Operations Management, Binder Ready Version: An Integrated Approach
Operations Management, Binder Ready Version: An Integrated Approach
6th Edition
ISBN: 9781118952610
Author: R. Dan Reid, Nada R. Sanders
Publisher: WILEY
Question
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Chapter 13, Problem 1DQ
Summary Introduction

Interpretation: Importance of the Strategic Business Plan needs to discussed.

Concept Introduction: A strategic business plan is created to focus on the long-term goals and its strategy to achieve those objectives.

Expert Solution & Answer
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Explanation of Solution

A plan that helps to make the business successful is referred to as the Strategic Business Plan.

Importance of a Strategic Business Plan are:

  1. It lays on the company's goals and tells the importance of planning.
  2. It also helps in improving the performance of the company. For instance-The strategic business plan can provide the ways for restructuring the organization so that it can be effective.
  3. The strategy also helps in developing the new products, entering to the new markets, expanding the work, solving the issues of the organization.

Therefore, a good strategic plan helps to direct the ways to respond to the challenges and opportunities of every shape, size, and color.

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