Running head: PLANNING 1
Strategic Business Planning
Kimberly Stratton Ballantyne
MGT 601: The Functions of Modern Management
Instructor Hill
August 22, 2016
PLANNING 2
Introduction
Every company wishes to be survive and thrive, an important part of a that is the
business’s strategic plan. “Organizations must demonstrate value to all stakeholders”
(Kaufman, 2016, 1). Without a strategy, a business would find it difficult to explain the
organizations vision and goals for the future. A good strategic goal will provide answers
to the who, what, when, where, how, and how much, is needed to achieve their goals
(Plunkett, Allen, & Attner, 2013). In order to develop a plan, all managers follow several
basic steps to guide their efforts (Plunkett et al., 2013). As the wants and needs of the
consumer changes, companies need to change with it. The way to change direction is
through strategic planning; hence the importance of continual review and revision of
strategic plans. Companies without a strategic plan and a willingness to evolve, will fall
