In order to sell more in the beginning, the production capacity had also been increased, but the result demonstrated that the demand was only half of the production. So, I have learned that it is not necessary to utilize all the resources as inventory got larger and it is not good for the company. We need to observe the internal position of the organization which will enable us to determine how well the company can manage the competitive and external environment. I also came to know that a strategic planning and critical success factors need to be developed for the products and services. SWOT (strengths, opportunities, weaknesses, and threats) analysis must be carried out, which will allow the company to evaluate their strategic situation. The product life-cycle model needs to be taken into consideration in order to discuss how the cost of product can vary over a product’s life cycle. I also discovered that key performance indicators of the company need to be analyzed, through which we can know what factors are leading to its success and competitive advantage. I also learnt that working in a group is more beneficial than working as an individual as it comprises the ideas of four to five people and involve more communication and consequently leads to an enhanced decision making process. Soft skills need to be developed in order to resolve the conflict which arises in the discussion process within the group. At the same time, time management is also important for successful completion of a project.
Strategic planning is defined as the method of defining the plans of the companies for achieving their missions. The strategy of an organization is therefore a derived approach towards attaining that mission. Organizational level and divisional level planning should be directly related to the strategic plan of the organization (Gates, 2010).