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Importance of Having a Strategic Business Plan to Success

1. What is a strategic business plan? Why is this plan important to an organization's long-term success? What role does innovation play in developing a strategic business plan?

2. What are the components that comprise a sustainable competitive advantage for a firm? How might these components vary for different industries?

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A strategic business plan is a plan that describes the action plan or business plan of the organization to achieve desired goals and objectives via strategic steps or actions formulated by the company. In other words, a strategic business plan outlines the strategic steps that an organization would take to outshine competitors and achieve desired goals via set of actions.

For a longer term success of the company, this plan is extremely important because it identifies those key strategic actions or steps that a company must take in order to ...

Solution Summary

What is a strategic business plan? Why is this plan important to an organization's long-term success? What role does innovation play in developing a strategic business plan?

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