Strategic planning role

In an emerging marketing economy strategic planning plays an important role each aspect of an organization. Strategic management plays an imporantant role in placing different strategies of an organization like business strategies, Brand positioning, Business networking, Advertising strategies, Marketing strategies, competitive strategies, turnaround strategies, collaborative strategies ,M&A strategies, account strategies and human resources strategies.

The main objective of Strategic Planning is to make internal analyses through SWOT analysis and enhancing awareness. 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 (operations with the outside world) and internal (office/shop/factory) 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.

Various forecasts related to business activities are possible through Strategic Management Accounting. It also helps in allocation as well as fuller utilization of resources. Strategic Management Accounting is an integrated system which consists of so many subsystems, methods, techniques and methodologies. Knowledge of financial accounting, cost accounting, mathematics, statistics, operations research and economics is required for application of different branches of Management Accounting. Budgeting, marginal costing, auditing and forecasting are the important tools for successful implementation of Management Accounting. Budgeting is one the major tools which helps in controlling different costs.

The strategic role of HRM in organizations is basically to support the long-term business objectives and vision with the optimum utilization of the human resources. This requires the most efficient and effective practices for the whole range of HRM functions in organizations. If innovation is adopted by an organization as its strategic goal or component of long-term strategy, the onus lies with the HRM function to develop and sustain a culture of organization-wide innovation and align the people management practices accordingly. The primary responsibility of strategic HRM function is to help in generating innovative ideas in the organization. Ideas can evolve inside the organization or it can be borrowed from outside.

A good marketing strategy should integrate an organization's marketing goals, policies, and action sequences (tactics) into a cohesive whole. The objective of a marketing strategy is to provide a foundation from which a tactical plan is developed. This allows the organization to carry out its mission effectively and efficiently.

A marketing strategy plays key role in the below aspects:

Target Market: The customers or consumers on which efforts will be focused.

Business Objectives: The financial goals such as revenue or profits over time.

Positioning: The key benefits which are the reasons customers or consumers will make the purchase.

Programs: The tactics such as advertising, distribution, and pricing that are used to implement the strategy.

Overall strategic planning plays key role in the below aspects:

Competitive Advantage

Better Solutions

Market Recognition

Greatly enhances the chance of success

Maintaining quality standards of its products

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