The Importance of Strategic Planning and Decision Making in Dynamic Business Environment

Publication Date : 01/01/2020

Author(s) :

Imade Taye Peter , Edobor Sunday Ernest.

Volume/Issue :

Volume 1

Issue 1

(01 - 2020)

Abstract :

Strategic Planning and strategic decision making has been among the highest ranked issues on management agenda for many years. As such, strategic planning and strategic decision making should be a major concern for re-searchers as well. A strategic planning structure allows the organization to stay focused on plans, therefore able to deal with change effectively. Creating a rough outline or game plan by the issuing of a mission statement is part of the strategic management process. To coincide with a mission statement, a vision statement is created that describes what the organization wants to become. The role in strategic decision-making process has strategic analysis. It often brings the important information about evolution and development of environment inside and outside the company and reveals possible opportunities and threats that needs to be considered in strategic decision making. It is discovered in this paper that strategic planning and strategic decision making facilitates business performance in a changing environment. It is recommended that for any business organization to do well, emphasis must be given to proper business strategic planning and strategic decision making.