Recognizing these weaknesses, many institutions have introduced a more rigorous planning program aimed at defining or redefining the basic objectives, economics, competitive profile, and outlook of the company. These formal strategic-planning processes show a distinct family resemblance. They usually begin with an assessment of environmental trends and an analysis of the company’s strengths and weaknesses. A statement of corporate goals is then developed. From these three elements, a juxtaposition between the organization’s present position and its desired position is derived; comparison of the two positions defines the well-known strategic gap. Finally, plans are developed to close the gap and bring the two positions together.