For more details on this topic, see strategic planning.
Strategic planning is an organization's process of defining its strategy, or
direction, and making decisions on allocating its resources to pursue this
strategy, including its capital and people. Various business analysis
techniques can be used in strategic planning, including SWOT analysis
(Strengths, Weaknesses, Opportunities, and Threats) and PEST
analysis (Political, Economic, Social, and Technological analysis) or STEER
analysis involving Sociology-cultural, Technological, Economic, Ecological, and
Regulatory factors and EPISTLE (Environment, Political, Informative, Social,
Technological, Economic, Legal and Spiritual).