List the six steps in the formal planning process. Suppose you are a top executive of a home improvement chain and you want to launch a new company website. Provide examples of activities you would carry out during each step to create the site.

Steps involved in formal planning process is given below

Explanation:

The strategic planning process is essentially a list of steps that managers should follow to complete and implement a strategy within a company. There are several key components that make up the strategic planning process, including common phases like strategic analysis and strategy formulation, along with implementation and monitoring. Although the strategic planning process requires great patience and can be a challenging undertaking, most businesses can agree that the process can yield highly rewarding results.

1. Identify Your Strategic Position

The strategic position is concerned with the impact on strategy of the external environment, internal resources and competences, and the expectations and influence of stakeholders

2. Gather People and Information

Personal information they collect includes your name, address, occupation, number of people in your household and how much money you make. If you participate in savings programs or use the Internet, your personal information is out there for companies to gather.

3. Perform a SWOT Analysis

Examples include competitors, prices of raw materials, and customer shopping trends. A SWOT analysis organizes your top strengths, weaknesses, opportunities, and threats into an organized list and is usually presented in a simple two-by-two grid.

4. Formulate a Strategic Plan

Three common areas of focus in a strategic plan are vision planning, scenario planning and issues planning. Examples of Strategic Plan Includes: Evaluating the strengths and weaknesses of the organization. Developing a business plan template.

5. Execute Your Strategic Plan

Set clear priorities. Entrepreneurs might fail in carrying out their strategy if they set too many priorities ...

Collect and analyze data. Entrepreneurs often specify measurable goals in their strategic plans ...

Keep a rhythm to meetings ...

Evaluate the strategy.

6. Constantly Monitor Performance

There are standardised performance measures that have been created which almost any business can use. Examples include balanced scorecards, ISO standards and industry dashboards. Key performance indicators (KPIs) are at the heart of any system of performance measurement and target-setting.