Strategic Management Final Paper

1. write a note on usefulness of strategic planning to keep any firm competitive.

Strategic planning is the process of formulating a direction for an organization. The strategic planning
provides direction towards vision and mission, values, long term goals and actions that a firm plan to
achieve desirable outcome.

It also provides competitive advantage in the market through analyzing the internal (strengths and
weakness) and external (opportunities and threats) environment.

According to the resource base view, the competitive advantage of an organization is based on its own
resources, capabilities and competences.

Strategic planning lead organization in foreseeable condition where they adopt proactive
approach by conducting internal and external analysis. After identifying the key components,
they develop strategies which can provide competitive advantage over competitor.
Strategic planning puts business in a proactive position. They won’t be making decisions with
a reactive mentality, but rather they will be in an anticipatory mindset. This gives a firm
competitive advantage and a better opportunity to grow and succeed.

2. How Pakistan may make economic progress with the Help of Strategic management
along with specific vision and mission. Develop your own argument with certain
practical businesses scenario-based examples.

Strategic Management is the process of formulating, implementing and evaluating cross-functional

decisions that enables an organization to achieve its objectives. Set of cross-functional managerial
decisions and actions design to achieve overall objectives of an organization.

Pakistan is one of the naturally rich countries of the world but unfortunately poor strategic
implementing of vision and mission lead Pakistan as the least under-developing country.

In order to have economic feasibility and growth, Pakistan should need to develop clear vision, mission,
objectives and long-term plans with the aim to create opportunities that directed towards business
activities in the country.

Below are the Vision and Mission (according to Strategic Management Model) that should be
implemented by Pakistan for economic progress.

Strategic Vision of Pakistan:

 Economic Revival and sustained development in different industries.

 Security threats and extremism need to be reduced in Pakistan.
 Enhancement in CPEC progress for Trade and development.
 Peaceful relationship with the neighborhood countries for economical gate through (trade).
 Bring new technologies especially online payment system in Pakistan specially for growing IT
industry.
Strategic Mission of Pakistan:

 Bring Multinational companies in Pakistan to invest in IT, Automobiles, E-commerce, Oil and Gas
and Mining industries of Pakistan and create employment opportunities.
 Promote exports by supporting / relieving taxes to textile, cotton, sugar and rice industries.
 Promote emerging e-commerce and e-gaming industries.
 Promote tourism activities in the country
 Inflation level needed to be reduced
 Proper infrastructure (intercity) needed to develop for better transportation system in Pakistan.

Pakistan needs to implement above strategies in order to have economic stability and growth by
focusing on the mission on initial stage with parallel efforts for vision.