Strategic Planning

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Strategic Planning Student`s Name Institution of Affiliation Strategic Planning Introduction Planning is the most significant aspect of an organization. It doesn’t matter whether a business is big or small; a good plan means that company will achieve it set goals successfully. A program enables firms to plan for coming opportunities and challenges. Consequently, this allows the organizations meet the need of their target customers effectively. The planning process should be creative and simple to be understood by all stakeholders. Strategic planning entails deciding the goals of an organization and the necessary strategies for attaining these goals. Additionally, it also involves mobilizing resources to execute the required plans. Strategic planning became popular among companies during the 1960s. Strategic planning is considered both a reaction tool and a tool for adapting to future changes an organization. It provides a platform for corporations to adjust their activities and services to go along with the needs of the industry. It also enables corporations to make improvements to program as well as restructuring them to fit with the changing environment. We are going to have an in-depth analysis of the various strategic planning theories and techniques in a business environment and how corporations use them to promote and sustain their operations. The resource based-theory is the most common strategic planning management theory employed by an organization. It states that a corporation is made up of resources and capabilities. These consist of physical, financial, and human assets (Barney, 2014). The foundation of this theory is that resources are scarce

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