The word strategic planning refers to an organization process which includes planning, direction and implementation of strategies. It is considered as framework or the foundation of any business plan. Strategic management is a continuous process which controls the business activities. It mainly takes into account organization's resource allocation and most of the strategic decisions are generally taken by top level management. The strategic planning can be divided into two subheads one is marketing planning another is workforce planning. The Marketing strategy refers to strategies which leads to profit maximization as well achieve sustainable competitive position through sales, where as workforce planning refers to the talent access which will ensure future business success.
Over the year this subject has gained its popularity among management students and lot of expertise are required to come up with strategic solutions for the organization. There are few common techniques which are used in the strategy planning like, PEST Analysis, Porter's Five Forces Analysis, STEER analysis, SWOT Analysis etc.
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