GENERAL KNOWLEDGE

Detailed explanation-1: -Strategic planning has a long time frame, often three years or more. Strategic planning generally includes the entire organization and includes formulation of objectives. Strategic planning is often based on the organization’s mission, which is its fundamental reason for existence.

Detailed explanation-2: -The term strategic planning is essentially synonymous with strategic management.

Detailed explanation-3: -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-4: -Strategic planning is essentially about planning for the future in the medium and long term. The timeframe for strategic plans is often 3-5 years. Strategic planning for timeframe over 5 years can be problematical because it is difficult to see that far into the future.

Detailed explanation-5: -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.