The first phase of strategic planning is identifying strategic alternatives.
The process through which an organization determines its strategy or direction and decides how to allocate its resources to achieve its strategic goals is known as strategic planning. It could also include restrictions on how the approach is put into practise. In the 1960s, strategic planning rose to prominence in businesses, and it continues to be a crucial component of strategic management.
It is carried out by strategic planners or strategists who do extensive study of the company and how it interacts with its competitive environment. There are numerous definitions of strategy, but in general, it entails deciding on steps to attain the goals, creating a timeframe, and allocating resources to carry out the tasks.
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