Strategic Planning Overview
Strategic planning plays a paramount role in any organization for the purpose of setting futuristic goals inspired by the vision, mission, and core values of the company. The effectiveness of a company's top management in strategic planning is what determines its long-term success. Furthermore, business leaders subscribe to different strategic planning models in the best interest of their organizations. To elaborate, a strategic planning model provides an outline of the approach that an organization takes to identify and improvise on its strategic plans for optimizing operational efficiency keeping long-term gains in mind.
Table of Content
- Strategic Planning Overview
- Porter Five Forces Model
- VRIO Analysis
- Blue Ocean Strategy
- Baldrige Excellence Model
- Balanced Scorecard
- Strategic Map
- Basic Strategic Planning Model
- Strategic Alignment Model
- Issue-based Strategic Planning Model
- PESTLE Model
- Scenario Modelling
- Strategic Gap Analysis
- Ansoff Matrix
- SWOT Analysis
- Objectives and Key Results
- Mckinsey 7s Framework
- BCG Matrix
- GE Mckinsey Matrix
- Bowman’s Strategy Clock
- MOST Analysis
List of 20 important Strategic Planning Models
Porter Five Forces Model
In this elucidation of the Porter Five Forces Model, you will learn in detail about this analysis model and how organizations use it to evaluate their competitive positioning. The description is further supported by pragmatic exemplification of its application.
VRIO Analysis
This article puts forth a comprehensive explanation of the VRIO Framework that companies apply as a methodology for the internal analysis of their competencies. Also, the process of application is elucidated with a practical illustration.
Blue Ocean Strategy
Blue Ocean Strategy is an extensively used planning model that organizations apply to explore untapped markets. This article sheds light on the detailed explanation of the model inclusive of its stepwise application via a real-world example.
Baldrige Excellence Model
In this article, you will find a great opportunity to learn about the Baldrige Excellence Model comprehensively and understand its true implications within an organization. Further, the elaboration is supported by a highly relevant example.
Balanced Scorecard
This article features a holistic understanding of the Balanced Scorecard that can be applied by organizations for strategic planning. Further, it sheds light on the significance of the model in addition to the steps involved in its implementation.
Strategic Map
In this article, you will be able to acquire an effective understanding of the Strategy Map using which organizations are able to map or visualize their plans and objectives. The importance and implications of the model are also explained.
Basic Strategic Planning Model
This column puts forth a holistic view of the Basic Strategic Planning Model implemented by organizations to plan their future actions. To add, the vitality and the execution of the model have been presented in a concise and practical manner.
Strategic Alignment Model
This article offers comprehensive learning in the significance and relevance of the Strategic Alignment Model that organizations execute for efficient alignment of objectives. Also, the application of the model is presented in the context of McDonald’s.
Issue-based Strategic Planning Model
In this column, you will effectively learn what the Issue-Based Strategic Planning Model is, why it is needed by organizations, and the procedures its implementation follows. To add, a realistic example is discussed for great clarity.
PESTLE Model
This article puts forth a lucid explanation of the PESTLE Model that organizations extensively use as an external analysis tool to evaluate the influence of external factors on business. The significance of the model is also explained.
Scenario Modelling
In this article, you will get to learn about the concept of Scenario Modeling as a strategic planning technique. Besides, the need for this tool and the steps related to its incorporation are also discussed with a pragmatic example.
Strategic Gap Analysis
In this article, practical knowledge pertaining to Strategic Gap Analysis carried out by organizations to identify performance gaps is rendered. Furthermore, the vitality of the analysis model for organizational success is also discussed via exemplification.
Ansoff Matrix
This column extends to you a conducive learning opportunity to comprehend the Ansoff Matrix, a widely implemented business tool for planning and evaluating organizational strategies. The need for the framework is also explained through an illustration.
SWOT Analysis
SWOT analysis is a popular strategic planning tool executed by organizations at regular intervals. In this article, you will learn extensively about this model with attention to every detail linked to its effective implementation and advantages.
OKRs (Objectives and Key Results)
In the corporate world, Objectives and Key Results make a crucial framework that enables organizations to set key goals and objectives for the future. This article explains each dimension of OKRs inclusive of their development, merits, and execution.
Mckinsey 7s framework
In this article, you will get access to worthwhile and practical knowledge of the McKinsey 7S Framework that organizations apply for internal analysis and planning. Each of the seven dimensions is explained with its relevance and influence.
BCG Matrix
This article offers insightful knowledge about the BCG Matrix, an effective planning model used by organizations. Further, you will find a well-laid down guide for the application of the model complemented by a real-world example.
GE Mckinsey Matrix
In this article, you will be introduced to a comprehensive description of the GE McKinsey Matrix and how it can be vital for organizations to develop effective strategic plans. Besides, an illustration of its application is presented through the example of Apple.
Bowman’s Strategy Clock
This column elucidates the concept of Bowman’s Strategy Clock and how it is applied in the business world as a reliable strategic planning tool. To add, the advantages of the model are also highlighted through an illustration of its execution.
MOST Analysis
In this article, you will learn about MOST Analysis, an extensively applied strategic planning model among organizational practices. It presents a lucid description of the model facilitated by a real example that explains its importance and implementation.
Conclusion
To sum up it is seen that there are a number of strategic planning tools that can be used by the organization to plan its business Strategies for improving the business operations. The selection of the strategic planning tool to be used in the organization mainly depends on the organization's current state as well as the aim behind conducting strategic planning. However, what is interesting to understand here is that there is no one strategic planning tool that can be used in each situation and there is no one perfect tool that can help to plan all the business operations. The success of strategic planning not only depends on the use of strategic planning tools but also depends on the capabilities of the strategic manager to effectively use the tool and analyze the business situations.
