Firms or companies today face a broad array of risks

Firms or companies today face a broad array of risks, problems and issues, be they strategic, operational, financial, customer, vendor, competitor, to name a few. MoreoverFirms or companies today face a broad array of risks, problems and issues, be they strategic, operational, financial, customer, vendor, competitor, to name a few. Moreover, concerns about increased international competition brought about by the rapid globalisation phenomenon abound not only in the US but also in Europe with the further expansion of the European Union and in Asia and Latin America due to increased economic integration in these regions. Management experts therefore have argued time and again that firms or companies should respond to environmental changes, such as increased competition, by engaging in more systematic planning to anticipate and respond to changing and unforeseen events. The reason for this argument is because formal strategic planning has been seen to enhance a firm’s performance.

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