Strategic plans define the organization’s long-term vision and show the organization intends to make its vision a reality. It describes how a firm will adapt to take advantage of opportunities in its constantly changing environment in order to maintain strategic fit between the firm’s goals and capabilities and these market opportunities. It is a disciplined effort that produces fundamental decisions and actions that shape and guide what an organization is, who it serves, what it does, and why it does it, with a focus on the future.
Objectives of strategic planning:
There are many objectives of strategic planning. These are as follows:
- Assistance in establishing operational plan;
- Co-ordination in total work;
- Establishing discipline;
- Facing competition;
- Assistance to motivate employees;
- Achieving organizational goals;
- Assistance to evaluate and control;
- Verification of long-term growth potential;
- Defining objective and method;
- Help in decision making;
- Proper utilization of resources;
- Determining competitive position.