as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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define the term strategic planning.
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strategic planning is the process of creating and setting goals for an organization for the short, medium, and long term. it involves the assessment of an organization's strengths and weaknesses, analysis of external forces such as competition and social trends, and the development of strategies and tactics to ensure success. this process includes detailed assessment and evaluation of the environment, including competitive analysis and forecasting of social and economic trends. the goal of strategic planning is to align the organization's resources with its goals and objectives in order to maximize short- and long-term performance.
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