A significant example of strategic choices in Indian corporate scenario in recent times is the growth of Moon Cosmetics Ltd. Moon Cosmetics finalized a deal to enter into a strategic alliance with the Bright Group, as it

Strategic planning refers to the development of strategic plans that involve taking information from the environment and deciding upon an organizational mission and upon objectives, strategies and a portfolio plan. It involves establishing the overall identity of the company, deciding on the strategic alternatives the company will follow and choosing the tactics which the company will emphasize. Simply put, strategic planning involves identifying the long-tern objectives and determining the action plans for the company. The objectives and action plans should be established only after careful assessment and prediction of the future states of relevant environmental factors. Strategic planning process involves the identification of alternatives, the collection of information, evaluation and selection of alternatives and finally formulation of strategic decisions. The components of a well-developed strategic planning is as under: A Mission Statement: An organization's mission statement states the company's purpose and the reasons why it exists. Although the management may have clarity on the mission statement, but its reiteration and linking it to the business objectives acts as a foundation for the formulation of strategic plans and strategies. A Vision Statement: A company's vision statement reveals the bigger objective that the company aspires to achieve. This may be as broad as making the world a better place through its product or service. Whatever may be vision of a company, it should be connected to its strategic plan. Aligning the company's mission and vision statements is the first crucial step towards strategic planning. SWOT Analysis: It involves an overall evaluation of the company's strengths, weaknesses, opportunities, and threats. Knowing these points will help the management of a company to leverage its resources, shore up gaps, and realistically plan its path and the ways to mitigate potential risks. SWOT analysis assist in ensuring the strategic plan is based upon reality and plays an important role in strategic management process. Goals & Objectives: Goals and objectives needs to be specific, measurable, achievable, and time-bound. In view of this, a business organisation must ensure that its goals are achievable, measurable, and can be clearly communicated as part of its strategic planning. The objectives set by the top management should be in synchronisation with the objectives of various divisions and teams. Further, the strategic plans of each division and team should map directly to broader company goals and methods. Strategies: The specific courses of action that the company will take to achieve its measurable goals and specific strategic issues. Action Plans: Detailed project plans outlining the specific steps that will be taken to implement the strategies. Resource Allocation: The allocation of financial, human, and other resources to implement the action plans. Evaluation and Control: Evaluation and control are based on measures and systems to monitor the company's progress toward achieving its organization's goals, objectives and financial plan, and to make necessary adjustments.