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Todays companies face a number of risks, problems and issues, they could be strategic, operational, financial, customer oriented, competitor etc. this has brought about concerns of increased international competition brought about by the rapid globalisation phenomenon. Management experts therefore have argued time and again that firms or companies should be able to the ever changing environment such as increased competition. This can be done by engaging in more systematic planning to predict 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 and faliure to coop

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