COURSE OVERVIEW:
Welcome to the course on Strategic Planning in Business Administration. This course is designed to provide you with a solid understanding of the strategic planning process, equipping you with the tools and techniques necessary to develop, implement, and manage effective business strategies.
We begin with an introduction to strategic planning, where we will define what strategic planning is and why it is essential for business success. Key concepts and terminology will be covered to ensure a solid foundation. We will also discuss the primary objectives of strategic planning, such as setting direction, establishing priorities, and aligning resources to achieve business goals.
Understanding the business environment is crucial for effective strategic planning. We will explore how to analyse the internal environment, assess the external environment, and conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) to identify critical factors that influence business performance.
Vision, mission, and values form the core of any strategic plan. This section will guide you through developing a clear vision statement, crafting a mission statement, and establishing core values that reflect the essence of your organisation. These elements provide direction and inspire stakeholders to work towards common goals.
Setting strategic goals and objectives is the next step. We will discuss the difference between long-term and short-term goals and introduce the SMART criteria (Specific, Measurable, Achievable, Relevant, Time-bound) for defining objectives. Ensuring these goals align with your organisation’s mission and vision is essential for coherence and focus.
Strategic analysis tools are indispensable for understanding the competitive landscape. We will cover PESTEL analysis (Political, Economic, Social, Technological, Environmental, and Legal factors), Porter’s Five Forces analysis, and techniques for benchmarking and competitive analysis. These tools help in identifying opportunities and threats in the business environment.
Formulating strategy involves making choices at different levels of the organisation. We will examine corporate-level strategy, business-level strategy, and functional-level strategy, providing frameworks to develop comprehensive and cohesive strategies across the organisation.
Strategic decision making is a critical skill for business leaders. This section covers various decision-making processes and models, evaluating strategic options, and assessing and managing risks associated with strategic decisions.
Implementing strategy requires careful planning and resource allocation. We will discuss action planning, aligning organisational structure and culture with the strategy, and managing change effectively to ensure smooth implementation.
Monitoring and evaluating strategy are essential for ensuring that strategic initiatives are on track. We will explore key performance indicators (KPIs), the balanced scorecard approach, and continuous improvement and feedback loops to measure and enhance strategic performance.
Leadership plays a vital role in strategic planning. This section will cover the role of leadership in strategy development, building strategic leadership skills, and leading teams through strategic change, emphasising the importance of visionary and effective leadership.
Financial planning and strategy are crucial for aligning financial resources with strategic goals. We will discuss budgeting, financial forecasting, and cost-benefit analysis to ensure financial plans support and drive strategic objectives.
Marketing and strategic planning are intertwined. This section will guide you in developing marketing strategies, market segmentation and targeting, and branding and positioning to align marketing efforts with overall business strategy.
Human resources are integral to executing strategic plans. We will cover workforce planning, talent management, aligning HR practices with strategic goals, and strategies for employee engagement and retention to ensure the organisation has the human capital needed to achieve its strategic objectives.
By the end of this course, you will be equipped with the knowledge and skills to develop, implement, and manage strategic plans effectively, ensuring your organisation can navigate the complexities of the business environment and achieve long-term success.
LEARNING OUTCOMES:
By the end of this course, you will be able to understand the following topics:
1. Introduction to Strategic Planning
- Definition and Importance of Strategic Planning
- Key Concepts and Terminology
- Objectives of Strategic Planning
2. Understanding the Business Environment
- Analysing the Internal Environment
- Assessing the External Environment
- SWOT Analysis
3. Vision, Mission, and Values
- Developing a Clear Vision Statement
- Crafting a Mission Statement
- Establishing Core Values
4. Setting Strategic Goals and Objectives
- Defining Long-Term and Short-Term Goals
- SMART Criteria for Objectives
- Aligning Goals with the Organisation’s Mission and Vision
5. Strategic Analysis Tools
- PESTEL Analysis
- Porter’s Five Forces Analysis
- Benchmarking and Competitive Analysis
6. Formulating Strategy
- Corporate-Level Strategy
- Business-Level Strategy
- Functional-Level Strategy
7. Strategic Decision Making
- Decision-Making Processes and Models
- Evaluating Strategic Options
- Risk Assessment and Management
8. Strategic Implementation
- Action Planning and Resource Allocation
- Organisational Structure and Culture
- Change Management Strategies
9. Monitoring and Evaluating Strategy
- Key Performance Indicators (KPIs)
- Balanced Scorecard Approach
- Continuous Improvement and Feedback Loops
10. Leadership and Strategic Planning
- Role of Leadership in Strategy Development
- Building Strategic Leadership Skills
- Leading Teams through Strategic Change
11. Financial Planning and Strategy
- Aligning Financial Plans with Strategic Goals
- Budgeting and Financial Forecasting
- Cost-Benefit Analysis
12. Marketing and Strategic Planning
- Developing Marketing Strategies
- Market Segmentation and Targeting
- Branding and Positioning
13. Human Resources and Strategic Planning
- Workforce Planning and Talent Management
- Aligning HR Practices with Strategic Goals
- Employee Engagement and Retention
COURSE DURATION:
The typical duration of this course is approximately 3-4 hours to complete. Your enrolment is Valid for 12 Months. Start anytime and study at your own pace.
COURSE REQUIREMENTS:
You must have access to a computer or any mobile device with Adobe Acrobat Reader (free PDF Viewer) installed, to complete this course.
COURSE DELIVERY:
Purchase and download course content.
ASSESSMENT:
A simple 10-question true or false quiz with Unlimited Submission Attempts.
CERTIFICATION:
Upon course completion, you will receive a customised digital “Certificate of Completion”.