Strategic Planning and Strategy
If managers want to be successful strategic planners, they must understand the fundamentals of strategic planning and how to formulate strategic plans.2 This section presents the basic principles of strategic planning. In doing so, it discusses the definitions of both strategic planning and strategy in detail.
Strategic planning is long-range planning that focuses on the organization as a whole.3 In conducting strategic planning, managers consider the organization as a total unit and ask themselves what must be done in the long term to attain organizational goals.4 Long range is usually defined as a period of time extending about three to five years into the future. Hence, in strategic planning, managers try to ...
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