Page 67 - Azerbaijan State University of Economics

THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.78, # 2, 2021, pp. 63-73

Strategic planning is described as a "purposeful, systematic activity to make
proper decisions and actions that shape and control firm purposes and
objectives, what it does, and why" (Bryson 2011, 7–9), according to Bryson
et al (2018). Organizations throughout the world are constantly utilizing
strategic planning that meets this requirement, according to the report. It can
also be used on entire firms or sections of them, indicating that if this
technique is implemented in gold mining in Sudan, the firms may be able to
meet their goals and objectives. Strategic planning is a subset of strategic
management, which integrates planning and execution Albrechts, L.,
Balducci, A., & Hillier, J. (2016). while J. L. Kaufman and H. M. Jacobs
(1987) believe that many of the ideas embodied in this technique, they claim,
have indeed been part of planning curricula for years, but most managers see
it as "old wine in new bottles." However, they feel that the overwhelming
adoption of project planning and implementation should be viewed as an
opportunity to revive engagement throughout the field. Akinyele, S. T., &
Fasogbon, O. I. (2010). The study's findings suggest that strategic planning
leads to higher firms’ performance, which also influences the company’s
long existence, and that strategic planning intensity is influenced by
managerial, ecological, and organizational factors. The diagram below in
figure display four steps in the process of strategic planning

Figure 3: Four steps in the process of strategic planning

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