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Each of the 4 steps, and their importance in the process, are defined in Exhibit #2, Steps in the Strategic Planning Process. As indicated in a Business Week magazine article titled "Strategic Planning", a recent study by the Association of Management Consulting firms found the executives, consultants and B-school professors all agree that business strategy is now the single most important management issue and will remain so for the next five years. In the 1990's, Procter & Gamble Co.'s strategic decision to compete on the basis of low prices allowed the company to reinvent itself and its industry, resulting in profit margins of 11...
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