Methodologies

Strategic planning is the application of management tools to address various areas like profitability, efficiency, growth and competitive advantage. Strategic Planning also addresses the values of stakeholders for increase shareholder value and long-term competitiveness.

Strategic planning methodology involves below steps: 

Customer Initiation

Define Mission, Vision, and Value Statements

Organizational Assessment

Analysis of Goals and Priorities

Create Strategy

Implement Strategic Plan

Evaluate and Monitor Strategic Plan

Six sigma is a process of reducing cost,

increasing speed and thereby increasing

Profits. It depends on statistical tools. The

main objective of six sigma is the process

improvement and variation reduction,

There are many approaches to strategic planning have been taken place but the below three-step process is widely using for the various businesses:

STP Methodology:

Situation: It evaluates the current situation and the origin of the problem.

Target: It defines the goals and objectives of a strategic planning.

Path: It is road map to guide the possible goals and objectives.

One more alternative approach is called Draw-See-Think (DST Methodology)

Draw: It explores about what is the ideal image or ultimate result of a strategic plan.

See: It explains about what is today's situation? And reasons for the gap from ideal and why?

Think: The next action to cover the gap between today's situation and the ideal state?

Plan: The nessacary resources are required to strategic planning execution.

One more methodology is See-Think-Draw

See: Evaluation of today's situation?

Think: Defining goals and objectives of the strategic plan.

Draw : It is route map to achieve the goals and objectives

In other approaches strategic planning methodology can be as follows:

Vision Statement: A Vision statement explores on what the organization wants to be, or how it wants the world in which it operates to be. It mainly concentrates on the future status as it is a source of inspiration. It provides clear decision-making picture. The main advantages of vision statement are, it creates value for those who got exposed to the Vision Statement like managers, employees and sometimes even customers. Vision Statements creates a sense of direction and opportunity. Vision and Mission statements both are an essential part of the strategy-making process.

SWOT Analysis: SWOT analysis is a strategic planning tool useful to assess an organization and its environment thoroughly. To be a successful business firm it is very important to analyses how well it interacts with the external and internal factors of business environment. To meet this challenge, companies perform SWOT analysis to develop long term strategies. SWOT is the acronym for Strengths, Weaknesses, Opportunities and Threats. It is said that learning one's strengths provides key insights into the existing business opportunities, whereas weaknesses may cause immediate threatsconducted according to the desired goals.

Formulate: Strategic Planning formulate actions and processes are required to gain these goals.

Implementation and control: Implementation of the above tools successfully for better results.

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