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3CORPORATE STRATEGY—CONVERTING THOUGHTS AND CONCEPTS INTO ACTION

DAVID V. TENNANT, PE, PMP, MBA

High-Level Thinking

What is strategic planning? Why is it important? Strategy has different meanings to different people. To many, a strategy represents a guiding philosophy. To others, it may be a roadmap to take a company from point A to point B. To others still, it is a plan for transition or changing the corporate culture.

In a traditional sense, strategic planning is concerned with the future and with changes in capabilities, products, or services to meet future market conditions. However, it has been the author’s experience that tactical plans—that is operational, one-year advance planning—are sometimes thought of as strategic planning. ...

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