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Strategic planning also helps managers and employees to show commitment to the organization’s goals.
Companies often enter into a joint venture to pursue specific projects.
The JV may be a new project or new core business or mergers.
The development and execution of strategic plans is a well-thought-out plan performed in three critical steps: In the formulation of strategies, the business assesses its current situation by performing an internal and external audit.
Strategy formulation also involves identifying the organization’s strengths and weaknesses, as well as opportunities and threats (A joint venture (JV) is a commercial enterprise in which two or more organizations combine their resources to gain a tactical and strategic edge in the market.
The increased dialogue and communication across all the stages of the process strengthens the employee’s sense of effectiveness, initiative-taking, and imagination.
It explains the need for companies to decentralize the strategic planning process by involving lower-level managers.
The concept of strategic planning originated in the 1950s but only became popular in the mid-1960s and the mid-1970s.
During that time, managers and the entire corporate world believed that strategic planning provided answers to most if not all business problems.
Browse hundreds of finance articles and guides to learn about the cost of capital, financial analysis, ratios, multiples, rates of return, profitability metics, and how to evaluate the overall research and development, production, marketing, information systems, management) to achieve organizational goals.
The term strategic planning is synonymous with strategic management, only that the former is used in the corporate world and the latter in the academic setting.