BUS 443 Week 4 Discussion 3
Define what is meant by strategy. Evaluate the goal of strategic development. Assess why strategic planning is important for all organizations.
“Strategies are broad statements that set the direction for the organization to take in realizing its mission and vision.” (Evans & Lindsay, 2020) Strategy is an action that managers take to attain one or more of the organization’s goals.
Strategy development is the process of researching and identifying strategic options, selecting the most promising and deciding how resources will be allocated across the organization to achieve objectives. It is a process that help set an ambition for your organization future and determine how best to achieve it.
Strategic planning is important to an organization because it provides a sense of direction and outlines measurable goals. Strategic planning is a tool that is useful for guiding day-to-day decisions and also for evaluating progress and changing approaches when moving forward