Strategic planning plays a crucial role in identifying competitive factors in an industry. It helps in understanding the key factors that the industry has been competing on for a long time. This understanding allows businesses to eliminate or reduce efforts in these areas, thereby saving resources. Furthermore, strategic planning aids in identifying underserved areas where a business can differentiate itself. By allocating more resources to raise or create more value in these factors, a business can gain a competitive edge.
What’s the best way to turn business challenges into strategic opportunities? With a structured case...
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