Stages of Strategic Planning

The video tutorial outlines the strategic planning process, which includes setting objectives, analyzing the external and internal environments, and choosing strategic options. It covers tools like PESTLE and SWOT analysis, and emphasizes the importance of scenario planning and strategic controls to adapt to changes and evaluate performance.

What is the first step in the strategic planning process?

• Conducting a SWOT analysis

• Setting objectives

• Implementing the strategic plan

• Analyzing the internal environment

Which analysis tool is used to assess the external environment?

• Balanced Scorecard

• PESTLE analysis

• Value Chain analysis

• SWOT analysis

What does SWOT analysis help identify?

• Political and economic factors

• Strategic controls

• Strengths, weaknesses, opportunities, and threats

• Long-term contingent plans

What is the purpose of operationalizing a strategic plan?

• To implement processes and activities

• To identify core competencies

• To evaluate competitors

• To conduct a PESTLE analysis

What is scenario planning used for?

• To set objectives

• To analyze internal strengths

• To conduct a Porter's Five Forces analysis

• To create flexible plans for uncertain scenarios