Page 9 - 5.2 i. Manac Finance ITC Summarised Notes

STRATEGY AND GOVERNANCE

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Strategic planning processes and approaches

• Strategic planning is the process of defining an entity's
strategy and making decisions about allocation of its

resources to drive the strategy.

• The allocation of resources includes the entity's capital

and people. This process involves the following four
phases:

• strategic analysis

• selecting appropriate strategies

• implementation of strategies

• measurement of performance against strategic objectives

• Various analytical models can be employed in strategic

planning, of which SWOT analysis and Porter's Five

Forces are used most frequently.

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