This document summarizes the key aspects of strategic planning including: 1. The strategic planning process involves analyzing internal/external factors, developing alternative strategies, evaluating strategies, and implementing/controlling plans. 2. Characteristics of effective strategies include relating the organization to its environment, combining different factors to meet objectives, and assuming calculated risks. 3. Advantages of strategic planning are facilitating communication, identifying goals/intent, reducing resistance to change, and improving resource allocation. Disadvantages include cost for small businesses and low success rates of implementation.