Strategy defines a company’s position, makes trade-offs, and forges the fit among activities (Porter, 1996). A strategy is the pattern or plan that integrates an organization’s major goals, policies, and action sequences into a cohesive whole (Mintzberg et al., 1996). Strategic planning is a component of strategy; it is an active option to cope with the future. Strategic planning is defined as “the process of developing and maintaining a strategic fit between the organization and its changing marketing opportunities” (Kotler and Murphy, 1981). Drucker (1993, p. 125) once noted that “strategic planning is the continuous process of making present entrepreneurial (risk-taking) decisions systematically and with the greatest knowledge of their futurity; organizing systematically the efforts needed to carry out these decisions; and measuring the results of these decisions against the expectations through organized, systematic feedback.” In general, strategic planning may be interpreted as an organization’s process of defining its mission, or goal, and making decisions on allocating its resources to pursue this mission and goal. Strategic planning was introduced into management by nonprofit organizations such as universities and foundations in the 1970s (Liu and Li, 2006, p. 4). The upsurge of strategic planning among higher education institutions (HEIs) was correlated to the changes in higher education in the latter period of the last century, including changing demographics, reduced funding, introducing new technology, increasing globalization and increasing scrutiny from the public sector (Leslie and Fretwell, 1996; Sporn, 1999; Keller, 2006). It became vital for a university to enhance its adaptability to its environment through innovative strategies and professional academic management in this period of change (Sporn, 1999, p. 6; Salminen, 2003). The research literature on university strategic planning correspondingly grew; many books and articles discussed the values and theoretical frameworks of strategic planning in the context of higher education, discussed the important factors in the process of formulating and implementing a plan, and provided guidelines for university planning (Keller, 1983; Shirley, 1983; Haas, 1980; Norris and Poulton, 1987; Buckland, 2009). There were also some discussions about specialized strategic plans. For instance, strategy of internationalizing universities was a hot topic in a global era (Knight, 1994; Teichler, 1999; Yonezawa et al., 2013).