THE IMPORTANCE, SIGNIFICANCE AND NECESSITY OF STRATEGIC PLANNING IN THE MANAGEMENT OF INDUSTRIAL ENTERPRISES IN THE CONTEXT OF MODERNIZATION OF THE ECONOMY

Abstract

Strategic planning in management is the process of documenting and establishing a direction of your small business-by assessing both where you are and where you’re going. Strategy includes processes of formulation and implementation; strategic planning helps coordinate both. However, strategic planning is analytical in nature (i.e., it involves "finding the dots"); strategy formation itself involves synthesis (i.e., "connecting the dots") strategic thinking. As such, strategic planning occurs around the strategy formation activity.