Strategy implies the arrangement of deeds in the long run meant to achieve a firm’s goals and objectives in order to be successful. It involves clearly identifying the firm’s problems and costs to assist the management to establish the way forward putting into consideration the resources available for utilization.
At the same time, strategy involves being familiar with every aspects included in it and attempting to apply them in real world or in business. In addition, strategies are practical as they are intended to offer directions and they are formulated inside the organization. More so, they are controlled entirely by the organization undertakings and they are only practiced one time followed by the functional procedure that has no distinctive fundamentals.
On the other hand, strategic planning involves the company’s procedure of identifying its intended direction or strategy and assessing the rational way of utilizing the organizations resources to succeed in its defined strategy. It defines the organizations products, its intended customers or market and the best way to achieve its goals and objectives or expand its profits. Literally, the strategic planning attempts to establish the current status of an organization and where it needs to be in the coming years and the best or rational way to get there while expanding its profitability and reducing the operating costs.