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Don’t think hit-or-miss marketing…think strategic planning to achieve targeted results.
Strategic planning is an organization’s process of defining its strategy or direction, and making decisions on allocating its resources to pursue this strategy.
In order to determine the future direction of the organization, it is necessary to understand its current position and the possible avenues through which it can pursue particular courses of action. Generally, strategic planning deals with at least one of three key questions:
“What do we do?”
“For whom do we do it?”
“How do we excel?”
The key components of strategic planning include an understanding of an entity’s vision, mission, values and strategies.
Vision: outlines what the organization wants to be, or how it wants the world in which it operates to be. It is a long-term view and concentrates on the future.
Mission: Defines the fundamental purpose of an organization or an enterprise, succinctly describe in why it exists and what it does to achieve its vision.
Values: Beliefs that are shared among the stakeholders of an organization. Values drive an organization’s culture and priorities and provide a framework in which decisions are made.
Strategy: A combination of the end goals for which the firm is striving and the means by which it is seeking to get there. The most important part of implementing the strategies is ensuring the company is going in the right direction, towards the end vision.