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However, reactive strategies are short-term, causing firms to spend a significant amount of resources and time.
Strategic planning helps firms prepare beforehand; it lets the company initiate influence instead of just responding to situations. Some studies show the strategic planning process makes a significant contribution more than the decision itself.
Companies often enter into a joint venture to pursue specific projects.
The JV may be a new project or new core business or mergers.
The concept of strategic planning originated in the 1950s but only became popular in the mid-1960s and the mid-1970s.
During that time, managers and the entire corporate world believed that strategic planning provided answers to most if not all business problems.
Any savvy business person knows that success today does not guarantee success tomorrow.
As such, it is important for managers to evaluate the performance of various strategies after the implementation phase.
The increased dialogue and communication across all the stages of the process strengthens the employee’s sense of effectiveness, initiative-taking, and imagination.
It explains the need for companies to decentralize the strategic planning process by involving lower-level managers.