The attention strategic planning has attracted in the recentyears is the proof that it is evidently used by successfulbusinesses. Executives and managers alike plan their businessobjectives and the goals in a strategic manner. Various factorssuch as competitors, market capture, consumer expectations, etchave to be studied in depth to take better decisions. Thusstrategic planning has gained importance. A strategic plan helpsthe business to reach their desired goals. It works like a routemap. It also increases the effectiveness of the business as itdeals in a time bound approach. Hence since the early 1960'sstrategic planning has grown to become one of the essentialtools to lead modern businesses towards their success.