Strategic planning is the process of defining an organization's long-term goals, identifying the resources needed to achieve those goals, and developing a plan to allocate those resources. It involves analyzing an organization's internal and external environment and making decisions to achieve competitive advantage.

Need for Strategic Planning in Business
• Provides direction and focus: Strategic planning helps businesses to set clear goals and priorities, providing direction and focus to the organization.
• Increases efficiency: By identifying areas for improvement and developing strategies to address them, businesses can increase efficiency and reduce waste.
• Facilitates decision-making: Strategic planning helps businesses to make informed decisions based on data and analysis, reducing the risk of making poor decisions.
• Enhances resource allocation: With strategic planning, businesses can allocate resources more effectively, ensuring that resources are used in the most efficient and effective way possible.
• Improves competitiveness: Strategic planning helps businesses to stay ahead of the competition by identifying emerging trends and opportunities and developing strategies to take advantage of them.
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