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Strategic planning is the mechanism by which an organization determines its strategy, of course, and makes decisions about allocating its resources to execute this strategy. It can also extend to control structures to direct the strategy's implementation. During the 1960s, strategic planning became common in companies and remains a significant feature of strategic management. It is carried out by strategic consultants or strategists, who, in their study of the company and its relationship to the world in which it competes, include multiple parties and research sources.
Strategy plans typically include the establishment of strategic goals within a specific timeline, the determination of actions to achieve the objectives, and the mobilization of resources to enforce the actions. A strategy describes how to accomplish the ends (goals) by means of the means (resources). An organization's senior leadership is typically charged with deciding strategy. As the company adapts to its environment or competes, the strategy can be planned (intended) or can be observed as a pattern of operation (emergent). ‘Strategy’ entails the development and implementation processes; ‘strategic planning’ helps to coordinate both. It is, however, analytical in nature (i.e., it involves "finding the dots"); strategy formulation itself involves synthesis through strategic thinking (i.e., "connecting the dots"). As such, strategic planning takes place around the activity of strategy development.
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