The strategic planning process: a navigational tool for competitive advantage

Nicholas O'Regan and Abby Ghobadian

International Journal of Process Management and Benchmarking, 2005, vol. 1, issue 1, 63-81

Abstract: In today's turbulent environment, managers increasingly need reliable navigational tools to achieve competitive advantage. Many academics and practitioners consider strategic planning to be such a tool. This view is supported by empirical evidence that shows a close correlation between well-developed strategic plans and superior performance. However, to-date there is no consensus on what "strategic planning" is and what its main characteristics are. This has resulted in a degree of confusion leading to some doubts on the value of the strategic planning process. This paper identifies the key factors and sub-factors in the strategic planning process.

Keywords: strategic planning; competitive advantage; management tools; decision making. (search for similar items in EconPapers)
Date: 2005
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