Let understand that Strategic planning is the approach used to for process of documenting and establishing the direction of the organisation goals and objectives.
- Strategic planning creates an organization vision, mission and priorities etc
- Let understand that "Strategic management" refers to the overall process of strategic planning to implementation and executing of other plan.
The key reason for adopting these plan are:
- Gives direction and momentum: The plans gives an organization direction on how to operate.
- Encouragement of new ideas: The plans helps to encourage new ideas because the business new to expand.
- Its gives Sustainable competitive advantage.
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