Strategic planning determines the strategy or framework of actions. There are several ways to execute the dealings and strategies that preset the schema which allows for a more planned and exact plan of action. It sets the regulations with certain parameters and they are followed until the transaction is finished. Operational planning is the consideration of action itself. A company must react to the surrounding environment and perform some sort of manipulations in order to progress with the business. Operational planning is important, as it sets the specific reactions and responses to the dealings of the business world. And tactical planning is the unique way in which the plans of action will be performed. It is somewhat connected to strategic planning because it supports the criteria by which strategic planning is achieved. Tactics are the executive decisions that are more short term and are focused on the immediate requirements necessary in the strategic planning. All three relate to a definite and set out plan of action, which will ready the company for any issues or changes.
Strategic planning is the initial stage in the development of a plan of action. It will determine the structure of the involvement, the future distribution of resources and the possible outcomes of that or other strategic plan. Strategic planning changes to management when the actions are taken. It is the direct initiative of the company’s management that manages and allocates the objectives and implements policies and programs needed to achieve the end planned result. These trends play a significant role in the financial world and businesses that provide a product or service. It is crucial to pay close attention to the market, competition, fluctuation of demands and social norms. Society never stays the same, it constantly changes and something new develops, so it would be wise to have a course of action and a plan that organizes and analyzes the possible opportunities and outcomes.
Loss of reputation is a challenge that every business or corporation must consider. As the competition in the modern world is ever great, the reputation of the company will mean the difference between success and absence thereof. If the reputation is high and positive, the customer return rate is increasing and the new customer satisfaction level is also increasing. Each business plans and develops strategies in dealing with the loss of reputation and possible decrease in customers. The demand is growing because the selection is increasing and so, the company must stay current, thus guaranteeing a steady and respected reputation. The problem is that it is very delicate and any little nuance can damage the reputation. Creation of false issues and over exaggeration of faults is always unethical but nonetheless, present in the world.
There are many arguments for the support of corporate social responsibility. As businesses have much more resources and say in the matters of the economics and market in the world, the responsibility in addressing these decisions must be high. The distribution of resources must be reasonable and beneficial. At the same time, businesses require freedom of actions and certain regulations might limit their operations. I think that there must be strict laws, which are enforced, as often, corporations take advantage of the unknowing public and gain more than needed or permitted. As every citizen is responsible to the society, so should businesses be since their actions also influence greater society.