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While strategic planning requires a significant amount of time and can be quite frustrating, if done properly, it can enable a firm to recognize its most effective position within its industry.
There are a variety of perspectives, models and approaches used in strategic planning. The development and implementation of these different tools depend on a large number of factors, such as size of the organization, nature and complexity of the organization's environment, and the organization's leadership and culture.
Five strategic planning tools are presented below: the Boston Consulting Group Matrix; the GE Market Growth/Market Share Matrix; SWOT Analysis; Porter's Generic Competitive Strategies; and Porter's Five Forces Model...
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