Role of Planning in Strategy Development

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Role of Planning in Strategy Development
Strategy development is researching and identifying strategic options by selecting the most promising and deciding how resources will be allocated across the company to achieve its goals (Mallon 1408). Planning plays a vital role in strategy development as it provides the company's management with a layout that helps align the company's functional activities to achieve the set objectives (Mallon 1408). Additionally, it directs management's discussions as well as decision making in distinguishing budget and resource requirements to attain the set goals leading to improved operational efficiency. Planning helps businesses acquire valuable insights on consumer segments, product and service offerings, and market trends, which may affect the business's success in the future (Mallon 1408). Businesses with a strategic plan can be able to anticipate unfavorable situations before they actually happen. It means that businesses can be proactive instead of reacting to situations as they occur Mallon 14...