Strategic planning is the process of formulating, implementing and evaluating strategies to support the cross functional decision of the company. In today’s world, everything is changing with unexpected speed.Competition,Innovation,polices,environment,technology and human resource are some major concerns of the company.Companies follow the traditional ad-hoc,forecasting methods to compete in the market will not work for long term. Strategic planning is now become mandatory process to clearly define company objectives,goals,internal resources,external factors and to evaluate overall cycle for eliminating bottlenecks.[sky]
Strategic planning process compromise of following following phases.
1-Company vision & mission
2-Internal audit
3-External audit
4-Formulation of strategy
5-Implementation of strategy