What Is a Strategic Plan? How Do Businesses Use Strategic

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The Answer is A strategic plan is a comprehensive, potentially multi-year plan for an organization that also contains an operating plan. Businesses use strategic plans to set both the short-term objectives and the long-term goals that they strive to achieve on multiple levels. The first component of a strategic plan is "Mission and Vision." A business's mission comes first since it defines the business's purpose or reason for existence. A business's vision is a narrative that outlines a picture of what an organization will look like after it has achieved its objectives. The second component of a strategic plan is "Goals and Objectives." This is where the business sets its long-term goals. These long-term goals are broken into sets of tangible short-term objectives for the upcoming year. The third component of a strategic plan is "Strategies and Initiatives." Strategies and initiatives are the chosen methods and techniques the organization will implement to achieve both their short-term objectives and their long-term goals. The fourth component of a strategic plan is "Measures and Targets." This section involves taking information gathered from across the organization and putting that information into a meaningful and measurable form that the business can use to measure performance throughout the organization. The fifth and final component is "Results." This section summarizes a company's actual performance, whether financial or nonfinancial, and compares the actual performance to predetermined performance targets.

What Is a Strategic Plan? How Do Businesses Use Strategic

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What Is a Strategic Plan? How Do Businesses Use Strategic

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Correct Answer:
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