Strategic Planning

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What is Strategic Planning? Meaning.

Strategic Planning consists of the process of systematically developing and implementing activities and plans to reach the goals, purpose and objectives of the organization within the strategic context (environment).

SP is a continuous process of making present entrepreneurial (risk-taking) decisions systematically and with the greatest knowledge of their futurity; systematically organizing the efforts needed to carry out these decisions. It may or may not also include measuring the results of these decisions against the expectations through organized systematic feedback.

SP involves the application of thought, analysis, imagination and judgment. It is a responsibility rather than a technique. It is the analytic thinking and commitment of resources to action. It deals with the futurity of present decisions.

Strategic Planning versus Strategy

SP is more or less a synonym for Strategy, but the term "planning" has a deliberate meaning attached to it, while "Strategy" can accommodate both the emergent, flexible, dynamic vision to strategy formation as well as the traditional deliberate, intended, military, planned form. In other words, SP is one of the Ten Schools of Thought (The Planning School) as described by Mintzberg. However, In everyday parlance, SP is considered and used as a synonym of strategy.

Types of Strategic Planning

There are quite a few strategic planning types, depending on their:

• LEVEL: Corporate, Division, Strategic Business Unit, Department.
• TIME HORIZON: Long-term, Medium-term, Short-term.
• LEVEL OF DETAIL: Strategic, Tactical, Operational.
• FUNCTIONAL AREA: Marketing, Sales, Purchasing, Production, Logistics, Transportation, HR, Finance, etc.
• SPECIAL TOPIC: Internet, Mobile.

Steps in a Strategic Planning Process

A strategic planning process can take many forms. For the classical steps see Armstrong's Five Strategic Planning Steps.

A strategy process can be more or less deliberate (planned) or emergent (flexible).

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Compare with: Five Forces  |  Core Competence  |  Deliberate Strategy  |  Emergent Strategy  |  Hoshin Kanri - Policy Deployment  |  Strategic Analysis

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