What is a strategic business plan?

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

Why is this plan important to an organization's long-term success?

Planning is a primary function for a company's success. According to Pierce & Robinson (2009), strategic management is "the...