the business in number of ways as it clearly define the purpose of the organization and establish realistic goals and objectives consistent with that mission. It helps to communicate those goals and objectives to the organization’s workers. It helps to ensure the effective of the organization’s on the key priorities. It provides clearer focus for the organization, thereby increases productivity from increased efficiency and effectiveness.
2. What legal issues do companies face when creating a strategic plan? What effects do legal issues have on our strategy planning process?