TITLE:
A Critical Review of Theoretical Aspects of Strategic Planning and Firm Performance
AUTHORS:
Nabil Tarifi
KEYWORDS:
Organisational Performance, Strategic Planning, Organisational Strategies, Decision-Making, Competitive Advantage, Organisational Goals
JOURNAL NAME:
Open Journal of Business and Management,
Vol.9 No.4,
July
28,
2021
ABSTRACT: Strategic planning is critical in the management of an organisation due
to the essential role it plays in leading
the organisation into the identification of strategic plan to be used by
the organisation through focusing the issues within the organisation,
evaluating their effects while considering the organisational operations and
developing alternative measures and tactics so as to ensure that the
organisation earns competitive advantage as discussed in the paper. The
dependence of the strategic planning and the performance of the firm is also
notable with all the goals in the strategic planning, leading to influence the
performance of the organisation. The paper uses elements of the strategic plan
including the mission and the vision, the core values, the strengths, the
weaknesses, the opportunities and the threats as well as the strategies, with
an inclusion of the objectives and the operation tactics to review the
strategic planning and the organisational performance. Qualitative methods are
used to collect and analyse the secondary data from review past studies and
reports. The study finds strategic planning significantly depending on the
analysed elements of the strategic planning in achieving the outcome. The
elements also play a critical role in aligning the organisation towards working
on a specific organisational strategic planning process to ensure all
stakeholders are focused on a common goal that determines the performance of
the firm.