GENERAL KNOWLEDGE

Detailed explanation-1: -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-2: -A strategy is a comprehensive plan to achieve organisational objectives.

Detailed explanation-3: -“A strategic plan assesses the current environment of a business, both internally and externally. It establishes future goals and targets and describes the strategies it will implement to reach them.” In other words, a business plan describes a current business or a specific new project.

Detailed explanation-4: -A Strategic Plan vs A Business Plan A strategic plan is primarily used for implementing and managing the strategic direction of an existing organization. A business plan is used to initially start a business, obtain funding, or direct operations. The two plans cover different time frames as well.

Detailed explanation-5: -The main purpose of strategic planning is to set clearly defined goals for the growth and success of your organization and achieve them with the help of an effective strategic plan. It establishes a connection between your organization’s mission, its long-term vision and the established plan.