Steps in strategic planing.

Strategic planing is a systematic approach to analyze the opportunities and threats in the environment ,assessing organization's strengths and weakness,identifying opportunities of competitive advantage,and matching them with organization's resources in a long-term perspective.It aims to developing a fit between organization's resources and activities with changing opportunities in the environment.It makes strategic choice.
The step planing are:

1. Defined organization's vision,mission,objective,strategies

• Vision :It states where the organization wants to be in a long-term perspective.It is also known as strategic intent.It is the aspiration of the organization.
• Mission :It states the reason for existence of the organization.It defines the nature and competitive scope of the organization.It provide direction to the organization for the long-term.
• Objectives :They are desired outcomes.They are end results to be achieving in the long-term.
• Strategic :They are broad action plans for achieving objective.They identify sustainable competitive advantages.The provide direction and scope.

2.Analyse External environment :External environment analysis is done to detect and create scenarios.It consist of political,economics,social-cultural and technological forces.It provides opportunities and threats to the organization.

3.Identify opportunities of competitive advantage :Such opportunities provide position of superiority in relation tom competitors.They can be items of superior skills,technology,resources,and customer value.

4.Analyse internal environment :This focuses on resources and competency analysis. Resources can be human,financial,physical and informational.Organization's resources capability is analyzed.Resources availability is determined.

5.Identify strengths and weakness :International environment of the organization provides strengths and weakness.Assessment of this factor is done to identify core competencies.Core competencies is strength that provide competitive edge to that organization.

6.Match strengths with opportunities :Based on SWOT analysis,organization's strengths are match with opportunities of competitive advantage to formulate strategic plan.