MANAGEMENT

Detailed explanation-1: -The purpose of strategic planning is to set your 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: -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-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 goal is a specific target, an end result or something to be desired. It is a major step in achieving the vision of the organisation. In the strategic planning context a goal is a place where the organisation wants to be, in other words a destination.

Detailed explanation-5: -A strategic goal is the objective you want to achieve at the end of your three to five year strategic plan. These goals are broader than your yearly objectives, but shorter than long-term goals like BHAGs and vision statements.