steps of the strategic planning cycle

Submit a 3 page evaluation of the benefits and challenges of implementing strategic planning within an organization.
Your evaluation should include the following:

What are the steps of the strategic planning cycle? Be sure to include a condensed description of the value of each step to a professional organization.

What are the long-term business benefits of strategic planning?

What are the unique hurdles that companies need to be aware of when implementing the foundations of strategic planning? Explain with specific examples from scholarly sources.

Based on your research and/or personal experience, would there ever be a reason why an organization would benefit from not utilizing strategic planning? Provide a rationale for your answer with specific examples from scholarly sources.

References:

Dyer, J. H., Godfrey, P., Jensen, R., & Bryce, D. (2016). Strategic management: Concepts and tools for creating real world strategy. Hoboken, NJ: John Wiley & Sons.

Ali Mahdi, H. A., Abbas, M., Mazar, T. I., & George, S. (2015). A comparative analysis of strategies and business models of Nike, Inc. and Adidas Group with special reference to competitive advantage in the context of a dynamic and competitive environment. International Journal of Business Management & Economic Research, 6(3), 167-177. Retrieved from http://www.ijbmer.com/

Bereznoi, A. (2014). Business model innovation in corporate competitive strategy. Problems of Economic Transition, 57(8), 14-33. doi:10.1080/10611991.2014.

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