Question

define strategic plan, what are its components/elements and its main purpose in an organization

Answer 1

Strategic Plan- It is a process through which company makes its vision, mission and goals. This plan includes steps in establishing the short and long term objectives of business, it also includes the strategies to fulfill those objectives.

Components of Strategic plan- Are as following:

1. Vision & Mission- These are the primary statements of any company. Each and every company has vision and mission that tell why a company exist and what does it do.
2. Goals- These are the smaller and short term goals that are made to achieve company's vision and mission.
3. Core values-These are the principles that tell what you should do and what you should not do.
4. SWOT- It is the analysis of company's Strength, weakness, opportunity and threats.
5. Objectives and strategies- Objective is for long term that help in achieving the vision statement and strategies are plans to accomplish the vision and mission of the company.