What is Strategic Planning? Definition and meaning

Strategic Planning

Definition: Strategic Planning is the systematic, deliberate process of developing activities and plans to reach the goals, purpose and objectives of the organization within the strategic context (environment) as well as committing the necessary resources.
SP is based on the strategic vision, mission statement and corporate values.
SP involves an analysis of the firm's external environment (PEST Analysis, Five Forces, Scenario Planning), its strengths, weaknesses, opportunities and threats (SWOT Analysis), its desired future position, and more.

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