Strategic planning is an organization's process of defining its strategy
or direction, and making decisions on allocating its resources to pursue this strategy.
It may also extend to control mechanisms for guiding the implementation of the strategy.
We believe that competitive strategy includes consideration of four key elements:
- Company strengths and weaknesses
- Personal values of the key implementers (i.e., management and the board)
- Industry opportunities and threats
- Broader societal expectations.