The Basics Of Strategic Planning And Vision
Source: Associated Content
Strategic planning involves strategy formulation and strategy implementation. Strategy formulation and strategy implementation are both dynamic, real-time processes necessitating consistent commitment as to perceive the competitive realities existing in the market. However, strategy formulation implies change and as such it involves a transition period required to absorb this change, whereas strategy implementation applies the change and as such it involves a transition period required to evaluate it. Moreover, it requires a strong strategic consensus not anymore as result of successful strategy formulation, but as a prerequisite for successful strategy implementation.