DQW1-2 - However if we were to sit down and make a plan of...

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What is the purpose of strategic planning and why is it necessary? Strategic Planning is a managerial decision process that matches an organizations resources and capabilities to its market opportunities for long term growth and survival. It is necessary because it is planning for the future that is the key to prosperity. When a business plans strategically they will prosper. We do know that a business will make some mistakes in planning but they will still be successful in making those mistakes. If we were to start up a business on our own we may do this by the seat of our pants and be successful in doing our business that way.
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Unformatted text preview: However, if we were to sit down and make a plan of how we would like to run our business it will go much farther than we could have ever have hoped for. We also need to remember that even though we do plan we can never plan or predict what the future will hold for. This is why every business should have multiple meetings a month to discuss what the next necessary steps are to take. Planning identifies and builds on a business’s strengths, and it helps managers at all levels make informed decisions in a changing business environment....
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