First to fully define what strategic planning involves; assessing the current business environment, defining your company's purpose mission, deciding what you want the business to look like in three to five years, recognizing your company's strengths, weaknesses, opportunities, and threats, and lastly mapping out a course in which to take the company from its current to its desired position (Policastro). Strategic planning has historically been taken care of by top management every one to ten years.
A little history; "by the early 1980s, as U.S. companies found themselves battered by global competitors and more nimble entrepreneurs, the cerebral strategizing of the past looked like a luxury of a more leisurely era. Suddenly, Corporate America was frantically struggling to catch up. Instead of weaving elegant stratagems, companies were scrambling to improve quality, restructure, downsize, and reengineer" (Byrne). But today strategic planning is making a comeback, "suddenly, the idea of rising above the tumult of day-to-day business to ponder the future of markets and competitors is looking attractive again"(Byrne).
But the... [continues]
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