Strategic planning can help encourage new ideas by stressing the importance of ______ in achieving long-range success.
innovation
Strategic planning can help encourage new ideas by stressing the importance of innovation in achieving long-range success.
Innovation refers to the process of creating something new or different that provides value to customers or stakeholders. A strategic plan that prioritizes innovation encourages the development of new products, services, processes, and business models that can improve performance, increase efficiency, capture new markets, and help the organization adapt to changing circumstances.
By incorporating innovation into strategic planning, organizations can ensure that they are prepared for the future and can stay ahead of the competition. This approach fosters creativity, experimentation, and risk-taking, which can lead to breakthroughs and significant improvements in performance. Additionally, by highlighting the importance of innovation, strategic planning can help create buy-in and engagement from the entire organization, from leadership to employees, in embracing and supporting new ideas and initiatives.
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