• Unit 2: Strategic Planning

    Strategic planning is the phase of strategic management that comes after goals are defined but before the strategy is put into place. In this phase, the financial situation of your firm must be taken into account. For example, if your firm wants to grow, this usually involves additional investment of capital. If your firm does not have the cash or the means to raise money to spend, then the goal may be dead in its tracks.

    Likewise, there are external issues that must be taken into consideration. Google cannot grow much in the advertising space market without facing reviews from the Department of Justice for anti-trust issues. These are political issues, but there are also economic, social, and technological concerns at play. By considering these factors, strategic planners can design a strategy that can be implemented without being stalled or shut down by some unforeseen issue.

    There are many ways to analyze a system and develop a strategic plan. Hopefully, you will study the methods in this course, and then further research systems that may be best catered to your desired industry of employment.

    Completing this unit should take you approximately 21 hours.

    • Upon successful completion of this unit, you will be able to:

      • describe how organizational goals are established;
      • identify internal and external factors that impact strategic planning; and
      • select and apply the appropriate strategic management tools based on internal and external analysis.

    • 2.1: Organizational Goals

      • Introduction to Advanced Strategic Management Page

        Watch this video by an international professor. At the beginning, the professor defines his course structure, but he then moves on to the topics we're interested in. As he discusses strategic planning skills, which ones do you already possess? Which ones do you want to develop further as you proceed through this course?

      • Developing Mission, Vision, and Values URL

        Read sections 2, 3, 5, 6, and 7 to see how vision and mission statements are created and used in a modern organization. Attempt the exercises at the end of each section.

      • Proclaiming Your Dream: Developing Vision and Mission Statements Page

        Read this example of how to apply and develop vision and mission statements.

      • Strategic Planning and the Final Product Page

        While this video emphasizes strategy development in healthcare, take notes of its key points. Think about the "I CARE" mission statement what goal each letter stands for. Could this mission statement be used in any business? The last 12 minutes covers SWOT, which we will discuss soon.

    • 2.2: SWOT Analysis

      • SWOT Analysis URL

        What is SWOT? How is it used in strategic planning? Read this section and do the exercises at the end. SWOT is a basic tool that can be used to analyze an organization's internal and external factors.

      • An Overview of SWOT Analysis Page

        Read this article as an overview to SWOT analysis. A quick web search for a company SWOT analysis, such as Walmart, will lead you to several copyright-protected sites with the table in this article completed for the company you chose. 

      • How to Conduct a SWOT Analysis File

        Read this presentation, which covers how to do a SWOT analysis.

      • Strategic Management in the P-O-L-C Framework URL

        Read this section to see how a SWOT is created and applied. Attempt to answer the exercises at the end of the section.

      • SWOT Analysis: Strengths, Weaknesses, Opportunities, and Threats Page

        Be sure you understand the four quadrants of a SWOT analysis. Examine the supplemental checklist and tools, each of which provide additional context.

    • 2.3: PEST Analysis

      • How to Conduct a SWOT Analysis with a Strategic Orientation Round Page

        Watch this video of a live SWOT analysis in an organization. Note the completion of each of the four components.

      • PEST Analysis Page

        A SWOT analysis often is preceded by a PEST Analysis: Political, Economic, Social, Technology. The PEST Analysis model was first introduced in 1967 and has evolved assuming other names. In this course, the PESTEL Analysis (PEST plus Environmental and Legal issues) will be used to examine this macro-level viewpoint analysis tool.

      • PESTEL: A Framework for Considering Challenges Page

        This article introduces the PESTEL model. There are a number of ways to diagram the six categories in the PESTEL Analysis model. Do a quick search to see the variety of template diagrams that have been created.

    • 2.4: Factors of Success

      • Making Strategy Effective Page

        This article discusses three factors to consider in order to form an effective strategy. What conditions influence the effectiveness of strategy formation?

    • Unit 2 Assessments

      • Unit 2 Assessment Quiz
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        Take this assessment to see how well you understood this unit.

        • This assessment does not count towards your grade. It is just for practice!
        • You will see the correct answers when you submit your answers. Use this to help you study for the final exam!
        • You can take this assessment as many times as you want, whenever you want.
      • Unit 2 Writing Exercise Quiz
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        Once you submit your answer, evaluate it using the provided guide to responding.