Four Phases of Strategic Planning

Have you involved yourself in a strategic management in planning before?

Or to the students out here in this platform, have you encountered about strategic planning?

Maybe yes to some of you and some are also no.

And today, I will give my own understanding about the particular topic which we discussed to give informations to others who needs it.

Our topic was all about the Four Phases of Strategic Planning. The four are the Environmental Scanning, Strategy Formulation, Strategy Implementation, and Strategy Evaluation.

First, Environmental Scanning

Taking a look at the surrounding environment is what environmental scanning is all about. It is necessary to do this environmental scanning in order to discover potential possibilities and threats, so that a more effective strategy and tactical strategy may be formulated. This strategic planning is an important step toward better understanding the industry environment and to help the firm achieve its long-term objective. The difficulties, current and existing procedures, and possible formulas for a successful strategic movement may all be detected with the use of this strategic planning, known as environmental scanning.

Second, Strategy Formulation

Based on its own words, it is the formulation of a new strategy. This can be more effective after considering all the identified informations, just like the opportunities and threats, from the environmental scanning. This strategy formulation is the process a company employs to determine the best and most realistic path to success. This phase helps in attaining quantifiable aims, priorities, and objectives, together with a set of actions to achieve them. Moreover, a concrete, precise, and intense formulation in this section, combined with all the resources, that is needed for it to be beneficial and effective.

Third, Strategy Implementation

The strategy implementation, in other words, it is the execution of the defined plan, based on its own terms or the phrase itself. Where in communication is the most important and critical component. That the communication is the key that affects the strategy directly through the impacts on the individuals that are involved in the implementation. As a result, the strategy is directly affected by the communication's influence on the individuals involved in its execution. In this part or phase of strategic planning, this is where the process that should be put the formulated strategy mobilized. Here is where the actual implementation of the strategy begins.

Fourth, Strategy Evaluation

Based on the term itself or the word itself, it is the evaluation of the strategy that had been executed. This is the fourth and last phase of strategic planning. In this strategy evaluation, as part of the strategic planning process, it's important to keeping an eye on things and making adjustments are necessary. Assessing what's working and what's not may be done by including checkpoints into your overall strategy that had been implemented and taken into execution. Developing and changing standards, obtaining input, and monitoring performance are all part of strategy evaluation. Best practices and guidance for future plans that are most likely to be more successful and efficient may be derived from the results of this strategic planning, which is the strategy evaluation.

SELF REFLECTION

As I am aligned with this course and the knowledge I gained in this topic will probably be useful in the future, I will take this informations to importance. I may not remember this as always, but I am sure when the right time comes when I will be needing this information, it will surface and I am taking it into use.

And I hope to everyone who needs this information will be helpful.

Hello, readers.

I hope you find this information helpful and informative.

Than you for reading my article.

Have a nice day to everyone of you.

May God bless us all.

Photos are from Pixabay.