which of the five steps in the strategic planning process do

which of the five steps in the strategic planning process do you think is the most important? Give an example of an industry where this would be the most important step. Do you think that a different industry might place more emphasis on another step in the strategic planning process? Why? (200 WORDS)

Solution

Strategic planning is one of the key functionality in an organisation that guides it to its mission and vision. It helps businesses to figure out their short-term and long term-goals and means of achieving these goals. There are primarily five stages in the strategic planning process. These are as discussed below:

“Strategic analysis” - Where we are now

“Insight” - Where we want to be

“Strategic Plan” - How might we get there

“Action” - Which way is the best

“Results (or Control)” - How can we ensure arrival

Although, each step in the strategic planning process has its own importance, it’s the “Action” or the implementation stage that converts all the strategies and insights into reality. An organisation might have a great vision for itself but without putting plans into action, it won’t be possible for it to achieve its vision. Similarly, a newly founded food start up might say that we want to become the “Marriott” of the hospitality industry in next 10 years, but without putting the plan into action, it would never be possible. In an industry such as e-commerce where effective logistics planning is the key variable of the strategic planning process, action/implementation is the deciding factor in the success of an organisation, say Amazon for example. Every customer order needs to be delivered in the timely and most cost effective manner.

For an organisation that is operating in some another industry, let’s say aviation, it would put more emphasis on the cost control and resource planning, that is, the “Result or Control” stage of the strategic planning process. This is because the success of an organisation in the aviation industry largely depends on its ability to control costs and to ensure that every single trip, from destination A to destination B, is profitable for the company.