Strategic planning process

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Last updated: November 2016 What is strategic planning? Strategic planning is an important topic in strategic management. Organisations engage in strategic planning in order to develop, implement and evaluate their strategies. Strategic planning refers to the decision-making and planning process that guides the long-term direction of an organisation (Plunkett & Attner, 1994). The steps in strategic planning process Different writers have identified different stages in strategic planning. For example, Plunkett & Attner (1994) identified six stages which had subsequently been followed by many writers. The discussion that follows will focus […]

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Difference between strategic risk and operational risk

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Last updated: June 2016 Risk management is a very important topic in both Strategic Management and Operations Management. A business may face different types of risk. Not all risks will have an equal impact on the business. Therefore, it is important for managers to understand different types of risk. Definition of risk A risk can be defined as a situation that could be dangerous or have a bad outcome. It can also be defined as the possibility that something unpleasant will happen (Soanes, 2001). According to Canadian Centre for Occupational […]

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What is PESTEL analysis?

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Last updated June 2016 Organisations need to carry out a situation analysis before making any strategic decisions. PESTEL is one the tools which can be used in situation analysis. It helps analysts understand external factors which may impact on the business. Brief history of PESTEL analysis PESTEL is also known as PEST, STEEPLE, SLEPT and PESTLE. It is very difficult to establish the true history of PESTEL. However, according to Mind Tools (2016), Harvard professor Francis Aguilar is thought to be the creator of PEST Analysis. He included a scanning […]

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What is corporate strategy?

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Last updated: June 2016 Image: Pixabay Strategies are usually divided into three broad categories, namely corporate strategy, business strategy, and operational strategy. Corporate strategic decisions are taken by the highest level of management in an organisation. Definition of corporate strategy Corporate strategy is the direction a company takes with a view to achieving a long-term business success. According to Johnson, Scholes, and Whittington (2006) corporate level strategy is concerned with the overall scope of an organisation and how value will be added to the different parts (business units) of the […]

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