What does the managerial process of strategic planning involve?

The managerial process of strategic planning inherently focuses on aligning resources with market opportunities, which is crucial for an organization's long-term success. This entails evaluating both internal capabilities and external market conditions to ensure that the organization's resources—such as human talent, technological assets, and financial capital—are effectively utilized in ways that capitalize on current and emerging market trends.

Strategic planning involves a comprehensive analysis of an organization’s strengths, weaknesses, opportunities, and threats (SWOT analysis), which helps in identifying the most advantageous market opportunities. By aligning resources with these opportunities, organizations can create competitive advantages, optimize their operations, and ensure sustainable growth. This approach contrasts with short-term goals, like maximizing immediate sales or reducing operational costs, which do not provide a holistic view of the organization's future trajectory. Implementing promotional strategies, while important, is a part of the broader strategic plan rather than the entirety of the planning process.