Strategic planning is a process of comprehensively determining and mapping the future direction of a company through analysis of the current position in terms of activity then analyzing different courses of action that can enable the firm achieve its long term objectives (Gale, 1985).
The key components of strategic planning are as follows:
Vision This is a clear outline of what the organization wants to be in future, in different areas like profitability, social corporate responsibility among other areas. As a way of example, there is an enterprise whose vision is ‘’to be the world’s most respected group in protecting shareholder’s wealth’’ .This gives a summary of the enterprise’s ...
