Question

Introduction

The Diamond E strategic template is a model that gives deeper understanding of the business competitive environment of organizations or companies. The strategic planning process is a business mechanism that includes the formulation of an organization’s goals and the examination of the interior and exterior business environment to suggest and decide on an appropriate strategy. The appropriate strategy is therefore executed and the progress assessed for further amendments to sustain the business.

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Conclusion

Strategic planning plays a major role in the success and sustenance of a company in any business environment. Innovation is on its rise and is constantly enriching competition among companies in their related industries. Therefore, to have a competitive advantage, a company must assess its environment to realize its strengths, weaknesses, opportunities and threats. This will enable it to maximize on its strengths and adopt new opportunities that will increase its output. It will also have a chance to mitigate the various business risks that might stir its weaknesses and abrupt threats. The Diamond E strategic template and the strategic planning process both aid in strengthening the foundation of the company’s business.