10 Strategic Planning Definitions

Strategic management is an important discipline in management theory and practice and managers in all levels have to understand what exactly it is. So how do we define strategic management? I've compiled a list of 20 strategic management definitions from many books and online resources to help you better understand the subject. If you want to find out more about what is strategic planning, its benefits and drawbacks, please visit Strategic Management Insight website.

1. Strategic planning can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives.

2. An integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage.

3. The systematic analysis of the factors associated with customers and competitors (the external environment) and the organization itself (the internal environment) to provide the basis for maintaining optimum management practices.

4. Strategic planning includes understanding the strategic position of an organization, making strategic choices for the future and managing strategy in action.

5. It the process by which managers of the firm analyze the internal and external environments for the purpose of formulating strategies and allocating resources to develop a competitive advantage in an industry that allows for the successful achievement of organizational goals.

6. Strategic planning is a continuous process of strategic analysis, strategy creation, implementation and monitoring, used by organizations with the purpose to achieve and maintain a competitive advantage.

7. Strategic planning is a process which embraces the strategies together with the themes of excellence in their implementation, creativity and innovation when they are changed and the effective and timely management of these changes.

8. It can be defined as a bundle of decisions and acts which a manager undertakes and which decides the result of the firm’s performance.

9. Strategic planning analyzes the major initiatives taken by a company's top management on behalf of owners, involving resources and performance in external environments.

10. Strategic planning is understood as a process of information and decision-making, which is supported by the management functions of planning, organization, motivation and control.

I hope all the previous definitions gave you a clearer view of what the subject is all about. It is important to note that these descriptions are not my own and the credit goes to the following resources:

1. David, F.R. (2009). Strat.Mgmt.: Concepts and Cases.
2. Rothaermel, F. T. (2012). Strat.Mgmt.: Concepts and Cases.
3. http://www.businessdictionary.com/definition/strategic-management.html
4. Johnson, G, Scholes, K. Whittington, R. (2008). Exploring Corporate Strategy
5. Cox, M. Z., Daspit, J., McLaughlin, E. and Jones III, R.J. (2012). Strat.Mgmt.: Is It an Academic Discipline?
6. http://www.strategicmanagementinsight.com/strategic-management/strategic-management-and-strategic-planning.html
7. Thompson, J. and Martin, F. (2010). Strat.Mgmt.: Awareness & Change
8. http://www.managementstudyguide.com/strategic-management.htm
9. http://en.wikipedia.org/wiki/Strategic_management