Answer:

Strategic planning provides a variety of benefits in the organization. Below are some
of the benefits:
1. Clearly define the purpose of the organization and to establish realistic goals and
objectives consistent with that of the mission in defined time frame within the
organizations capacity for implementation.
2. Communicate those goals and objectives to the organizations employees.
3. Develop sense of ownership of the plan.
4. Ensure the most effective use is made of the organizations resources by
focusing the resources on key priorities.
5. Provides a base from which progress can be measured and establish a
mechanism for informed change when needed.
6. Brings everyones best and most reasoned efforts have an important value in
building a consensus about where an organization is going.
Key terms of Strategic Management
1. Purpose this includes the reason why an organization exists. It includes a
description of its current and future business. The purpose of an organization is its
primary role in society, a broadly defined aim (such as manufacturing electronic
equipment) that it may share with many other organizations of its type.
2. Mission it is the unique reason of an organization for its existence and what sets
it apart from all others. The organization's mission describes why the organization
exists and guides what it should be doing. Often, the organization's mission is
defined in a formal, written mission statement. Decisions on mission are the most
important strategic decisions, because the mission is meant to guide the entire
organization. Although the terms "purpose" and "mission" are often used
interchangeably, to distinguish between them may help in understanding
organizational goals.
3. Goals this is the desired future state that the organization attempts to realize.
It is a personal or organizational desired end-point in some sort of assumed
development. Many people endeavor to reach goals within a finite time by setting
deadlines.
4. Objectives refers to specific targets for which measurable results can be
obtained. It also points out to the specific kinds of result the organization 2 seeks to
achieve through its existence and operations. What the organization hopes to
accomplish.

5. Strategy are means by which long term objectives will be achieved. Its role is
to identify the general approaches that the organization utilize to achieve its
organizational objectives.
6. Tactics are specific actions, sequences of actions and schedules an organization
uses to fulfill its strategy. It is also considered as game plan.
7. Policy - Policies include guidelines, procedures, rules, programs, and budgets
established to support efforts to achieve stated objectives. Therefore, policies
become important management tools for implementing them.
8. Strategists - are the individuals who are involved in the strategic management
process. Several levels of management may be involved in strategic decision
making. However, the people responsible for major strategic decisions are the board
of director, president, the chi