Review The Strategic Planning Process Commerce Essay

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The strategic planning process is to articulate the companys major

objectives and implementation plans. This process is of particular interest to GE. Strategy formulation is the process of selecting the best methods for the company where customer needs; competitive position and internal capacity are the three factors that play a key role in strategic planning. Each manager must have at least a simple concept of strategic planning for the development of strategic plans. Strategic Planning is a broad and complex issue. Strategy Management background is an essential core of every organization.

Corporate companies plan their various multi-level activities. A company strategic planning is a series of elements that describe how the company uses its resources on internal and external environment to achieve its objectives. Resources include finances, HR, facilities and technology. Resources are limited and this is why we have priority in GE to support the company's goals says Jeffery Immelt the CEO of GE. The installation and use of resources develops the strategic company decisions.

GE's strategic planning objective is to increase savings and at the same time increase the customer benefits in the company. Three

basic steps in the acquisition of strategic planning in the GE:

1. The development of a major business strategy. This is the basis of efforts to build a serious competitive advantage.

2. The adaptation of large business strategy in all markets where

Presented the company's products and

3. Globalization is the major business strategy. This means that the company has integration strategy in all areas of doing business.

To achieve all these factors of strategic planning in practice

one must analyze SWOT. The SWOT analysis is a series of important factors

Strengths, Weaknesses Company, Opportunities and Threats - to deliver

strategic alternatives. GE�s SWOT analysis shows strengths, weaknesses,

opportunities and threats in order to use this information strategy

Planning. SWOT analysis is used as the foundation of

setting goals, defining strategy and use. The SWOT analysis is

concentrated in the most important factors and is useful in difficult

strategic situation. Strengths are analyzed to meet the opportunities and

avoid threats. The search for weaknesses is important because it allows

Administrator to minimize them.

In early 1980, General Electric, a large U.S. electronic

Company wanted to increase its market share. This objective

achieved through the acquisition of Radio Corporation of America and advanced satellite divisions and the sale of parts for consumer electronics of. The effective strategic planning of General Electric, helped increase its

annual income. These are the advantages of GE, weaknesses, opportunities, and threats that still form the basis of strategic planning. The development of GE culture is its strength and human resources. As Competition is high, competitive advantage is the strength too. The technology is an essential part of any business and the use presents great opportunities for

GE.

GE developed a vision, mission and general objectives of the company

to develop a strategic plan. Vision is the strategy of the manager to organize people with a common idea. The mission is a broad concept of

vision of the company. The mission gives the company reason to exist.

A good strategic planning process is done through sharing the "vision" of the company with employees and a strong physical culture. When the GE goals

defined, strategies are developed to help achieve its aims. The

GE culture forms part of the strategic plan. Information systems for GE are created to use the advantages of human and other resources within GE.

GE�s Strategic planning is the process of development and analysis of the company�s mission, near and long term objectives, strategies and resources. Strategy planning process takes place at the business and products level. It starts with analysis of the present and goes to plan the

future. Strategic planning establishes the methods of meeting the future challenges and opportunities of the company.

Strategic planning is necessary, since it helps in creating good decisions and

affects the future of GE. It is obvious that an effective strategy

planning is a sound environmental analysis to implement changes in

environment and transforming them into opportunities. It allows the company to manage or avoid adverse environmental effects.

Using the GE Strategic planning, short and long term goals are developed. GE�s strategy is a set of actions developed to obtain long-term goals. Goals focus on vital changes. It takes two to five years until the strategy is achieved. Overall, GE has long-term targets for factors such as return on investment, Earnings per share, or size. Purposes details of the mission statement constitute a specific set of policies, programs, or management objectives for programs and actions related to the strategic plan.

Tactical plans are less time-frames and a narrower scope of the strategic

projects. Tactical planning provides the specific ideas for implementing

strategic plan. Business plans support tactical plans and tools

performance daily, weekly, and monthly activities. These include political,

procedures, processes and rules. GE has increased substantially in size and benefits since 1980. GE centralized financial management and strategic planning control, and managed strategic planning.

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