Strategic planning is an commapny’s process of defining its strategy and making decisions on allocating its resources to pursue this strategy.
Strategy has many definitions, but generally involves setting goals, determining actions to achieve the goals, and mobilizing resources to execute the actions.
A strategy describes how the goals will be achieved by the resources. The senior leadership of an organization is generally tasked with determining strategy. Strategy can be planned or can be observed as a pattern of activity as the organization adapts to its environment or competes.
Strategy includes processes of formulation and implementation, strategic planning helps coordinate both. However, strategic planning is analytical in nature; strategy formation itself involves synthesis, via strategic thinking.
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