Compare and Contrast Strategic Planning with Strategic Management / Distinguish between Strategic Management and Strategic Planning
Strategic Planning
Strategic Planning is defined as a systematic process or organization’s process of envisioning a desired future, and translating this vision into broadly defined goals or objectives and sequence of steps to achieve them. It is an organizational management process activity that is used to set priorities, focus energy and resources, strengthen operations, ensure that employees and other stakeholders are working toward common goals, establish agreement around intended outcomes and assess and adjust the organization’s direction in response to a changing environment. In process of strategic planning, the planner should ask to himself/herself that “What must be done here to reach the higher stage?” and “What must be done at the lower stage to reach higher stage?”. This makes the plan more strategic and drastic.
