The management to set the priorities and focus resources and energy the attainment of the priorities uses strategic planning. It is the guiding map of organizations. It is meant to foresee the future by analyzing the already known facts. To get forward any company requires directions and this is what strategic planning does. It gives the company the directions to follow as it endeavors to attain its mission and vision (Abraham, 2012). The strategic focuses much on the long-term prospects of an organization. It foresees the direction of the company for the next few years.

The process follows several steps. The first step is to analyze the current state of the company. This includes the SWOT analysis. This examines the company weaknesses, strengths, threats and opportunities.  The next step is to define the future state. This includes setting the vision and mission that fits the future aspirations of the company.  Next is to determine the objectives and the strategies to be used to achieve them (Abraham, 2012). The objectives must be in line with the vision and mission.  Lastly, the plan is implemented and evaluated from time to time. Evaluation ensures that any changes are factored in to the plan.

Strategic planning sets the objectives and the goals of the company. The strategic plan also outlines how the goals and objectives are to be achieved. Strategic management on the other hand is the implementation of the goals as set by the strategic plan.

Reference

Abraham, S. C. (2012). Strategic management for organizations. San Diego, CA: Bridgepoint Education, Inc.

Response to Josephine Davis-Fogle

Great piece of work Josephine, I agree with you that strategic planning is putting in place a game plan that will direct the company to the right direction.  It is crucial to any company because it ensures the company does not lose sight of the long-term goals. It is evaluated and adjusted timely to fit the existing conditions. Management planning is different in that it is involves implementing the strategic plan effectively. It ensure that the company is in the right track.

Response to Joshua Obenchain

Great work Joshua, strategic planning involves setting the course of plan of the company.  It allows the company to set and assess the goals and objectives. It incorporates the company’s vision and the strategies to achieving the vision. It analyzes the current state of the company and uses the results to forecast the future state of the company. Strategic management is the execution of the strategic plan effectively. Strategic planning sets the goals and strategic management achieves the goals.

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