What is strategic planning process?

What is strategic planning process?

Strategic planning refers to organization’s process of defining its strategy, direction and allocating resources to achieve its objectives. It basically deals with “What do we do?” and “why it is to be done?” In many organizations, this is viewed as a process for determining where an organization is going over the next year 3 to 5 years.

Strategic planning is first done on corporate level, then on division level and finally on individual product level. In its implementation phase strategic planning, resources are organized in a way to achieve the desired objectives and steps are taken to practically implement the strategy. In its control phase results or outcomes of steps taken in implementation stage are analyzed and corrective steps are taken to fill the gaps.