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Running Head: Strategic Planning Strategic Planning [Institute’s Name] [Writer’s Name] Strategic Planning Every organization or business requires strategic planning in which the managers or entrepreneurs of the venture decide how to coordinate their activities in order to achieve their goals…
The company or venture is then responsible for devising strategies in order to implement these goals and fulfill these processes. Strategies include marketing, finances, management, administration, and other areas of business. Pre-planning and market research is essential in the planning process as slight imperfections or the onslaught of unforeseen events may cause a business plan to fail. Businesses devising strategies must consider the strategies of competitors and must mould their strategies in comparison to the competition. They must also plan for emergencies or unforeseen events that may affect their business strategy. Each business or venture is different and has various purposes for existence. Some organizations are nonprofit organizations which focus on community and social welfare instead of economical prosperity. Some ventures are service oriented will others are focused upon selling or manufacturing a product (Bryson, 1988, pp.73-74). ...
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