What is the process called when a business seeks to achieve its objectives through planned activities?

The process in which a business seeks to achieve its objectives through planned activities is termed strategic planning. Strategic planning involves defining the organization's direction and making decisions on allocating its resources to pursue this direction. This process often entails setting long-term goals, determining the means to achieve them, and ensuring that the activities of different departments align with the overall objectives of the business.

It is crucial for establishing a framework that guides operational decisions and resource allocation, ultimately leading to the realization of the company's vision and goals. This contrasts with management strategy, which is more focused on the implementation and adaptation of plans in the context of current operations, while operational efficiency pertains to maximizing resources in day-to-day functions. Financial forecasting, on the other hand, primarily focuses on predicting future financial outcomes based on historical data and trends. Therefore, strategic planning encapsulates the essence of aligning planned activities with the organization's objectives effectively.