Strategic planning is a systematic process of envisioning a desired future, and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them. It is a part of strategic management and is used by organizations to articulate their strategy and direction as well as to make decisions on allocating resources to pursue this strategy.

Characteristics of strategic planning include:

1. Long-term Perspective: Strategic planning typically looks at the bigger picture and has a long-term perspective. It involves setting goals and objectives for the organization for a period of about 3-5 years or even longer.

2. Comprehensive: It covers all areas and aspects of the organization, from operations to finance, marketing, human resources, etc. It also takes into account the external environment and factors that might affect the organization.

3. Future-oriented: Strategic planning is all about the future. It involves predicting future trends and conditions, and preparing the organization to meet them.

4. Involves Choice: Strategic planning involves making choices and decisions about the best courses of action for achieving the organization's goals and objectives.

5. Resource Allocation: One of the key aspects of strategic planning is deciding how to allocate resources (time, money, personnel) in order to achieve the organization's goals and objectives.

6. Flexibility: While strategic planning sets a direction for the organization, it also needs to be flexible to adapt to changes in the environment.

7. Participative Process: Strategic planning often involves input from various levels of the organization. This can help to ensure buy-in and commitment to the plan.

8. Continuous Process: Strategic planning is not a one-time event. It is a continuous process that needs to be revisited and revised regularly to reflect changes in the organization and its environment.

Question

Strategic planning is a systematic process of envisioning a desired future, and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them. It is a part of strategic management and is used by organizations to articulate their strategy and direction as well as to make decisions on allocating resources to pursue this strategy.

Characteristics of strategic planning include:

1. Long-term Perspective: Strategic planning typically looks at the bigger picture and has a long-term perspective. It involves setting goals and objectives for the organization for a period of about 3-5 years or even longer.

2. Comprehensive: It covers all areas and aspects of the organization, from operations to finance, marketing, human resources, etc. It also takes into account the external environment and factors that might affect the organization.

3. Future-oriented: Strategic planning is all about the future. It involves predicting future trends and conditions, and preparing the organization to meet them.

4. Involves Choice: Strategic planning involves making choices and decisions about the best courses of action for achieving the organization's goals and objectives.

5. Resource Allocation: One of the key aspects of strategic planning is deciding how to allocate resources (time, money, personnel) in order to achieve the organization's goals and objectives.

6. Flexibility: While strategic planning sets a direction for the organization, it also needs to be flexible to adapt to changes in the environment.

7. Participative Process: Strategic planning often involves input from various levels of the organization. This can help to ensure buy-in and commitment to the plan.

8. Continuous Process: Strategic planning is not a one-time event. It is a continuous process that needs to be revisited and revised regularly to reflect changes in the organization and its environment.

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