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Strategic Planning

Meaning & Definition

Strategic Planning

A coherent planning strategy whereby businesses define their values, objectives and needs and then allocate resources and organised processes to help the business achieve these values and objectives. Strategic planning is a major part of formulating three-year, five-year and 10-year plans. A variety of techniques exist to help businesses plan strategically, including SWOT (Strengths, Weaknesses, Opportunities, Threats) in their Succession Planning definition.

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