16 May 2016

Strategic Management: Strategic Plan (Definitions)

"A long-range plan that serves as a business’s road map for the future. It includes the product lines and services, the number of employees, technology requirements, industry trends, competitor analysis, revenue and profitability goals, types of customers, and long-range marketing plans." (Gina Abudi & Brandon Toropov, "The Complete Idiot's Guide to Best Practices for Small Business", 2011)

"A high-level document that explains the organization's vision and mission, plus the approach that will be adopted to achieve this mission and vision, including the specific goals and objectives to be achieved during the period covered by the document." (Project Management Institute, "The Standard for Portfolio Management" 3rd Ed., 2012)

"Strategy gives a helicopter view on direction. A strategic plan is a ground-level plan of attack. It represents the first step in strategy implementation." (Vaughan Evans, "The Financial Times Essential Guide to Developing a Business Strategy", 2013)

"The strategic plan is a document that articulates the firm's goals, define the course of actions required to achieve those goals and to indicate how to improve the firm's performance." (Joshua Y Abor, "Entrepreneurial Finance for MSMEs: A Managerial Approach for Developing Markets", 2016)

"A document used to communicate with the organization the organization’s goals, the actions needed to achieve those goals, and all the other critical elements developed during the planning exercise." (William Stallings, "Effective Cybersecurity: A Guide to Using Best Practices and Standards", 2018)

"A strategic plan defines who you are as a business and lists concrete actions to achieve your goals." (BDC) [link]

"A strategic plan is a document used to communicate with the organization the organizations goals, the actions needed to achieve those goals and all of the other critical elements developed during the planning exercise." (Balanced Scorecard Institute) [link]

"A visual representation of an organization’s strategy and the objectives that must be met to effectively reach its mission. A strategy plan can be used to communicate, motivate and align the organization to ensure successful execution." (Intrafocus)

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