Strategic Planning

Strategic Planning

Strategic Planning

Importance of Strategic Planning

Strategic Planning provides a framework for organizational activity that could lead to better performance and greater sensitivity of the organization. Managers have found that defined mission of the organization provide proper direction and guidance to employees in their activities. The organizations work for better for it, and take more sensitive to a changing environment. The success of strategic planning is the power of anticipation, initiative and timely response of change, supporting their actions not on hunches but a method, plan or software, thus setting organizational goals and defining procedures adequate to achieve them. Strategic planning helps set priorities, to concentrate on the strengths of the organization, helps to treat problems in the external environment changes.

Strategic Planning in Business

Strategic planning of every company comprises of blend of different competitive plans and business tactics which the company adopts to impress the consumers compete to accomplish their organizational goals (Thompson & Strickland, 2003). Strategic planning is a route towards strategic pattern. It is an organized set up consisting of several steps which recognized the existing position of the company together with its objectives, future predictions, functioning principles, requirements (strengths, weaknesses, opportunities and threats), preferential actions and policies, performance plans and evaluation plans. Strategic planning affects the performance of the company in a very constructive manner. Besides these benefits, strategic planning also enables the company to recognize and capture future prospective marketing opportunities and individual benefits like support towards favourable alterations and the opinion that strategic planning maintains the company harmonized with its external environment in order to make it adaptive towards these changes (Armstrong, 2003).

Business Description

Beauty Inn Salon was founded few years ago under sole proprietorship, it has expanded over the years and presently it has maintained a position in the society and is well known for providing customer satisfaction and services. The Business has always values wellness of health that reflects beauty on the whole, gives suggestions and planning for diet plans and has a range of high quality cosmetology products being used in the saloon.

Mission Statement: Provide quality services that enhances the mental leisure and improves physical emergence of our customers

Business Opportunities

Potential Customer

Potential customers of the company will depend what the target, Beauty Inn will be targeting most of every segment in the market. From adults to youth and old aged individuals. Depends on what services the company will be offering to each segment. Here, Automated ERP system will play a important role in tracking down potential customers and sorting them in the database accordingly so that it makes it easy to retrieve and contact those customers and pitching in the idea that they would be attracted to, that will convince them to come back to the salon. Analysing spending habits, locating which status or community the individual belongs to through their profiles and then finally assessing if the area is generating monthly turn over for the salon (Baron, 2006, pp. 105).

Business Competitors

Beauty Inn Salon has always set variety in ...