Strategic planning is an organizational management activity that helps align priorities, focus resources, and routes all stakeholders towards achieving business goals. It is a disciplined effort that further shapes all activities towards achieving intended outcomes and assesses the organization’s directions in response to changing environments and helps create the marketing strategy accordingly. In simple words, it helps identify what the organization is aiming to become and develops necessary steps needed to reach that level. The 5 basic strategic planning steps are:  1. Formulate a Business Vision: Formulating a vision is an essential part of the strategic planning activities. This is the goal setting stage where you specify the vision of your business and identify the long term and short term objectives. Later you have to ascertain how these goals will be accomplished. These goals should not just be realistic but should also match the values set forth through…