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 of organization 's mission and vision.
For almost two decades, managers have been learning to play by the new set of rules. Positioning was once the heart of strategy is rejected as too static for today 's dynamic markets and changing technologies rivals can quickly copy any market position, and competitive advantage. Under pressure to improve productivity, quality, and speed, managers have embraced tools such as TQM, benchmarking, and re-engineering. Dramatic operational improvements have resulted, but rarely have these gains translated into sustainable profitability. Businesses must be flexible to respond rapidly to competitive and market changes. They must benchmark continuously to achieve best practice and must outsource aggressively to gain efficiencies. Micheal Porter believes t...
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...ganization so that competitive advantage can be achieved and sustained for long time. An effective strategy is to serve customers with perfection so that needs of the specific market can be successfully achieved. Only those strategies are able to work well in today 's competitive environment that incorporates all current and future needs along with existing and potential customer demands assessment. Every business strategy should focus on four key elements to survive in ever changing business environment i.e. scope of business, needs and demands of customers, the way in which organisation will do exploitation of advantages and mechanism by which competitive advantage will be attained by the organization. Hence, the strategy will describe necessary actions that are mandatory for implementation of the strategy along with the reasons for changing the strategy.
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