Strategic plan: Strategic plan is a road map for the future direction of the organization. Strategic plan establishes mission, objectives & strategies for an organization. It makes strategic choice about future courses of action from among the strategic options.
Strategic planning is the process of identifying the best strategic fit‚ which determines better competitive position in the market. In other words‚ Strategic planning is the formalized, long range planning process used to define & achieve organizational goals.
Process of Strategic planning:
- Defining vision and mission
- Environmental analysis
- Determination of long term goals and
- Strategy formulation