It provides a framework not only for the improvement of programs but also for the restructuring of programs, management, and for evaluation of the organization's progress in these efforts.
The vision or mission identifies the organization's purpose and its desired future state.
Most people in an organization should involve in the process to move it towards the strategic goal.
Thus, strategic management identify and make the necessary changes and measures the organization’s performance while it moves towards its vision.
Objectives answer the questions of who is responsible, what specifically will be done, how and where it will be done, and when it will be completed.
The goals and objectives must convey at all times a sense of movement toward the desired end state.
Without properly strategic planning any organization is just waiting for unseen problems to interrupt normal business operations.
Strategic planning could be considered the backbone of the foundation of an organization.
The best portfolio is the one that best fits the company's strengths and weaknesses to the opportunities in the environment.
The company must analyze its current business portfolio and decide which areas should receive more, less or no investment.