Strategic planning:
A) is a coordinated set of actions that fulfills the firm's objectives, purposes, and goals.
B) helps define the type of organization the firm intends to be, and the nature of the contribution it makes to its constituents.
C) is an effort by which an organization defines the nature of the products and/or services it provides.
D) is the process by which a firm decides its direction over the next several years.

Question

Quizplus · Accepted Answer

Strategic planning is the process by which a firm decides its direction and makes decisions about allocating its resources to pursue this direction over the next several years. It involves developing a clear understanding of the firm's purpose, objectives, and goals, and then determining how best to achieve them through coordinated actions. While choices A, B, and C are all important elements of strategic planning, they do not fully capture its essence.

Strategic Planning