When it comes to Strategic Planning there are two major area

When it comes to Strategic Planning, there are two major areas that have to be considered:

A) The internal environment within the company (profitable or not, the labor force and its current skill set, where on the Product Life Cycle are our current products)?

B) The external environment that has the potential to impact the company (are we satisfying the customers, what is the state of the economy, what is our competition doing, if you are a global company, how do you handle the political landscape around the world)?

Please select any one of the items within the brackets ( ) and post what you would recommend to your company\'s Strategic Planning Group?

Solution

Let’s take (are we satisfying the customers, what is the state of the economy, what is our competition doing etc.) and recommendations to company\'s Strategic Planning Group.

The strategic planning helps the organizations to analyze the present state of the organization and understand the nature and causes of business fluctuation and its relations with the state of the economy. The organizations can evaluate their internal and external environment to find out the techniques which are unique and provide them competitive advantage. They can use the innovative technology which can provide them competitive advantage to acquire or develop the attributes that allow them in long-run to outperform its competitors. The company can analyze its internal and external business environment and its competitive advantage by analyzing its quality products or services. If the companies want to achieve a competitive advantage by giving differentiated quality product to its customers, an integrated approach can increase their ability to develop innovative quality products and increase their ability to serve the customers in better ways by satisfying the customers and enhancing its competitive advantage.