Each company must find a game plan that includes opportunities, objectives, and the use of resources in a proper way that matches with a specific situation. Let’s know in detail steps in strategic planning to achieve the organization’s goal.
Thus strategic planning is the process of developing and maintaining a strategic fit between the organization’s goal and capabilities and its changing marketing opportunities.
For example, Fantasy Kingdom has introduced; Water World’ where the people can enjoy water rides. In fact, this concept was first introduced by Nandan Park that was highly accepted by the people. So naturally, to cope with the change in the amusement industry, Fantasy Kingdom has also introduced the water world.
Not only that, the Fantasy Kingdom has reduced its price of entry and rides and offered different packages like ‘Family package on Friday at taka 990’ of the external environment/marketing opportunities. That is what we call strategic planning. If for some reason the taste preferences of the people are changing, the company has to change their activities accordingly.
Private universities are offering executive MBA to take the opportunity of creating a new category of customer who is growth-oriented working people. Cats Eye is producing and delivering short shirts to fulfill the new fashion need of the people. Companies prepare business plans or models to show what they are actually doing or going to do.
But strategic planning includes the steps the company is undertaking to take the advantages of opportunities in the rapidly changing environment. In a word we can say planning to cope with the current change in the industry is called strategic planning.
Companies start their strategic planning by defining what they are doing called the mission of the business. This mission is then supported by some objectives that may help the organizations to fulfill the vision which the company is heading towards.
At the same time at the corporate level, the organizations have to decide about designing their sister’s concerns or other businesses in which they will invest more and from which they must withdraw money.
Side by side all these activities will e guided by marketing and other functional activities. It can be said that strategic planning includes all the business units, departments, employees of the organization who are concerned about the external environment because strategic planning is all about taking advantage of the opportunities.
Mission: Starting Point of Forming a Strategic Plan: Mission is the purpose of the business. A mission statement is thus the statement of the purpose of the business that shows what the organization wants to do in the large environment.
Every organization must undoubtedly have a mission, because what you are doing with your business is, in fact, your mission.
For example, if you ask a tea seller, what his mission is, the person will probably say ‘I don’t sell mission’. But selling tea is the mission of the tea seller.
Grameen Phone has a dual purpose: to receive an economic return on its investments and to contribute to the economic development of Bangladesh where telecommunications can play a critical role.
This is why GP, in Collaboration with Grameen Bank, is aiming to place one phone in each village to contribute significantly to the economic uplift of those villages. From this example, it may also be clear that the mission must include an altruistic or socially beneficial component.
In the previous example, GP says they are concerned about the economic uplift of the villages with their products and services.
Think of daffodil International attain meaningful careers, to enjoy enriched lives, and to make contributions to a culturally diverse society. A strategically revealing and market-oriented mission statement incorporates three elements:
- Customer needs or what is being satisfied
- Customer groups, or who is being satisfied
- The company’s activities, technologies, and competencies or how the enterprise goes about creating and delivering value to customers and satisfying their needs.
For example, the market-oriented mission statement of SQUARE Toiletries in “to satisfy the needs of domestic and international consumers through attractive, quality products and services using highly motivated employees and the latest technology is the mission statement of SQUARE Toiletries shows the mission of the business” (See the capsule).
What May e the mission statement of the MBA Program of a second-grade private university like Daffodil International University? “We are providing good quality education specializing in the fields of marketing, finance, management.
HRM and MIS for the mid-class regular students and executives with experienced and dedicated teachers, modern laboratories, and upgraded library facilities”. The mission of the organization has some other characteristics.
It must be realistic, for example, if an organization’s mission statement is “We sell lands in the moon” it may note believable or realistic.
It must be market-oriented, for example, the mission of SQUARE Pharmaceuticals is the provide quality & innovative healthcare relief for people, maintain stringently ethical standards in business operation also ensuring benefit to the shareholders and other stakeholders. It should be motivational. Think of an NGO, Then Tamara Mohila Sabuj Sangha (TMSS).
Its mission is “to provide best efforts in bringing the poor women folk’s life/living conditions at a dignified level in the family and society through their capacity building, optimum use of their own/available resources, participation in their development activities and fulfillment of their legitimate rights”. It must be specific in nature.
From this statement, it can be said that the mission may be of two types such as the broad and narrow mission of the organization.
For example, “We are in furniture business” is the example of a broad mission statement whereas “We are in wrought iron business” is the example of a narrow mission statement.
Think of Tabani Corporation, the producer of Coca-Cola in Bangladesh. They call themselves the Tabani Beverage Company. This is, of course, a broad mission statement.
Their mission statement might be Tabani Soft Drink Company. Beverage Company is a broad mission statement in the sense that it includes both soft and hard drinks. If the government ever decides to permit the hard drink production, Tabani Beverage can go with that. There are advantages and disadvantages to both narrow and broad mission statements.
An organization has a chance to expand its business by using a broad mission statement as Tabani Beverage Company can. Have a look at what BD online says about their business. Proshika Computer System is your one-stop solution center.
From integrating your system with specialized in Internet services to launching a website along with hardware requirements- we do all. To implement our services successfully we do also provide proper training by a skilled trainer.
It’s an organization of 80 committed professionals. All are committed to improving the quality of our services/products to ensure the satisfaction of clients. By excelling the quality of our services/products, we maximize our profit, for the poorest of the poor of the society.
PCS is a project of Proshika Manobik Unnayan Kendra, a non-government development organization, committed to the welfare of the mass people. PCS has been running its business since 1996.
By this time, it has proved its quality and gains significant local market share. It is one of the fastest-growing IT solution providers in Bangladesh. It is mainly a service-oriented organization and sales hardware only to the clients who needs a one-stop shopping place.
The purpose of Unilever is to meet the everyday needs of people everywhere to anticipate the aspirations of our consumers and customers and to respond creatively and competitively with branded products and services which raise the quality of life. But think of the name of an organization “Shaad Tahari Ghar”.
The name implies its mission. But that is a misleading mission statement or the name of the organization because that restaurant also produces Khichuri, Biriyani, Shik Kabab, etc. In fact, a better name might be “Shaad Khabar Gahr”, an example of a broad mission statement.
Here you can see a few examples of the broad and narrow mission statement. A few businesses fail because they are focused on a sharply targeted market opportunity, but many fail or do badly because management’s attention is divided and resources are scattered across too many areas.
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