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What is meant by strategic planning?

April 26, 2017Business corporations Finance meant planning strategic

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What is meant by strategic planning?

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Strategic planning is done (at management’s highest levels) to meet long-term objectives. It needs to be flexible in order to adjust to changes in the business environment. Basically, strategy is taking a business where you want it to go. Tactical planning (although you didn’t ask about it) is shorter term, and is geared toward execution of a strategy. Example: Oracle Corp. has a long-term strategy to be #1 in ERP software. It wishes to be bigger than SAP. To execute, Oracle bought PeopleSoft. Later, it buys BEA. Oracle is therefore executing its strategy through a series of tactical moves.