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Bank of Little Rock (BOLR) had to develop a strategic plan to keep up with competitors. Just as BOLR developed a strategic plan, as have other financial institutions. Each bank has to establish goals and create ideas best fit for the company to stay in the business.
Strategic planning introduces long-term objectives with a plan to implement how to reach each objective. “A long-term objective or grand strategy must be based on a core idea about how the firm can best compete in the marketplace,” (Pearce & Robinson, ch 6). It is very important for a company to have a focus goal, long-term objectives, and a strategic plan to put it on paper...
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