The process typically moves from analysis—of markets, capabilities, and trends—to choices about focus, then to goals and resource allocation. Its output is not a document but a shared understanding of what the organization will and will not pursue. Clarity about the "will not" is often the most valuable part.
Modern strategic planning is continuous rather than annual. Fixed year-long plans age quickly in volatile markets, so leaders increasingly pair a stable long-term direction with shorter cycles of review and adjustment.