Understand the process of strategic planningYou will need to:? assess how business missions, visions, objectives, goals, core competenciesinform strategic planningHere, for each of these terms, you need to: give a definition, give one example, and explainwhat their purpose is (why are they used) and what their contribution is to strategic planningactivity.? analyse the factors that have to be considered when formulating strategic plansMany of the factors involved in strategic planning are common to all planning - for example: theavailability of/constraints of physical resources, time, funds, expertise, etc - but there are otherswhich you must also discuss, such as the influence of competitor activity, trends developing inthe external business environment, and so on.? evaluate the effectiveness of techniques used when developing strategic businessplansHere you need to describe and comment on the effectiveness of planning techniques such as:Forward Planning, Backwards Planning, the STP Model, Scenario Planning, and so on.