Strategic planning is concerned with defining an organization's philosophy and mission, establishing long‐ and short‐range objectives to achieve that mission, and selecting the strategy to be used in achieving those objectives. As part of this process, developing an organization's philosophy and mission is crucial. Such a statement establishes the values, beliefs, and guidelines for the way the organization conducts its business and determines its relationship with its stakeholders—employees, customers, shareholders, suppliers, government, and the public at large.