ECONOMICS

Detailed explanation-1: -The purpose of strategic planning is to set overall goals for your business and to develop a plan to achieve them. It involves stepping back from your day-to-day operations and asking where your business is headed and what its priorities should be.

Detailed explanation-2: -There are several tools that could be involved while conducting strategic planning. The most commonly used tools are: Visioning, Metrics or charts, SWOT analysis, Pestle analysis, Affinity diagrams, Portfolio analysis and Interrelationship digraph.

Detailed explanation-3: -Achieving goals: Strategic management helps keep goals achievable by using a clear and dynamic process for formulating steps and implementation. Sustainable growth: Strategic management has been shown to lead to more efficient organizational performance, which leads to manageable growth.

Detailed explanation-4: -A business plan is a document that defines in detail a company’s objectives and how it plans to achieve its goals.