Every organization must needed strategic management and planning to achieve common objective. Strategic Management and strategic planning are different concepts which followed by organizations.
Importance of strategic planning
#1. Requirement for sustained competitive advantage
Without following strategic planning some companies may achieve competitive advantage but for the most businesses out there it is compulsory to plan strategically to get success, i.e., Research, analyse, create, implement and then monitor their strategy and this is a continuous process.
#2. Views things from broader perspective
This is another main reason why the organisations not able to rely on their finances, operational functions and marketing area to bring the competitive advantage. The managers of each area are seeing things in their specific angles. Whole organization is a too broader analyse to rely upon.
#3. Facilitates Collaboration
Nowadays, most companies are involved middle managers of functional areas into the process of formulating strategic plan. Middle managers are the people who are part of implement the strategies set out in a plan. if they are not involved in making the startegical plan, then they aren’t so committed or loyal to support it.
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