Corporate Strategic Planning
Strategic planning is the art of formulating business strategies, implementing them, and evaluating their impact based on organizational objectives Corporate Strategy:- Corporate Strategy focuses on how to manage resources, risk and return across a firm, as opposed to looking at competitive advantages in business strategy. Corporate Planning Process (4 Steps) Steps in corporate planning process:- 1. Establishing corporate mission, objectives and goals. 2. Establishing Strategic Business Units 3. Assigning resources to each Strategic Business Unit 4. Planning for Business Growth. 1. Establishing Corporate Mission, Objectives and Goals : Top management prepares statements of mission, objectives and goals that play the role of a framework within which divisions and business units prepare their plan. They are guiding force for the organisation and express the reasons of being in business and what specific goals the firm is pursuing at a gi...