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Strategic planning is a periodic, typically annual process in which organizations' top managers review the organization's strategy, which is its overall direction, competitive positioning, and the resources needed to achieve its short- and long-term goals and objectives. Strategic planning has several phases: formulation, analysis of the strategic environment internally and externally, development and selection of strategic alternatives, and implementation, with feedback from results incorporated as necessary changes in the plan. Strategic planning is part of the overall strategic management process and represents a formal opportunity for the management team to review, assess, and redirect, if necessary, the company's plan of action for a specified period of time into the future. One criticism of the strategic planning process is that it is based on a ...

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