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In firms with multiple sbus, the first step in strategic planning is for top management to establish a mission for the entire corporation.
Strategic planning is that process in which an organization's leaders first of all define their vision for the future and after defining the future vision they identify their organization's goals and objectives.
The process of strategic planning includes establishing the sequence in which the goals defined by the organization should be realized so that the organization can reach its stated vision in future.
Strategic planning generally represents mid to long-term goals with a life span or time period of two to five years, however it can go longer too.
This is different than business planning. Business planning typically focuses on short-term and tactical goals only. The time covered by a business plan can be from several months to several years.
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