Strategy planning is an organization’s road map, an organized process of decision making or more exactly a course of action including the specification of resources required to meet business objectives. Final Touch Inc has been founded on the fundamentals of strategy planning as its core competency. In today’s highly competitive environment, budget oriented planning, scenario based planning, regression analysis, trend analysis, and forecast based planning methods are insufficient where economic conditions and external or internal factors vary drastically. In such a dynamic condition Final Touch Inc uses the strategic planning exercises to help the management team think strategically. It will definitely save time, build consensus, and make better decisions when you apply the most advanced strategic thinking concepts. Final Touch Inc follows the pattern of reasonable planning process ranging from the mission statement, which it refers to the formation of mission statement accompanying with vision and strategic intent. Next step to be followed is objectives formation which refers to formulating practical and attainable goals. For situation analysis Final Touch Inc includes in strategy planning the tools based on strategic management like: product or sector life cycle analysis, strategic groups, market segments, convergence and organizational SWOT. PESTEL analysis and value chain management are few of its additional features.
Final Touch Inc devises its strategy on rational Top down Approach. Strategic planning has three steps: strategic analysis that is the examination of current strategic position; strategic choices which is generating the best option available and strategic implementation that is the translation of missions and visions into practical business operations. In implementation, Final Touch Inc readily translates the strategy into specific policies for functional areas such as marketing, research and development, procurement, production and information systems.
After imposing the changes it needs to be controlled and monitored strictly. Final Touch Inc imposes and adapts changes according to the varying needs and pace of the environment. For this, strategy planning is conducted at three levels of the organization. The top most level is corporate level strategy deciding long term directions. Second level is the tactical level strategy which formulates the mission statement. Functional level is the lower most level which handles day to day functions of the organization. Final Touch Inc is keen to make a strong operational capability which can leads to successful implementation of corporate strategy even if there are gaps at the corporate or tactical level.
