EMERGING TRENDS IN STRATEGIC PLANNING

Fred David, Forest R. David, Tünde Zita Kovács and Andras Nabradi

APSTRACT: Applied Studies in Agribusiness and Commerce, 2020, vol. 14, issue 01-2

Abstract: In today’s rapidly changing world, there is an increased need for excellent strategic planning. A firm’s survival may indeed hinge on the firm’s planning process being exemplary. Various aspects of the strategic planning process are under review today as organizations wrestle to compete more effectively. This paper reveals and describes five emerging trends or tools being utilized today by firms to more effectively engage in strategic planning. Specifically, the emerging trends and tools to be discussed in this paper are as follows: 1) Assure vision and mission statements include desired characteristics 2) Perform SWOT (Strengths-Weaknesses-Opportunities-Threats) analysis using AQCD (Actionable, Quantitative, Comparative, and Divisional) factors 3) Utilize varied sources to obtain AQCD information 4) Utilize QSPM (Quantitative Strategic Planning Matrix) analysis to determine the relative attractiveness of alternative strategies 5) Use excel-based software to facilitate and enhance the strategic planning process. The purpose of this paper is to familiarize readers with basic new tools and techniques being used by organizations to effectively develop an improved strategic plan for the firm.

Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://ageconsearch.umn.edu/record/339764/files/David.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ags:apstra:339764

DOI: 10.22004/ag.econ.339764

Access Statistics for this article

More articles in APSTRACT: Applied Studies in Agribusiness and Commerce from AGRIMBA
Bibliographic data for series maintained by AgEcon Search ().