Definition

Strategic Planning is a systematic process used by organizations and individuals to define their direction and make decisions on allocating resources. It involves setting long-term goals, determining the necessary actions to achieve those goals, and monitoring progress.

Category

Strategic Planning falls under the categories of Management, Business Development, Project Management, and Personal Development.

Alternative Names

• Strategic Management
• Long-Term Planning
• Planning Framework
• Vision Planning

Usage Example

An organization conducts a strategic planning session to outline its goals for the next five years, which includes increasing market share by 15%, enhancing customer engagement through a new digital marketing strategy, and improving employee satisfaction by implementing a flexible work schedule.

Importance

Strategic Planning is crucial because it provides a clear roadmap for achieving goals, aligns resources with priorities, encourages proactive thinking, and fosters accountability within a team. It helps in identifying strengths, weaknesses, opportunities, and threats, allowing organizations to adapt to changing circumstances and stay competitive.

Related Terms

• Goal Setting
• SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats)
• Business Plan
• Performance Metrics
• Action Plan
• Vision Statement
• Mission Statement