Characteristics of Strategic Planning

Characteristics of Strategic Planning

Strategic planning basically is a management activity to plan the future. It deals that how the organization will exist and perform in the future. Strategic planning is extremely important because it deals with existence aspect for organization.

1. Long Term objective

The strategic management is evaluation of different strategies and implementation of those strategies to achieve the long term objectives. The strategies may be classified into short term, medium and long term. All strategies are directed to achieve the long term objectives.

2. Set Overall Direction

Strategic planning set overall direction of the organization for future and then all actions are strategies are prepared and implemented in context of that direction. The strategic planning set a guideline for the different level of strategies.

3. Integration

Strategic management deals with the overall objective or long term direction of the organization. Therefore this is a very important tool to integrate different department like finance, human resource marketing

4. Deals in Future

Strategic planning is related to future of the company. Long term planning ensures the secure future of the company. It has been observed that many companies which could not plan the future accurately faced many difficulties and many of them even could not survive.

5. Division

Strategic plan is further divided into medium term and short term plans. In other words long term objectives are achieves through achievement of medium term and short term objectives.