The planning cycle looks a lot like the previously discussed strategy cycle because they have a lot in common. In fact, the planning process is an integral part of the strategy cycle, since developing objectives, creating strategies, and implementing firm-wide activities all require extensive planning. The first step in planning is to set a goal to be accomplished. Making sure that the goal checks off all of the SMART criteria (explained in detail later in this chapter) will help make the Read More
Strategic Planning
As you already know, the P-O-L-C framework starts with “planning.” You might also know that planning is related to, but not synonymous with, strategic management. Strategic management reflects what a firm is doing to achieve its mission and vision, as seen by its achievement of specific goals and objectives. A more formal definition tells us that the strategic management process “is the process by which a firm manages the formulation and implementation of its strategy.” The strategic Read More