Today competitive landscapes of industries are experiencing volatile shifts due to global economic conditions. Organizations have to explore different avenues to maintain and subsequently increase market share and growth. Unfortunately, organizations are experiencing downward spiraling of profits, substantial decrease in sales, increased operational costs, and tighter restraints on corporate governance and sustainability. These factors have resulted in organizational changes, workforce reduction, and decrease in spending, closures and investments. The development of solid strategic plans is imperative to the health and growth of any organization. Organizations normally have annual strategic planning sessions in which they review the past year and plan future endeavors. Executives have to decide on which approach (top down or bottom up) will be used to communicate and test the impending strategy. Strategic planning entails several components and factors that help form and shape the future of the organization. A strategic plan begins with the organization's vision, mission and val......

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