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Cite this for me academicallyStrategic 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)

Answer:

What is Strategic Planning?

Strategic planning is a systematic process that defines a company or organization’s long-term goals and how to achieve them. It involves assessing the current situation, identifying desired outcomes, and creating a plan of action to get there. Strategic planning takes into account external changes and how they may affect the future of the organization, allowing for proactive decision-making.

Steps of Strategic Planning

Strategic planning is a multi-step process that involves assessing the current situation, identifying desired outcomes, creating a plan of action, and continually monitoring progress. It typically follows the following steps:

Assess the current situation – analyze current resources, capabilities, and goals.
Identify desired outcomes – define new goals and objectives.
Create a plan of action – create a timeline and strategies to reach the desired outcomes.
Monitor progress – track the success of the plan and adjust as needed.

Benefits of Strategic Planning

Strategic planning provides several benefits to organizations. It allows for proactive decision-making, which helps to ensure that the organization is prepared for any potential changes in the external environment. Additionally, it provides a sense of direction and can help to motivate employees, as they can see the long-term goals and objectives that they are working towards. Finally, it can provide a competitive advantage, as it allows the organization to anticipate changes in the industry and develop strategies to capitalize on them.

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