BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A long-term strategy is a comprehensive plan for a business that defines goals for the future. During this process, you’re setting and completing goals to achieve an overarching goal for the company. To create a long-term strategy, you may set multiple smaller goals that help you meet your ultimate objective.

Detailed explanation-2: -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-3: -Allocating resources necessary to achieve the objective.

Detailed explanation-4: -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. It enables organisations to implement policies and strategies.

Detailed explanation-5: -One of them is strategic planing or what most people consider as a long-term plan. We cannot say that is true nor we can say it is wrong. But a strategy is not just a long term plan. The root of the word strategy comes from “stratēgia”, a Greek word that has been known and used in military and wars.