Chapter Name: Describe the concept of strategic planning in managing business performance
Description:Learners explore the fundamentals of strategic planning and its role in business success.
Purpuse:To provide a foundation for understanding how strategic planning drives performance.
Rational:Strategic planning aligns business activities with long-term goals, ensuring sustained growth.
Chapters Topics
A description is given of the concept of strategic planning for a new venture.
Define strategic planning and describe its relevance in setting long-term goals and direction for a new venture.
An explanation is given of the benefits of strategic planning for performance monitoring.
Explain how a strategic plan helps track business progress, identify gaps, and ensure goals are met.
Aspects of a good strategic plan are identified from examples of a new venture.
Identify key components (e.g. vision, mission, SWOT analysis, goals) of effective strategic planning through examples.
The relationship between the timing of a strategic plan and performance of a venture is evaluated using examples from a new venture.
Evaluate how implementing strategic plans at different stages affects performance, growth, and sustainability.