“Assignment”

Subject Code: MGT 901

Subject Name: Strategic Management

Submission Date: 01-10-2020

Submitted By
MD. KHALID HASAN
Bachelor of Business Administration
Roll: 3985
Batch: 59B (58B)
Reg.: WUB 01/18/58/3985

Submitted To
MD. MOBARAK KARIM
Sr. Lecturer 
Department of Business
Administration
World University of Bangladesh

World University of Bangladesh

The strategic management process is more than just a set of rules to follow. It is a
philosophical approach to business. Upper management must think strategically
first, then apply that thought to a process. The strategic planning process is the
method that organizations use to develop plans to achieve overall, long-term goals.
The strategic planning process is broader; it helps us create a roadmap for which
strategic objectives you should put effort into achieving and which initiatives will
be less helpful to the business. The strategic planning process steps are outlined
below.
1. Determine strategic position:
This preparation phase sets the stage for all work going forward. People
need to know where they are to determine where they need to go and how
they will get there. Get the right stakeholders involved from the start,
considering both internal and external sources. They should identify key
strategic issues by talking with executives at their company, pulling in
customer insights, and collecting industry and market data to get a clear
picture of their position in the market and in the minds of their customers.
In addition, they should review their company’s core values to remind
themselves about how their company will go about achieving these
objectives. To get started, use industry and market data, including customer
insights and current/future demands, to identify the issues that need to be
addressed. As a framework for their initial analysis, use a SWOT diagram.
With input from executives, customers, and external market data, they can
quickly categorize their findings as Strengths, Weaknesses, Opportunities,
and Threats (SWOT) to clarify their current position.
2. External and internal Environment:
Consider political, economic, social, and technological factors and their
impacts on organization. This includes changing demographics, economic
and political trends, and effects of new or changing laws that affect the
working of the organization, social values, communications, and other
technological factors.
 They should think carefully immediate target audience or area to
know its status and demand patterns.
  Determine possible opportunities and challenges related to resources
and financing.
 Identify current and potential allies and competitors, including
organizations with the target audience or the funding sources.

The internal environment includes the following components.

 Inputs – human and financial resources,

 Processes – methods, and strategies that are operating, and
 Outputs – final outcome.
Identify both favorable and unfavorable success factors affecting the
organization. Understand the factors that are necessary for the organization’s
continuous success. The Board and staff can give useful information and
knowledge to this process. The committee responsible to assist the
environmental scan can contact the company’s external members like
suppliers, stakeholders, etc to get an external view and the staff can provide
an internal assessment. The result of the environmental scan should be an
analysis of organizational strengths and weaknesses and external
opportunities and threats. Recorded or documented, the assessment requires
close review and discussion by the committee. The meeting for the strategic
planning process begins with a presentation of these results of the
environmental assessment. In most of the cases, these results are presented
to the Board before the planning meetings begin.
3. Determine the important issues and questions that need to be addressed
as part of the strategic planning effort:
If there is some discrepancy about issues of the organization, it is possible to
move immediately to the main objective and then goals. If there is no
 agreement on general directions and organizational goals at all, it becomes
necessary to find issue priorities and learn critical choices.
4. Develop a plan:
Now it's time to create a strategic plan to successfully reach goals. This step
requires determining the tactics necessary to attain your objectives and
designating a timeline and clear communication of responsibilities. Strategy
mapping is an effective tool to visualize your entire plan. Working from the
top-down, strategy maps make it simple to view business processes and
identify gaps for improvement. Truly strategic choices usually involve a
trade-off in opportunity cost. For example, company may decide to not put
as much funding behind customer support, so that it can put more funding
into creating an intuitive user experience. Be prepared to use values, mission
statement, and established priorities to say “no” to initiatives that won’t
enhance long-term strategic position.
5. Define or review the values, social vision, and mission:
Make sure there is an agreement on why the organization’s existence, what
goals it seeks to achieve, and whom it serves. Begin a strategic planning
process by agreeing on:
 Deep-rooted values or core principles that guide the organization and
are shared by the Board and staff, not easily changed.
 Vision for the community which is viewed as reflection of what the
community would be like if values were shared and practiced by all.
 Mission or the purpose of organization’s existence.
6. Make a shared vision for the organization:
It is important to focus and agree on the organization’s vision to be in three
to five years or at the end of the period covered by the strategic plan.
The vision describes the organization and:
  its mix of programs,
 Resources (human and financial)
 Reputation inside and outside,
 Key accomplishments and development, and
 Relationships with stakeholders, and government;
 Its target area, target population,
 Budget and funding from public and private sources,
 Board and staff, size and composition,
 Program areas, offices, and locations.
7. Execute and manage the plan
Turn broader strategy into a concrete plan by mapping your processes. Use
KPI dashboards to clearly communicate team responsibilities. This granular
approach illustrates the completion process and ownership for each step of
the way. Set up regular reviews with individual contributors and their
superiors and determine check-in points.
8. Design an action plan that marks the goals and identifies objectives and
work plans on a yearly basis:
After developing the longer-term parts of a strategic plan, it is now time to
ensure a specific work plan, to start the implementation. Strategic planning
describes that strategies must exhibit present conditions within the
organization’s internal environment. Therefore it becomes difficult to
develop particularized annual plans except for the first or perhaps the second
year covered by the strategic objective. However, yearly action plans are
required. Yearly program goals should be time-based and measurable, as it
shows the progress made by the organization according to the plans made.
This also gives an idea of the strategic planning process is been done and
 implemented in the right manner or not. The annual plan can be included in
the strategic plan. Developing objectives and annual work plans require the
Board’s and staff’s regular input, wherein the staff takes up program-related
goals and objectives, and the Board developing goals and objectives related
to governance, once the Board has defined organizational goals. The Board
must approve the action plan so that the staff can develop the written plan.
The staff’s expertise lies in the implementation of plans and strategies based
on policies set by the Board.
9. Review and revise the plan:
On a quarterly basis, determine which KPIs your team has met and how they
can continue to meet them, adapting your plan as necessary. On an annual
basis, it’s important to reevaluate priorities and strategic position to ensure
that stay on track for success in the long run. Track progress using balanced
scorecards to provide a comprehensive understanding of business's
performance and execute strategic goals.
10.Build-in processes for monitoring and modifying strategies in
accordance with the changes in the external environment:
Development towards goals and use of strategies should be monitored
regularly, with strategies re-evaluated and annual objectives improved on a
yearly basis, based on the progress made, obstacles removed, and the
continuously changing environment.
 Define objectives at the beginning of every year.
 Track the progress that has been made.
 Use the plan as a compass, but not an inflexible blueprint for action.
The Board plays a critical role in reviewing progress and changing the
strategies when needed; the staff generates the documentation and necessary
information for this review, as well as performing timely assessment and
making reports to the Board.
The steps above are just one of the approaches to developing and
implementing a strategic plan. Strategic planning is a joint Board-staff
effort. The main planning sessions work best when assisted by a someone
from outside the organization who is knowledgeable about the organization
like a former senior member or someone from community-based
organizations, someone who is trained in group activities and experienced in
strategic planning, directed towards assuring complete discussion of issues
but also task-oriented and who can take the process forward. Together these
factors serve as a guide to strategic planning.