Strategic Planning Concepts
This is the process by which business prepare for the future. It involves coming up with strategies of carrying out business activities such as that of dealing with competitors and acquisition and allocation of resources. It involves setting up goals and coming up with decisions resources to ensure achievement of these goals. It helps the business create competitive advantage over its competitors.
As with Northrop Grumman Counter Rocket Artillery and Mortar C RAM we are very much involved with strategic planning. Strategic planning has been a vital element of the company’s success over the years .
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The use of both SWOT and PEST Analysis must go hand in hand. This is because since PEST analysis covers only external factors SWOT covers both internal and external aspects. Thus Northrop Grumman application of this two different strategic planning concepts is advantageous to us since we analyze ourselves internally we are to determine our area of strengths and weaknesses. We are also able to find opportunities that are available to us hence investing more bringing in growth to our company.
David, F. (2005). Strategic management: Concepts and cases (10th ed.). Upper Saddle River, N.J.: Pearson Prentice Hall.