Discuss the concept of strategic planning in organizational management and outline the key steps involved in the strategic planning process.

Strategic planning involves setting long-term goals and objectives for an organization and developing strategies to achieve them. Key steps in the strategic planning process include conducting a situational analysis, defining the organization’s mission, vision, and values, identifying strategic objectives, formulating strategies, implementing action plans, and monitoring and evaluating progress towards goals. Strategic planning helps align organizational resources and efforts towards a common purpose