I need answer for the following statement Strategic planning involvesboth , the development of organizational objectives and the laying down of specifications about how they will be accomplished. In this context, outline the major steps in the strategic planning process.

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Strategic planning involves first determining the current assessment of the situation, including where the company is in terms of profitability and competitiveness. The next step is to determine which assets and ventures should be cultivated and which ones should be trimmed.
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Without an idea regarding what you are looking to outline, I believe that you have answered your question already. It would seem that you would need to make objectives regarding your plan. Once the objectives have been outlined, you would need to define different ways by which they could/would be accomplished. Each objective would need specific specifications as to how the objective is expected to be accomplished. Be sure to have multiple ways to accomplish each goal in order to have the most favorable outcome for each.

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