Strategic Planning | Meaning and Definition

What is Strategic planning? 

A well-coordinated planning strategy in which firms articulate their values, objectives, as well as needs and thereafter deploy resources and also well processes to assist them in reaching their goals. Strategic planning is an important component of developing three-, five-, and ten-year plans. Businesses can use a range of tools to help them plan strategically, incorporating SWOT (Strengths, Weaknesses, Opportunities, and Threats) in their Succession Management definition.

What are the numerous strategic planning steps?

It is typically a 5-stage procedure that involves the following steps:

  •       Make a strategic position plan.
  •       Set priorities for your goals and vision.
  •       Create a long-term strategy.
  •       Implement and manage your strategy.
  •       Examine and adjust the strategy.

What kinds of strategic plans are there?

Corporate strategy is a long-term strategic plan that determines which businesses must compete in order to attain a company-wide goal.

Business strategy: This is basically a road plan for your complete company to follow in order to meet its objectives by discussing how we must compete.

Functional strategy is used to achieve the goals of various departments within a company and the people that work there.

Is the strategic plan long- or short-term in nature?

Strategic plans include short, medium, and long-term objectives. A short-term objective can last as little as a year, whereas a long-term goal can last up to five years.