Editing Strategic planning (section)

===Overview===
Strategic planning is a process and thus has inputs, activities, outputs and outcomes. This process, like all processes, has constraints. It may be formal or informal and is typically iterative, with feedback loops throughout the process. Some elements of the process may be continuous and others may be executed as discrete projects with a definitive start and end during a period. Strategic planning provides inputs for [[strategic thinking]]: these are best seen as distinct but complementary activities.<ref>Uni Futures Network, [https://web.archive.org/web/20070324050523/http://www.universityfutures.org/rethinking_strategic_planning Rethinking Strategic Planning], archived 24 March 2007, accessed on 23 March 2025</ref> Strategic thinking guides the actual strategy formation. Typical strategic planning efforts include the evaluation of the organization's mission and strategic issues to strengthen current practices and determine the need for new programming.<ref name="book 1">{{cite book |last1=Ingram |first1=Richard |title=Ten basic responsibilities of nonprofit boards |date=2015 |publisher=BoardSource |location=Washington D.C. |isbn=978-1-58686-148-3 |page=42 |edition=third}}</ref> The end result is the organization's strategy, including a diagnosis of the environment and competitive situation, a guiding policy on what the organization intends to accomplish, and key initiatives or action plans for achieving the guiding policy.<ref name="Rumelt2011">{{cite book
| last = Rumelt
| first = Richard P.
| year = 2011
| title = Good Strategy / Bad Strategy
| publisher = Crown Business
| isbn = 978-0-307-88623-1
| url-access = registration
| url = https://archive.org/details/goodstrategybads00rume
}}</ref>

[[Michael Porter]] wrote in 1980 that formulation of competitive strategy includes consideration of four key elements:
#Company strengths and weaknesses;
#Personal values of the key implementers (i.e., management and the board); 
#Industry opportunities and threats;
#Broader societal expectations.<ref name="Porter1980">{{cite book
| last = Porter
| first = Michael E.
| author-link = Michael Porter
| year = 1980
| title = Competitive Strategy | publisher = Free Press
| isbn = 978-0-684-84148-9| title-link = Competitive Strategy
}}</ref>
The first two elements relate to factors internal to the company (i.e., the internal environment), while the latter two relate to factors external to the company (i.e., the external environment).<ref name="Porter1980"/> These elements are considered throughout the strategic planning process.