Strategic Planning/ Importance of performance order

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The four major steps are:

Environmental Scan

The environmental scan of an organization includes three components including internal analysis of the firm, analysis of the industry that the organization belongs to and the external macro-environment.

Internal analysis is the analysis of the internal environment of an organization. Through this analysis, the strength and weaknesses of an organization could be determined. Similarly, the external environment analysis explores the opportunities of the organization and at the same time determines the possible threat of the organization as well. This is done by SWOT analysis.

Strategy Formulation

This is the most vital part of ...