The importance of plans and planning to ensure the success of today's business strategies

Seminar paper from the year 2005 in the subject Business economics - Business Management, Corporate Governance, grade: 72%, First, University of Lincoln (University of Lincoln), language: English, abstract: The purpose of this paper is to assess the claim that plans and planning are no longer central to ensuring the success of strategies. Strategic management is a complex field, however strategic management as a substantial issue for organisations has only been around for the past 40 or 50 years. The assessment of the above claim requires looking at certain components first in order to place plans and planning into the context of strategic management. While the first part of this paper examines the key terms strategy, plans and planning, the second part describes the history of plans and planning throughout the history of corporate businesses. The final and most important part will then address the question of whether plans and planning are still playing an important role in strategic management or if this was never the case.