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The era of rapid globalization and technological development has resulted in constantly changing business environment. The internet and social media have revolutionized the way businesses are managing their
operations. Many companies are now expanding their business operations in different geographical regions.For achieving this global expansion, they are in need of implementing various organizational as well as
functional changes and therefore they require effective change management.
Strategic planning is a process in an organizational culture in which a strategy is defined or a direction is set and then business decisions are taken for allocation of the business resources and assets in
order to pursue the defined strategy. Strategic Planning comprises of two words, i.e. strategy and planning. Strategy means a game plan or a blueprint of set of actions in order to achieve a long term goal or
an overall aim of a business or an individual. Planning, on the other hand, means a thinking process in order to organize the actions required to achieve the ultimate aim or goal by maintaining a balance
between the needs and demands.