1. Describe a strategic business plan and explain who needs it and for what purposes, explain its content and format.

A strategic business plan is a written document that pairs the objectives of a company with the needs of the market place.
Although a strategic business plan contains similar elements of a traditional plan, a strategic plan takes planning a step further by not only defining company goals but utilizing those goals to take advantage of available business opportunities. This is achieved by carefully analyzing a particular business industry and being honest about your company's strength and weakness in meeting the needs of the industry.

Significance
A strategic business plan is necessary to optimize market research and to attain optimum market share for your b usiness.
- The plan allows businesses to focus on a particular niche in the marketplace, which makes sales, advertising and customer management more effective.
-The plan allows a company to know as much as possible about the needs of its customers and gaps in the marketplace that need to be filled.
- A strategic business plan helps a company provide better, more targeted service to its clients.
Characteristics
A strategic business plan includes extensive market research, industry trends and competitor analyses.
A strategic plan will include the components of a traditional plan, such as an executive summary, marketing analysis and financial statements, but a strategic plan will be more specific on how the company will go about achieving company goals. For example, a strategic business plan will attempt to identify a target market, narrow it down to a manageable size, and establish a strategy for acquiring those customers.

Benefits
Strategic business plan has many advantages.
-The plan can serve as an outline for successful completion of company milestones. Company owners are in a better