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Is a strategic plan the same as a business plan

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In the hyper-competitive environment, it is difficult for business houses to survive, grow and expand in the long-run if they do not have strategic planning. A strategic planning is an activity, which determines the objectives and considers both internal and external environment to design, implement, analyze and adjust the strategies, to gain competitive advantage. Strategic Planning is not exactly same as strategic management , which implies a stream of decisions and actions taken by the top level managers to achieve organizational goals. It is nothing but the identification and application of strategies, to improve their performance level and attain dominance in the industry.
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Strategic Planning vs Strategic Management

Is a strategic plan the same as a business plan
Is a strategic plan the same as a business plan
Is a strategic plan the same as a business plan
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Strategic Planning: Clarifying the Mission, Vision and Values | UniversalClass

In the late fifties and early sixties, for example, the US. On the other hand, strategic planning assumes that an organization must be responsive to a dynamic, changing environment not the more stable environment assumed for long-range planning. Certainly a common assumption has emerged in the nonprofit sector that the environment is indeed changeable, often in unpredictable ways. Strategic planning is based on establishing a long-term plan to achieve a specified mission, through the attainment of objectives set. These objectives provide empirical information that the strategy is working. A strategic plan looks out over an extended time horizon, three to five years or more.
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Plan vs Strategy: Is There a Difference?

It decides beforehand, what, when, how the task is to be accomplished. It is the skill of managing affairs of the enterprise. In the business, one might come across with the terms planning and strategy, end number of times.
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A few months ago, we sent an email to our nonprofit and agency friends and clients about business planning —a key process for organizations that want to increase their impact and reach their next level of success. In response, we were asked about the difference between a strategic plan and a business plan. The distinction is important in helping you decide what kind of plan can best guide your organization, so we want to share it with you here. The business plan addresses the question of aligning your organization to achieve your goals. What are the opportunities to reach new markets?
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