Cite this for me academically. (Strategic planning is a systematic process which influences the choice of the long term goals that define the corporate strategy of every firm. It identifies where the organisation wants to be at some point in the future and how it is going to get there. Strategic planning tells the organisation how to move from the current existing situation to the ideal or desirable point. The “strategic” part of this planning process is the continual attention to current changes in the organisation and its external environment, and how this affects the future of the organisation)

Summary

Strategic planning is a systematic process that helps organizations identify and pursue long-term goals to reach their desired future state. It takes into account the current and future state of the organization and its external environment and requires continual attention to changes in both.

Definition

Strategic planning is the process of setting goals and objectives, developing strategies to achieve them, and implementing and monitoring those strategies in order to reach an organization’s desired future state. It often involves careful analysis of the current and future state of the organization, as well as the external environment it operates in. This process requires continual attention to changes in both the organization and its environment in order to adjust strategies and maintain progress towards the desired future state.

Process

The process of strategic planning involves four key steps:
1. Identifying long-term goals and objectives that define the organization’s strategy
2. Developing strategies to achieve those goals
3. Implementing those strategies
4. Monitoring and adjusting strategies as needed

Benefits

Strategic planning has many benefits for organizations, including providing a clear vision and direction, increasing efficiency and effectiveness, and helping organizations remain competitive and successful. It also provides a framework for decision-making and allows for better allocation of resources.

Related Questions

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