Respond to the below statement in 200 words or more with references in APA format.
Strategic planning is important to an organization because it provides the purpose and direction of future goals of an organization. It is a management tool that determines the organization’s objectives for short-term and long-term goals. In order for an organization to accomplish and meet its goals and objectives, it has to have a structured process to plot and to follow. Strategic management improves an organization’s performance by creating a need to acquire additional job knowledge and establish the functionality of each units and departments at the workplace. Implementing strategic planning provides value to the organization and to its stakeholders.
The acronym S.P.A.D.E. had been used to support the process in strategic planning:
START – Organizing to plan, engaging affected parties
PURPOSE – Sizing up the strategic challenge, setting targets
ANALYSE – Strengths, Weaknesses, Opportunities, Threats, and generate options
DECIDE – Devising Strategies from the options looked at
EXECUTE – Evaluating and Actioning strategies