Corporate Strategic Planning

I would like to share the definition about the corporate strategic planning and competitive advantage. They are mandatory for all big, middle, at least settled company/ institutions to make a sustainable and going concern business.

1) Strategic Planning is the managerial process of developing and maintaining a strategic fit between the organization's objectives and resources and its changing market opportunities.

2) Strategic Marketing is "a series of integrated actions leading to a sustainable competitive advantage"

- John Scully-

3) Corporate Mission is broad purposes of the organization, driven by heritage and environment.

4) Corporate Objectives is a long range purpose.

5) Corporate Goal is a measurable objective of the business.

6) Strategic Business Unit (SBU) is a set of product lines for which a business or marketing strategy should be designed.

Now about competitive advantage is:

1) "Competitive advantage is a company's ability to perform in one or more ways that competitors cannot or will not match."

-Philip Kotler-

2) "If you don't have a competitive advantage, don't compete."

-Jack Welch-

Now is the discussion about the Corporate Strategic Planning:

Entrepreneurs and business managers are often so preoccupied with immediate issues that they lose sight of their ultimate objectives. That's why a business review or preparation of a strategic plan is a virtual necessity. This may not be a recipe for success, but without it a business is much more likely to fail. A sound plan should:

* Serve as a framework for decisions or for securing support/approval.

* Provide a basis for more detailed planning.

* Explain the business to others in order to inform, motivate & involve.

* Assist benchmarking & performance monitoring.

* Stimulate change and become building block for next plan.

For inspiration (and a few smiles), have a look at some of the quotations and examples of bad advice included in other pages!

A strategic plan should not be confused with a business plan. The former is likely to be a (very) short document whereas a business plan is usually a much more substantial and detailed document. A strategic plan can provide the foundation and frame work for a business plan. For more information about business plans, refer to How to Write a Business Plan, Insights into Business Planning and Free-Plan: Business Plan Guide & Template.

A strategic plan is not the same thing as an operational plan. The former should be visionary, conceptual and directional in contrast to an operational plan which is likely to be shorter term, tactical, focused, implementable and measurable. As an example, compare the process of planning a vacation (where, when, duration, budget, who goes, how travel are all strategic issues) with the final preparations (tasks, deadlines, funding, weather, packing, transport and so on are all operational matters).

A satisfactory strategic plan must be realistic and attainable so as to allow managers and entrepreneurs to think strategically and act operationally