BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Strategic planning involves a set of procedures for making decisions about the organization’s long-term goals and strategies. Typically strategic plans have a strong external orientation that covers major portions of the organization.

Detailed explanation-2: -Strategic planning is a process in which an organization’s leaders define their vision for the future and identify their organization’s goals and objectives. The process includes establishing the sequence in which those goals should be realized so that the organization can reach its stated vision.

Detailed explanation-3: -The process of strategic decision-making combines the five basic steps of the decision-making process with the concepts of opportunity, threat, countervailing factors, and risk. The process of strategic decision-making is the lifeblood of your organization.

Detailed explanation-4: -A SWOT analysis is one of the types of strategic management frameworks used by organizations to build and test their business strategies. A SWOT analysis identifies and compares the strengths and weaknesses of an organization with the external opportunities and threats of its environment.

Detailed explanation-5: -Strategic planning process steps Prioritize your objectives. Develop a strategic plan. Execute and manage your plan. Review and revise the plan.