Strategy:

The competitive moves and approaches to create a successful business are known as
“Strategy.”

Strategic Management:
The art of formulating, implementing and evaluating the decisions of an organization so
that organization can achieve its objective is known as Strategic Management.

Strategic Planning
Strategic planning is to frame out the guideline of how to achieve an organization’s
objectives and goals. It is an effort to develop some basic decisions and procedures to
shape an organization its process, purpose of the process with a focus in future.

SWOT
SWOT identifies the strategic factors Strengths, Weaknesses, Opportunities and Threats
of a company. It identifies not only the core competencies but also the opportunities that
the firm can use and become successful.

PEST Analysis
PEST analysis is used to scan the external macro environment of an organization. This
analysis is more focused on the external environment and factors that affect the current
and future business. The acronym PEST stands for Political, Economic, Social and
Technological factors.

Tactical planning:
Tactical planning can be defined as the systematic determination and scheduling of short
term activities that are required to achieve the objectives of strategic planning.

Vision:
The desired or the anticipated future of an organization in terms of organization’s
fundamental objectives is known as the vision of an organization and it is well defined by
the vision statement.

Mission:
Describing the fundamental purpose of an organization and why the organization exists is
known as mission of organization and it is given clearly by the mission statement.

Strategic goals:
The statement that gives us the desired state an organization is to achieve within a
specified time is known as Strategic goals.

Contingency Planning
A systematic approach to identify what can go wrong in a situation can also be said as
contingency planning. Contingencies can be said as the relevant events that are
anticipated by the planner.