MGT 488 Week 1, DQ 1

What is a strategic business plan?

A strategic business plan is defined as, A roadmap that competitively differentiates a company's products & services, target markets, customers, competition & resources needed to deliver products successfully to customers (GEMI, 2010, p. 1). A strategic business plan is the foundation for an organizations mission & prepares a company for potential opportunities. A strategic business plan analyzes the companys resources & capabilities, assesses the external environment & correlates resources, & defines goals to meet the companys desired objective.

Why is this plan important to an organizations long-term success?

Planning is a primary function for a companys success. According to Pierce & Robinson (2009),...