Importance And Importance Of Strategic Planning

Strategic planning is important to an organization because it provides a sense of direction and outlines measurable goals. Recent developments that have taken place in global economy worldwide have changed the way in which relationships between customers, manufacturers and suppliers are created. With the advancements in technology and communication infrastructures, global trade regimes have been opened so that customers are given wide variety of choices. The businesses of recent times have to focus on their customers and select strategy in accordance with their needs and requirements. In order to meet the demands of customers of these days, it has become important for organizations to revalue their propositions so that they can survive in today 's tough competitive environment. Therefore Strategy is basically the direction that the organization should move into to ensure that it is able to meet its objectives and goals which will allow fulfilment

What needs to change is how they do business—what they sell, where they sell and how they sell it. The same is true for blockbuster, which was put out of business in four years by netflix—the basic needs weren’t changing, the method of meeting them was. Blockbuster just didn’t understand how quickly things were changing and didn’t respond quickly enough.
Chances are good that your basic strategy is still right, but the execution needs to change. The problem is that most organizations confuse strategy with tactics. Have you ever referred to the company’s strategies, plural? Strategy is the single overarching concept that directs the company. Vision is the role you want your company to have in its markets in the future; mission is the purpose for which the company is founded. Get those right, and they last a lifetime. How the company delivers on them—the strategic initiatives or key programs—will change more