Strategic planning can be defined as the process of deciding on the objectives of the organization, on changes in those objectives, on the resources to be used to attain those objectives, and on the politics that are to govern the acquisition, use, and, disposition of those resources. Since our economic, political, and natural environment is so turbulent and since the givens of yesterday--stable economic growth, low energy prices, greater certainty due to regulation, etc.,--no longer seem given, it behooves the intelligent market participant to plan for contingencies. The literature also identifies several types of strategic planning: extrapolative, business, and portfolio. Extrapolative planning is mostly financial, e.g., given the financial constraints on the firm, what growth opportunities are available? This type of planning does recognize that other constraints exist, e.g., competitors' actions; consumer preference changes; new products; changes in business, labor, and political environments; etc., but views these constraints as they impact on the actions allowable by the financial constraints. (Author) by the financial constraints. (Author)

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  • Accession Number: 00451420
  • Record Type: Publication
  • Files: TRIS, TRB
  • Created Date: Aug 27 2004 9:58PM