Strategic planning as a broad concept consists of
A. corporate strategy and business strategy
B. strategy formulation and strategy implementation
C. inputs and outputs
D. environmental analysis and internal analysis.
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The Correct Answer for the given question is option D. environmental analysis and internal analysis.
Answer Explanation for Question: Strategic planning as a broad concept consists of
Strategic planning as a broad concept consists of environmental analysis and internal analysis.Strategic Planning is the process of formulating specific business strategies, implementing these strategies, and evaluating the results of executing them, according to the company’s basic long-term goals. It consists of integrating various business departments (such as accounting and finance, marketing, and human resources) to achieve a company’s strategic goals. Strategic management is essentially the same thing as strategic planning. A strategic plan provides an organization with a grasp of where it is and what it wants to be, allowing environmental threats and opportunities to be exploited based on the firm’s strengths and weaknesses. The aim of strategic planning is to give both direction and cohesion to the enterprise by taking a thorough look at the goals and means of their attainment.
A strategic manager can anticipate opportunities through environmental analysis and plan alternative answers to those opportunities. Additionally, it enables the organization to develop an early warning system for potential threats or develop strategies for transforming threats into opportunities. It is possible to develop a detailed strategic plan for a business after conducting an effective environmental analysis. Once threats and opportunities have been identified, you can focus your business efforts accordingly.
A company’s internal analysis examines its capabilities, cost position, and competitive position in the marketplace. When conducting an internal analysis, measures such as SWOT analyses provide useful information about an organization’s strengths, weaknesses, opportunities, and threats. The purpose of an internal analysis is to assess an organization’s internal environment in terms of its resources, assets, characteristics, competencies, capabilities, and competitive advantages.
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