Describe What Strategic Planning is and The Associated Steps in the Planning Process Strategic planning happens when a company analyzes what is working well for them, what changes they are facing and they set a path to get to where they want to be. They focus their efforts towards specific goals and activities that will strengthen the company and find ways to put them into action. The first step of strategic planning is to plan who will be involved and a basic plan of what they want to accomplish (Reed and Bogardus, 2013). The next step is scanning the environment, consequently they obtain information about the marketplace, economy internal and external strengths and opportunities, to develop a plan for growing the business (Reed and Bogardus, 2013). Reed and Bogardus (2013) mention after …show more content…
143). This allows the company to inspire key stakeholders, describe what they are trying to accomplish in a way that is motivating to employees, along with defining thoughtful goals targeted to achieve growth. Next the company must implement a corporate strategy where they focus on short-term goals, plans and allocate resources directed at meeting company goals developed in the previous step (Reed and Bogardus, 2013). This sets the strategic plan in motion consequently, ideas can become reality and companies can see real change, which can help the company grow and stay competitive. The final step is to evaluate the process. The company ensures that implementation is on track with managements vison and purpose but it is also a good time to celebrate successes, coach and adjust the plan where needed (Reed and Bogardus, 2013). If these steps are followed and the company is successful in adjusting to the market they will remain competitive by staying ahead of their competitors who may not be evaluating their business at this level. With the rate technology is changing many industries