of determining goals to be achieved in the foreseeable future. It consists of: (1) Management's fundamental assumptions
about the future economic, technological, and competitive
environments. (2) Setting of goals to be achieved within a specified timeframe. (3) Performance
of SWOT analysis
. (4) Selecting main and alternative strategies to achieve
the goals. (5) Formulating, implementing, and monitoring
the operational or tactical plans to achieve interim objectives.