Final answer:
Strategic planning is a core business process that involves setting organizational goals, defining strategies, and creating a roadmap for the future.
Step-by-step explanation:
Strategic planning is a core business process that involves setting organizational goals, defining strategies to achieve those goals, and creating a roadmap for the future direction of the organization. It is a systematic and structured approach that helps businesses make informed decisions and adapt to changes in their environment.
Strategic planning includes various steps such as conducting a SWOT analysis (assessing the organization's strengths, weaknesses, opportunities, and threats), setting objectives, developing strategies, allocating resources, implementing the plan, and monitoring progress. It requires careful analysis of internal and external factors that may impact the organization.
By engaging in strategic planning, organizations can align their resources, prioritize actions, and make informed decisions that contribute to their long-term success. It provides a framework for evaluating opportunities, managing risks, and adapting to market dynamics.