OBJECTIVE 3 CONTINUATION-

THEATRE ADMINISTRATIVE
SERVICES
DEVELOPMENT OF STRATEGIC PLANS
 STRATEGIC PLAN
• Strategic planning is a systematic process organizations use to
envision a desired future and translate this vision into broadly defined
goals or objectives and a sequence of steps to achieve them.
-It involves:
• 1. Defining the mission and vision: Establishing what the organization
stands for (mission) and what it aims to become (vision).
• 2. Setting goals and objectives: Identifying specific, measurable
outcomes the organization wants to achieve.
• 3. Analysing the environment: Conducting internal and external
analyses (e.g., SWOT analysis) to understand the organization's
strengths, weaknesses, opportunities, and threats.
• 4. Formulating strategies: Developing plans and initiatives to achieve
the set goals and objectives.
• 5. Implementing the plan: Allocating resources and executing the
strategies.
• 6. Monitoring and evaluating progress: Regularly reviewing and
adjusting the plan to ensure it remains relevant and effective.

• Strategic planning helps organizations align their resources and

actions with their mission and vision, improving their ability to
respond to changes in the environment and achieve long-term
success.
Developing a strategic plan
• Developing a strategic plan involves a systematic process to set long-term goals,
determine actions to achieve those goals, and mobilize resources to execute the
actions. Here's a detailed guide on how to develop a strategic plan:
1. Preparation
• - Define Purpose: Clarify the mission, vision, and values of the organization.
• - Establish Planning Team: Assemble a team of key stakeholders and leaders.
• - Set Objectives: Identify the primary objectives and scope of the strategic plan.
2. Analysis
• - External Analysis (PESTEL): Examine external factors such as Political, Economic,
Social, Technological, Environmental, and Legal conditions that could impact the
organization.
• - Internal Analysis (SWOT): Assess the organization’s Strengths, Weaknesses,
Opportunities, and Threats.
• - Competitor Analysis: Identify and evaluate competitors' strengths, weaknesses,
strategies, and market positions.
3. Formulation
• - Vision Statement: Define what the organization wants to achieve in the long
term.
• - Mission Statement: Clarify the organization’s purpose and primary objectives.
• - Core Values: Establish the fundamental beliefs and guiding principles.
• - Strategic Goals: Set specific, measurable, achievable, relevant, and time-bound
(SMART) goals.
4. Strategy Development
• - Identify Strategic Options: Brainstorm potential strategies to achieve the
strategic goals.
• - Evaluate and Select Strategies: Assess the feasibility, risks, and benefits of each
option and select the most appropriate strategies.
• - Develop Action Plans: Create detailed action plans outlining tasks,
responsibilities, timelines, and resources needed for each strategy.
5. Implementation
• - Communicate the Plan: Ensure all stakeholders understand the strategic plan
and their roles in it.
TYPPES OF STRATEGIES
• 1. Corporate Strategy: Focuses on the overall scope and direction of an
organization. It involves decisions about which industries or markets to
enter, mergers and acquisitions, and allocation of resources among
different business units.
• 2. Business Strategy: Concerned with how a business competes successfully
in a particular market. It involves decisions related to product positioning,
competitive advantage, and customer satisfaction.
• 3. Functional Strategy: Focuses on specific functions within an organization,
such as marketing, finance, or operations. It aims to support the overall
business strategy by optimizing the performance of individual functions.
….
• 4. Operational Strategy: Involves the day-to-day methods and
processes that help the organization run efficiently. This includes
production processes, logistics, and quality management.
• 5. Innovation Strategy: Focuses on developing new products, services,
or processes to create a competitive edge. It involves research and
development, technological advancement, and creative thinking.
• 6. Growth Strategy: Aims at expanding the organization's business.
This can be achieved through market penetration, market
development, product development, or diversification.
…
• 7. Stability Strategy: Seeks to maintain the current status of the
organization. It involves consolidating resources, improving efficiency,
and protecting market share.
• 8. Defensive Strategy: Implemented to protect the organization from
threats. It involves cost-cutting, divestiture, or downsizing to maintain
stability in challenging times.
• 9. Global Strategy: Focuses on international markets and involves
decisions about entering and operating in different countries. It
considers factors such as global supply chains, cultural differences,
and regulatory environments.
…
• 10. Digital Strategy: Involves leveraging digital technologies to achieve
business goals. This includes digital marketing, e-commerce, data
analytics, and adopting new digital tools and platforms.
• 11. Sustainability Strategy: Focuses on long-term environmental,
social, and economic sustainability. It involves reducing environmental
impact, ensuring social responsibility, and maintaining financial
health.
• Each type of strategy requires different approaches, tools, and
considerations to be effective in achieving the organization's goals.
GROWTH AND DIVERSIFICATION STRATEGIES
• Growth and diversification strategies are essential for businesses
seeking to expand their operations and reduce risks associated with
market dependence. Here are key strategies for both:
• Growth Strategies
• 1. Market Penetration: Increasing market share within existing
markets using current products. Techniques include aggressive
marketing, price reductions, and enhanced customer service.
• 2. Market Development: Expanding into new markets with existing
products. This can involve targeting new geographic regions,
customer segments, or demographics.
…
• 3. Product Development: Creating new products or improving existing
ones to serve the current market. This often involves significant
research and development (R&D).
• Diversification
• 4. Diversification: Entering new markets with new products. This can
be further divided into related and unrelated diversification:
• - Related Diversification: Expanding into products or services that are
related to existing ones, leveraging existing capabilities.
• - Unrelated Diversification: Exp
BENEFITS OF STRATEGIC MANAGEMENT
• Strategic management offers numerous benefits to organizations,
including:
• 1. Clear Direction: Provides a clear roadmap and set of objectives, ensuring
everyone understands the company's goals and how to achieve them.
• 2. Proactive Approach: Enables organizations to anticipate and prepare for
future challenges and opportunities rather than reacting to them as they
arise.
• 3. Resource Allocation: Helps in the effective and efficient allocation of
resources, ensuring that resources are directed towards the most critical
and high-impact areas.
• 4. Competitive Advantage: Aids in identifying and developing unique
capabilities that provide a competitive edge in the marketplace.
…
• 5. Improved Performance: Leads to better organizational performance
through systematic planning and execution of strategies.
• 6. Stakeholder Satisfaction: Aligns the interests of various
stakeholders, including employees, customers, and shareholders,
fostering satisfaction and loyalty.
• 7. Adaptability: Enhances the organization's ability to adapt to
changing market conditions, technological advancements, and other
external factors.
• 8. Innovation: Encourages innovation by promoting a forward-
thinking culture and exploring new business opportunities.
…
• 9. Risk Management: Helps in identifying potential risks and
developing strategies to mitigate them.
• 10. Sustainable Growth: Focuses on long-term sustainability and
growth, balancing short-term gains with long-term objectives.

• By integrating strategic management practices, organizations can

achieve more structured and sustainable success in their operations
and market endeavours.
Qualities of a good strategic plan
• A good strategic plan should be:
• 1. Clear and Concise: Clearly define the mission, vision, and
objectives. It should be easy to understand and communicate.
• 2. Realistic and Achievable: Set attainable goals based on a realistic
assessment of the current situation and available resources.
• 3. Data-Driven: Use data and analysis to inform decisions and identify
trends, opportunities, and challenges.
• 4. Flexible: Allow for adjustments based on changing circumstances
and new information.
• 5. Aligned with Values: Ensure that the plan aligns with the core
values and culture of the organization.
• 6. Specific: Outline specific actions, timelines, and responsibilities to
achieve the goals.
• 7. Measurable: Include metrics to track progress and evaluate
success.
• 8. Inclusive: Involve key stakeholders in the planning process to gain
buy-in and diverse perspectives.
• 9. Forward-Looking: Anticipate future challenges and opportunities,
and include strategies to address them.
• 10. Sustainable: Consider the long-term impact and ensure that the
plan can be sustained over time.
Strategic planning is essential for several reasons:

• 1. Direction and Focus: It provides a clear sense of direction and helps

focus efforts on key priorities.
• 2. Goal Setting: It sets measurable goals and objectives, helping
organizations track progress and success.
• 3. Resource Allocation: It ensures that resources are allocated
effectively to areas that will have the most significant impact.
• 4. Adaptability: It prepares organizations to respond to changes in the
environment, helping them remain competitive and resilient.
Key Steps In Executing A Strategic Plan
• Executing a strategic plan involves a series of steps to ensure that the
goals and objectives outlined in the plan are achieved effectively.
Here are the key steps in executing a strategic plan:
• 1. Communicate the Plan: Ensure that all stakeholders understand the
strategic plan, including its goals, objectives, and their roles in its
execution.
• 2. Set Priorities: Break down the strategic plan into smaller,
manageable tasks. Prioritize these tasks based on their importance
and urgency.
• 3. Assign Responsibilities: Allocate specific tasks to team members or
departments. Clearly define their roles and responsibilities.
• 4. Allocate Resources: Ensure that the necessary resources (financial,
human, technological) are available to support the execution of the
plan.
• 5. Develop a Timeline: Create a timeline for the implementation of
the strategic plan. Set deadlines for each task and milestone to track
progress.
• 6. Implement the Plan: Begin the execution of the tasks according to
the set priorities and timeline. Ensure that all team members are
working towards the common goals.
• 7. Monitor Progress: Regularly review the progress of the plan. Use
key performance indicators (KPIs) and metrics to measure success
and identify any areas that need adjustment.
…
• 8. Adjust and Adapt: Be prepared to make adjustments to the plan as
needed. This may involve reallocating resources, changing tactics, or
updating goals based on new information or changes in the external
environment.
• 9. Communicate Progress: Keep all stakeholders informed about the
progress of the plan. Regular updates help maintain momentum and
ensure alignment with the overall strategy.