What is Strategic Planning?

Strategic planning
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Strategic planning
Strategic planning is understood as a methodical process of envisaging a desired future, and translating that vision into generally defined objectives or goals as well as a series of steps for achieving them. Strategic planning is essentially an all-inclusive process that is used to determine what an organization should become and the way in which it could best attain that goal. A good strategy is the result of a simple and rather rough-and-ready process of thinking through what it would take to achieve what the company wants and then assessing whether or not it is realistic to try. A business strategy is essentially about how senior managers in the company should make decisions and then allocate the necessary resources so as to attain main objectives (Cordeiro, 2013). A proper strategy, as Martin (2014) pointed out, offers a clear roadmap, comprising various rules or guiding principles, that defines the actions that managers should or should not take as well as the things that they should or should not prioritize in order to accomplish goals.
There are several differences between business planning and strategic planning. Firstly, strategic planning is a process that entails an organization defining its direction or strategy, and making decisions on allocating its resources – such...