BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Long term planning
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Short term planning
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General planning
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Seasonal planning
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Detailed explanation-1: -Strategic planning typically represents mid-to long-term goals with a life span of three to five years, though it can go longer. This is different than business planning, which typically focuses on short-term, tactical goals, such as how a budget is divided up.
Detailed explanation-2: -What is strategic planning? Strategic planning is a long-term process (one plan can span five to ten years). It’s a continuous process that focuses on the overall organisational direction.
Detailed explanation-3: -“Strategic planning builds on anticipated future trends, data and competitive assumptions. Long-range planning is a projection from the present or an extrapolation from the past”. the organization and informs lower levels for long-range planning.
Detailed explanation-4: -The purpose of a long-term strategy is to see gradual improvement within your company over a long time period. Long-term strategies typically take at least one year to achieve, though you can also set plans for several years ahead.
Detailed explanation-5: -Long-term planning refers to creating strategic goals that may take a substantial duration to accomplish. It focuses on achieving objectives set for the projected future. They usually involve several steps and may take a minimum of one or two years to complete.