STRATEGIC PLAN - Major Steps, Identifying The Desired Position
The strategic planner develops the company's desired position by mapping the firm's strategic vision of itself against the opportunities, threats, and risks that shape its business environment over the planning horizon. The strategic planner then translates the strategic vision into a specific set of longer-term objectives that, if realized, will successfully exploit the opportunities and sufficiently mitigate or manage the threats and risks.
A firm's vision is shaped by its historical experience and by active participation of its management, directors, and shareholders. A firm communicates its mission statement and its goals, philosophy, and policies. The company describes its desired position in terms of a set of objectives in the following areas:
- industry/marketplace position
- revenue size and growth rate
- products and services produced
- financial performance
- technological objectives
- organization structure and culture
The strategic planner states the objectives in measurable terms so that progress can be evaluated, and management can clearly determine when the objectives have been met.
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The chart below provides a simple summary graphic of how to identify and develop the company's desired position.
