The leadership team at bud’s distributors, a regional beverage company, collaborated during a two-day meeting to discuss and revise the company’s mission and goals, identify strengths, weaknesses, opportunities, and threats, and create a marketing plan. The process implemented by bud’s distributors is called Strategic Planning.
Strategic Planning: Leaders of a company develop their future vision and determine their organization's goals and objectives through the process of strategic planning. Establishing the order in which these objectives should be accomplished can help the organization attain its stated vision.
Advantages of Strategic Planning:
1) It enables businesses to take a proactive approach as opposed to a reactive one.
2 )It establishes a sense of direction.
3) It boosts operational effectiveness.
4) Market share and profitability have both increased.
5 )It can strengthen a company's resilience.
The process implemented by bud’s distributors is called Strategic Planning.
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