A process of defining strategy, or direction, and making decisions on allocating resources to pursue this strategy. In order to determine the direction of the corporation, it is necessary to understand our current position and the possible avenues through which we can pursue a particular course of action. Strategic planning deals with at least one of three keyquestions:
1. What do we do?
2. For whom do we do it?
3. How do we excel?
Tops the planning pyramid as a declaration of the general principles associated with those core values from which the corporation shall function.
The next phase of the planning process, typically done over a five to ten year horizon, which provides something imaginary to strive for as part of the corporation's future. Visioning distinguishes itself from strategic planning as being "strategic thinking". Strategic thinking or visioning is usually tied very closely to competitive goals and objectives which support the vision. It creates possibilities linked to envisioned outcomes which offer distrinctiveness of product or services in the marketplace.