Open AccessA Review of Strategic Planning and Strategic Management
Author(s) -
Sh. Sachin Gupta
Publication year - 2022
Publication title -
international journal of innovative research in engineering and management
Language(s) - English
Resource type - Journals
ISSN - 2350-0557
DOI - 10.55524/ijirem.2022.9.1.35
Subject(s) - strategic planning , business , benchmarking , strategic management , strategic human resource planning , strategic sourcing , process management , strategic financial management , strategic thinking , function (biology) , quality (philosophy) , marketing , philosophy , epistemology , evolutionary biology , biology
According to longitudinal study in Australia from 1982 to 1993, strategic planning systems played a significant part in the strategic management efforts of large industrial companies. But strategic planning has changed dramatically since the early 1980s as companies have made their planning systems more flexible, decentralized strategic planning divisions or business units, moved planning responsibility from the employees to managers and changed the function of corporate planning departments. In addition, companies tried to build their corporate culture by focusing more on client orientation and quality management in general. They have increased their global activity while concentrating on core business activities via acquisitions and disposals. The future is expected to increase total quality management and benchmarking, with companies concentrating more on appropriate training and recruitment procedures. As new generations rise to power, leadership and corporate cultures become more and more essential. Digital technologies and artificial intelligence in all its forms will have a major impact on the area of strategy.