Question

In today's economic environment, which of the five steps in the strategic planning process (vision, mission, gap analysis, SMART goals, monitoring) do you think is the most important? Give an example of an industry where this would be the most important step. Do you think that a different industry might place more emphasis on another step in the strategic planning process? Why?

Answer 1

In today's economy, mission is more important in strategic planning process.Yes,mission plays a significant role in the current economic environment.In service industries,like tourism and travel industries,mission plays a major role.They first analyse their mission and then work on it.Their mission is to satisfy touristers by helping them to travel across various famous places in the country.They usually set a target number to whom they should offer their services.Tourism industry's primary goal is to serve best hospitality to touristers and they tend to focus on this mission.Keeping this mission in mind,tourism industries carry out their activities.They never deviate from this mission and they workhard to achieve this mission and traget number.Following the mission and working accordingly is the most important thing in this industry.Even in a non-profit organisation,mission is a prominent.They first derive their mission,objectives,goals and then they work accordingly.Their main aim is to help poor people.They derive a mission where various methods are decided to help people.They plan how to reach contributors and collect capital.If mission is not planned in these industries, then they would be directionless and expected capital and revenue will not be attained.They will not be able to know their targets,goals and aims.So,as a part of strategic planning process, mission plays important role in such service industries.

There are few other industries where mission doesn't play a significant role.In manufacturing industries.monitoring is a vital step of strategic planning process.They assign a special team to monitor al the activities as there are many chances of manipulation and fraud.They closely monitor the usage of raw materials,distribution of production,sales rate.By this capital of manufacturing industry will not be wasted and is used efficiently.In such industries,mission is not a vital step instead monitoring plays a key role in achieving profits.Therefore,monitoring is a main step of strategic planning process in manufacturing industries.