Business – 6.2 Business strategy – Corporate planning and implementation | e-Consult
6.2 Business strategy – Corporate planning and implementation (1 questions)
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Definition: Corporate planning is the process by which a business sets its overall direction, establishes long‑term objectives, and determines the actions required to achieve those objectives.
Main components:
- Mission and vision statements – articulate purpose and future aspirations.
- Strategic objectives – specific, measurable goals that support the vision.
- Environmental analysis – assessment of internal strengths/weaknesses and external opportunities/threats (SWOT).
- Strategic options – identification of alternative courses of action.
- Implementation plan – allocation of resources, timelines, and responsibilities.
- Monitoring and control – performance measurement and review mechanisms.