Strategic planning consists of the process of developing strategies to reach a defined objective. Strategic planning tries to create more desirable future results by influencing the outside world, or adapting current programs and actions so as to have more favourable outcomes in the external environment.
·         Strategic planning provides overall direction to a company or give specific direction in such areas as: strategies
·         Human resource/organizational development strategies
·         Information technology deployments
·         Development projects
·         Marketing strategy
An effective strategy will:
·         Have the capability to obtain the desired objective
·         Fit well both with the external environment and with an organization’s resources and core competencies-it should appear feasible and appropriate
·         Have the capability of providing an organization with a sustainable competitive advantage
·         Prove dynamic, flexible, and able to adapt to changing situations
·         Suffice on its own- specifically providing value or favourable outcomes without the need for cross-subsidization.
         .    Financial


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