Student Name: Muhammad Ahmad Farooq

ID:
Strategy planning and management
1. Importance of strategic planning on technology company:
Strategic plan builds up a heading for your business to take; it will help it with honing its
concentration so as to arrive. It can along these lines help your association build up the correct
objectives and targets and help everybody with centering their efforts into meeting them. A
strategic plan works like a guide, unmistakably characterizing the best course for your
association to take in the years ahead. Regardless of whether it covers one, three or five years
into the future, a strategic plan can help manage your association to address the difficulties
Most technology organizations know about the estimations of deft undertaking the board
procedures, and spryness is similarly as valued with regards to key arranging. On the off chance
that your association surveys its procedure normally, your group will have the chance to
proactively conform to outside elements (examined utilizing a PESTLE structure) and to
comprehend what is functioning admirably or where there is opportunity to get better (through a
SWOT examination).
Focus
Because a strategic plan establishes a direction for your business to take, it will help it sharpen its
focus in order to get there. Strategic planning can therefore help your organization develop the
right goals and targets and help everyone focus their efforts into meeting them.

Improves business’s self-awareness

Setting aside the effort to set up an exhaustive vital arrangement implies your business has a
superior familiarity with its qualities and weaknesses and where it remains in the market, both
exclusively and corresponding to competitors.
Strategy planning and Employees:
Strategic planning isn’t just beneficial for those highest up in the management hierarchy – it
gives everyone in the organization a sense of purpose. With a definitive mission and clear goals
and objectives to work towards, your staff will know their efforts count towards something and
will be motivated to do their job.

Involving your people in the strategic planning process is a great way to foster organizational
alignment. If your employees understand why your organization exists, who you serve and why
you serve them, as well as where you want to be in the future, they will be able to make better
decisions in their daily work that support the company’s mission, vision, and goals.
 2. Strategic planning at large versus small firms:
The benefits of planning are the same for large and small companies. Planning provides
company management with a blueprint that defines what needs to be accomplished in the
upcoming year.
In larger companies there is more planning involved and forecasting is done even for years to
commit Standardization is put into practice and all the objectives and targeted are modified and
adjusted with regards to the department. The importance of strategic planning for smaller firms
as it provide direction and highlights what can be achieved given different constraints
highlighting what can practically be done. In a small business the owner aligns his goals with the
resources available and then devised out action plans
Purpose:
Many large companies pay attention to the arranging procedure very. These organizations see
powerful arranging as basic to keeping up development and remaining in front of contenders.
Some little organizations tragically just set up a strategy since potential financial specialists
solicitation to peruse it before they think about placing cash in the organization. Different
proprietors of little organizations take the right view that the yearly arranging process helps give
them a serious edge.
Involvement
In large companies managers pay attention to the arranging procedure incredibly. These
organizations see viable arranging as basic to keeping up development and remaining in front of
contenders. Some little organizations sadly just set up a field-tested strategy since potential
speculators solicitation to peruse it before they think about placing cash in the organization.
Different proprietors of little organizations take the right view that the yearly arranging process
helps give them a serious edge.
Resource Constraints
Small and large businesses organizations need to make each dollar they spend add to
development and productivity. In little organizations these asset distribution choices made during
the arranging procedure are especially basic in light of the fact that there is little edge for
blunder. A huge organization might have the option to assimilate the impact of a helpless
outcome, for example, another item not being acknowledged by buyers. Slip-ups like this in little
organizations can make them leave business.
Formality
Large firms arranging can be a conventional procedure with a schedule that shows key cutoff
times for every office to present their arrangements for solidification. The arranging procedure is
generally done simultaneously every year, frequently a while before the following year - the year
being conjecture - starts. Huge organizations frequently have a normalized group they use for the
arrangement, created by the monetary arranging staff. Little organization arranging can be as
basic as making figures utilizing spreadsheet programming, and recording significant objectives
for the following year.
 3. Strategic planning and strategic management:
Strategic planning:
Strategic planning is a technique that is put into place by while you are planning to give the firm
company a sense of direction usually done by the top hierarchy.
The most important aspect of the strategic plan is the financial/operational objective. A financial
objective should be something specific, like achieving a certain cash flow, number of sales, or
return on investments. Operational goals should also be objective. One example would be
lowering operating expenses. Set the objectives for your company as to what should the
company achieve in order to properly address the grave issues. This is to make sure that the
company is moving in the right direction and has some objective set for themselves.
Benefits of strategic planning:
Characterizes firms’ vision, mission and future objectives.
Improves awareness of the external and internal environments, and clearly identifies the
competitive advantage.
Strategic planning allows the firms to become more proactive than reactive and profit
maximization.
Strategic planning also helps managers and employees show commitment to the organization’s
goals. The increased dialogue and communication across all stages of the process strengthens
employees’ sense of effectiveness and importance in the company’s overall success.
Strategic management:
Strategic management is the execution and putting into effect and practice the plan that is
derived out. Strategic planning is the analytical process whereas it is the action based one.
Strategic management is the annual cycle of planning and implementation memorialized into an
organization’s culture. Now that you’ve got a mission statement, a financial or operational
objective, an estimate of the resources required, and a summary of how the initiative fits in with
the company’s overall mission, The manager should undertake a timely SWOT analysis so as to
be thorough about the strengths of the company and use them to their advantage and to work on
the weaknesses of the company and minimize them. And also so that they can grab all the
opportunities that come their way and combat the threats properly.
Strategy formulation includes developing a vision and a mission, identifying an organization’s
external opportunities and threats, determining internal strengths and weaknesses, establishing
long-term objectives, generating alternative strategies, and choosing particular strategies to
continue
Strategy implementation requires a firm to establish annual objectives, devise policies, motivate
employees, and allocate resources so that formulated strategies can be executed. Strategy
implementation includes developing a strategy-supportive culture, creating an effective
organizational structure, redirecting marketing efforts, preparing budgets, developing and using
information systems, and linking employee compensation to organizational performance.
Strategy evaluation is the final stage in strategic management. Managers desperately need to
know when particular strategies are not working well; strategy evaluation is the primary means
for obtaining this information.