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Dif f erence Between Long-Range
Planning and Strategic Planning
The cultural dimensions of organizations have acquired
importance of strategic plans, and organizations are taking
pains to understand the impact of culture on business.
LESSON 4:
LONG RANGE PLANNING AND STRATEGIC PLANNING
Long-Range Planning Strategic Planning
Focus Present Growth
Objective Annual Profits Future Profits and share
Constraints Present Resources
Environment
Future Resources Environment
Rewards Efficiency, Stability Development of Future Potential
Risks No growth Slow Process, Requires Effort
Information Present Business Present Business, Future
Opportunities, threats etc.
Organization Bureaucratic/ Stable Entrepreneurial/ Flexible
Leadership Conservative Creative
Problem
Solving
Reacts, Relies on Past
Experience
Low Risk
Anticipates, Discovers Creative
Approaches
High Risk