An Executive-Level Perspective on the Strategic Management Process

Kudla Ronald J. , “The Effects of Strategic Planning on Common Stock Returns,” Academy of Management Journal (March 1980), pp. 5–20.

Sapp Richard W. , “Banks Look Ahead: A Survey of Bank Planning,” Bank Administration (July 1980), pp. 33–40.

Naylor Thomas H. Schanland Horst , “A Survey of Users of Corporate Planning Models,” Management Science (May 1976); Wood D. Robley Jr. La Forge R. Lawrence , “The Impact of Comprehensive Planning on Financial Performance,” Academy of Management Journal, Vol. 22, No. 3 (1979), pp. 516–526.

For an excellent historical perspective on the evolution of planning systems, see Ansoff H. Igor , “The State of Practice in Planning Systems,” Sloan Management Review (Winter 1977), pp. 1–24.

Models by academics, typically developed from consulting experience and intended either for business or educational use, which reflect such similarity include those of Stevenson Howard Rogers David King William Cleland David . Models recommended for use by small businesses, almost identical to those recommended for larger firms, include Frank Gilmore's and George Steiner's (1967). Finally, models which describe approaches for accomplishing strategic options contain similar elements to those of general models; see Pryor Millard on mergers and Steiner on diversification (1964). Gilmore Frank , “Formulating Strategy in Smaller Companies,” Harvard Business Review (May–June 1973); King William R. Cleland David I. , Strategic Planning and Policy (New York, New York: Van Nostrand Reinhold Co., 1978); Pryor Millard H. Jr. , “Anatomy of a Merger,” Michigan Business Review (July 1964), pp. 28–34; Rogers David C.D. , Essentials of Business Policy (New York, New York: Harper & Row Publishers, 1975); Steiner George A. , “Why and How to Diversify,” California Management Review (Summer 1964), pp. 11–18; idem, “Approaches to Long-Range Planning for Small Business,” California Management Review (Fall 1967); Stevenson Howard H. , “Defining Corporate Strengths and Weaknesses,” Sloan Management Review (Spring 1976), pp. 51–68.

Five years is the normal, but largely arbitrary, period of time identified as the “long term.”

Formal strategic planning is not necessarily done as a rigid five-year schedule, although this is the most common period of time. In fact, some planners advocate planning on an irregular timing basis to keep the activity from being overly routine.

See, for examples, Ansoff H. Igor Brandenburg Richard G. Porter Fred E. Radosevich Raymond , Acquisition Behavior of U.S. Manufacturing Firms, 1946–65 (Nashville, Tenn.: Vanderbilt, 1971); Burt David , “Planning and Performance in Australian Retailing,” Long Range Planning (June 1978), pp. 62–66; Eastlack Joseph Jr. McDonald Philip , “CEO's Role in Corporate Growth,” Harvard Business Review (May–June 1970), pp. 150–163; Herold David , “Long Range Planning and Organizational Performance: A Cross Validating Study,” Academy of Management Review (March 1972), pp. 91–102; Karger Delmar Malik Zafar , “Long Range Planning and Organizational Performance,” Long Range Planning (December 1975); Malik Zafar Karger Delmar , “Does Long Range Planning Improve Company Performance?” Management Review (September 1975), pp. 27–31; Rue Leslie Fulmer Robert , “Is Long Range Planning Profitable?” Proceedings Academy of Management (1972); Schoeffler Sidney Buzzell R.D. Heany D.F. , “Impact of Strategic Planning on Profit Performance,” Harvard Business Review (March–April 1974), pp. 137–45; Thune Stanley House Robert , “Where Long Range Planning Pays Off,” Business Horizons (August 1970), pp. 81–87; Stagner Ross , “Corporate Decision Making,” Journal of Applied Psychology, Vol. 53, No. 1 (February 1969), pp. 1–13; Glueck William F. , Business Policy and Strategic Management, 3rd edition (New York, New York: McGraw-Hill Book Co., 1980); and Wood Forge La , op. cit.