Tech Glossary
What is Strategic Planning?
Strategic planning is a process for planning the long-term direction of an organization. The process includes identifying goals and opportunities, analyzing strengths and weaknesses, conducting a strategic analysis and choosing an appropriate strategy. An important part of strategic planning is to identify and analyze the various stakeholders in an organization, such as customers, employees, shareholders, competitors and other stakeholders. This enables the organization to understand their needs and interests and plan how best to meet them. Strategic planning can be compared with other similar competencies such as business planning, financial planning and marketing. These three competencies are all important to ensure that an organization is successful. Business planning is about planning how an organization will achieve its business goals, while financial planning is about planning how an organization will use its financial resources in the best way. Marketing is also an important skill to ensure that an organization reaches its target groups.