Week 3

Learn

Strategic planning must have a clear vision or mission with clearly stated goals and objectives. The general planning model consisits of:

1) "Situation" analysis - factors of external, internal and industry relation
2) Identification of strategic "issues"
3) Formulation of "strategy" - at business, functional place and at corporate
4) Specification of "implementation" activity

Planning is often used in the context of strategic management, whereby it comprise the following activities:
1) Planning 'implementation"
2) "Integration' of plans and strategic actions
3) A continuing awareness of and a balanced orientation to the future

Benefits of Strategic Planning:

1) Establish "direction"
2) Set "clear priorities"
3) Focuses 'actions"
4) Appropriate "resource" allocations
5) Increased "motivation"
6) Reduce "cost", reduce risk
7) Increase communications
8) Creativity

Limitations of Strategic Planning:
1) Indeterminate Future
2) High Cost
3) Time consume
4) Inflexible
5) Corporate Inertia
6) Surrender of rights to central authority
7) Personnel availability

Horizons : Usually median average is between 3-5 years plan

Unlearn

I may have indirectly apply strategic planning thoughts in some business opportunity, though, i'm not a strategic planner. I have learnt in another concept in Strategic "Thinking" whereby a strategic thinker put in thoughts of internal factor environment, external factor environment and work out the most optimistic and worst probable scenario before generating the strategy. Lack of Implementation focus is taught in my learning.

Relearn

Created mind mapping for Strategic Planning learning. Applied mind map to generate ideas on how can a patient loyalty program for my product (Norvasc) can benefit patient, hospital and Pfizer. This helps me to see better the benefits in selling the idea for a partnership program with hospital.