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STRATEGIC PLANNING & FORMULATION

“If you are planning for 1 year, grow rice. If you are planning for 20 years, grow trees. If you are planning for centuries, recruit Strategic Thinkers”.

Definition “Strategic planning is an orderly process by which top management determines organizational objectives. strategies needed to reach these objectives and short range top level actions necessary to implement the strategy properly”. .

Strategic Planning is a process whereby an organization makes choices about:     Why do we exist? What are the major goals of this organization? What resources do we need for a successful future? Who will be our customers? .

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“the process of deciding on the goals of the organization and the strategies for attaining these goals”.Strategy Formulation  Anthony and Govindrajan define strategy formulation as. the organization decides on:  Vision  Mission  Goals/Objectives  These objectives are to be achieved at various levels”. “During the process of strategy formulation. . Hierarchy of objectives suggested by Koontz.

FORMULATION CYCLE .