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What is the purpose of strategic planning?

In 350 words please answer the 5 questions.

What is strategic planning? What is the purpose of strategic planning? Why is it necessary? What are the components of a strategic plan? Which component is the most important? Why?

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What is strategic planning?

Strategic planning is a management tool that aids an organization to perform in a better, more efficient manner by focusing its resources, energy and efforts in the right direction towards the attainment of strategic goals and objectives, mission and vision. Strategic planning ensures that organizational employees are working in the right direction towards the attainment of shared goals and helps the organization to adjust or adapt to the changing circumstances in the external environment.

Strategic planning can be understood as a disciplined effort to develop decisions, actions, tasks and processes as well as systems that guide an organization in terms of what it does, why it does and what it is, with a ...

Solution Summary

This solution discusses strategic planning as an important management tool in today's dynamic competitive business environment. This solution is 391 words.

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