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. Strategic planning became prominent in corporations during the 1960s and remains an important aspect of
strategic management. It is executed by strategic planners or
strategists, who involve many parties and research sources in their analysis of the organization and its relationship to the environment in which it competes.