The strategic planning process consists of the following steps – 

1. Analyse the Environment- Indentify those existing and future conditions in the environment that have an influence on the company. The objective in performing this step is to identify new opportunities for existing and new products and services and to identify major future risks to market position and profit margins. Conditions of primary interest would include economic, competitive, chronological, governmental and market.
2. Identify Company Strengths and Weakness- After an analysis of the condition in step 1 and an orderly review of products, markets, processes, personnel and facilities, certain strength and source analysis will not only serve to highlight possible competitive ny but will also lend to focus on opportunities and risks. 
3. Consider Personal Values of Top Management- The aesthetic, social, religious and personal value of top management and influential stockholders exerts a significant influence on strategy. Additionally, the emerging constraints of social responsibility and consumerism are factors to consider (Personal values represent both guides and constraints upon the direction of the business.
4. Identify Opportunities and Risks- The company should, at this point, be able to use opportunities in the environment to fill a unique niche. These opportunities occur when there are specific needs for product (or services) that the firm is uniquely able to supply because of its resources.
5. Define Product/Market Scope – This Involves the explicit definition of the future scope of the company’s activities. The main idea is to concentrate on a very limited number of carefully defined products/market segments. These depend upon the analysis resulting from steps 1 to 4 above. Careful identification of the product/market scope is advantageous because it 
   • reduces time and complexity of decisions /regarding acquisitions, new investments, and other elements of the development plan
   • promotes integration of divisions and other organisational entities by, providing a basis for their plans
   • allows the company to focus on decisions and actions that take advantage of their competitive edge. 
6. Define the Competitive Edge – This requires a.careful evaluation of unique coin • and skills position market advantages and other competitive factors.
7. Establish Objectives and Measures of Performance – Quantitative specifications are required for the desire to describe many characteristics of the firm and to provide a clear definition of strategy. Quantitative goals may be established for such parameters  as annual rate of growth of sites, profits, return on investment, market share, number of employees, value of asset debt, standing in the industry, and so on. 
8. Determine Development of Resources – Should resources be applied to growth from within or to acquisitions? What areas should the company focus its resources upon? Readjustment of application of resources is thus established In a manner similar to the grand-scale shift of men and material in military conflicts. Conversion from one type of resource to another as changing from labour-intensive to capital-intensive manufacturing is also a part of such deployment.