MANAGEMENT

Detailed explanation-1: -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-2: -What is strategic planning? 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.

Detailed explanation-3: -Effective strategic management occurs on an ongoing basis. Long-term planning typically involves establishing goals that you expected to achieve five or more years ahead. Strategic management involves assessing relationships to ensure that each department’s objectives align to the company’s overall goals.

Detailed explanation-4: -The purpose of a long-term strategy is to see gradual improvement within your company over a long time period. Long-term strategies typically take at least one year to achieve, though you can also set plans for several years ahead.

Detailed explanation-5: -“Strategic planning builds on anticipated future trends, data and competitive assumptions. Long-range planning is a projection from the present or an extrapolation from the past”. the organization and informs lower levels for long-range planning.