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Employing Stategy in a Competitive Environment

In: Business and Management

Submitted By freelinda911
Words 1445
Pages 6
Assignment 1
Belinda Fryant
Dr. James Batie
BUS 599

Jan 15, 2013

Develop an argument supporting the importance of a strategic plan for the success of the defined business.
Strategic planning is critical to business success. Different from classic business planning, the strategic variety involves vision, mission and outside-of-the-box thinking. Strategic planning describes where you want your company to go, not necessarily how you're going to get there. However, like all other "travel plans," without knowing where you want to go, creating details on how to arrive are meaningless. Strategic planning defines the "where" that your company is heading. Strategic planning is the core of any business. Thompson, A.A., Strickland, A.J., & Gamble, J.E. (2010) Crafting and Executing Strategy: The quest for competitive advantage: Concepts and cases: 2009 custom edition (17th ed).
Unlike business plans, there is no one right way to create effective strategic planning. It is, by definition, brainstorming at its best. Strategic planning involves "feel" just as much as it depends on management science. Since it depends on creativity and outside-the-box thinking, there is no perfect way to design a winning strategic plan. The more you understand your company, your industry, and your corporate "wish list," the better a winning strategic plan you'll create. Pearce, John, & Robinson, Richard Strategic Management 12th edition As critical as business planning is to the success of your company, all plans are useless unless followed by action. An additional side benefit of strategic planning is the natural action plan that stems from identifying your preferred strategy. While strategic planning involves your vision, mission and dreams, it also further defines the rudiments of your action plan to...

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