The foundations of strategic planning include a diverse group of theories, models, and real-world application opportunities. One of the most crucial skills for a strategic planning professional is knowing not only how to implement a plan, but why it is necessary. Part of this skill can also involve business professionals taking into account potential strategic planning considerations like benefits, challenges, and possible reasons not to use it at all. To prepare for this Assignment, consider the need for and importance of strategic planning in an organization. Further, consider any potential ramifications of strategic planning, including both minor and major organizational changes. Be sure to consider your experience as a business practitioner and independent scholar in developing your perspective.Submit a 3- to 5-page evaluation of the benefits and challenges of implementing strategic planning within an organization. Your evaluation should include the following:What are the steps of the strategic planning cycle? Be sure to include a condensed description of the value of each step to a professional organization.What are the long-term business benefits of strategic planning?What are the unique hurdles that companies need to be aware of when implementing the foundations of strategic planning? Explain with specific examples from scholarly sources.Based on your research and/or personal experience, would there ever be a reason why an organization would benefit from not utilizing strategic planning? Provide a rationale for your answer with specific examples from scholarly sources.Note: Be sure to use the APA Course Paper Template (6th ed.), found in this week’s Learning Resources, to complete this Assignment. Also, refer to the Week 1 Assignment Rubric for specific grading elements and criteria. Your Instructor will use this rubric to assess your work. Please Note: For each page of your paper, you must include a minimum of two APA-formatted scholarly citations.Required ReadingsDyer, J. H., Godfrey, P., Jensen, R., & Bryce, D. (2016). Strategic management: Concepts and tools for creating real world strategy. Hoboken, NJ: John Wiley & Sons.Chapter 1: “What Is Business Strategy?” (pp. 2–19)Chapter 2: “Analysis of the External Environment: Opportunities and Threats” (pp. 20–45)Case 01: “Walmart Stores: Gaining and Sustaining Competitive Advantage” (pp. C-2–C-11)Ali Mahdi, H. A., Abbas, M., Mazar, T. I., & George, S. (2015). A comparative analysis of strategies and business models of Nike, Inc. and Adidas Group with special reference to competitive advantage in the context of a dynamic and competitive environment. International Journal of Business Management & Economic Research, 6(3), 167–177. Retrieved from http://www.ijbmer.com/Note: Retrieved from the Walden Library databases. Bereznoi, A. (2014). Business model innovation in corporate competitive strategy. Problems of Economic Transition, 57(8), 14–33. doi:10.1080/10611991.2014.1042313Note: Retrieved from the Walden Library databases.Walden University. (2015). APA course paper template (6th ed.). Retrieved from http://academicguides.waldenu.edu/ld.php?content_i… Required MediaOlsen, E. [virtualstrategist]. (2012, September 5). Overview of the strategic planning process [Video file]. Retrieved from Note: The approximate length of this media piece is 5 minutes. Sull, D. (2012, August 14). Simplify your strategy [Video file]. Retrieved from https://hbr.org/2012/08/simplify-your-strategy.htm…Note: The approximate length of this media piece is 3 minutes. Optional ResourcesOlsen, E. [virtualstrategist]. (2012, April 9). What is strategic planning, really? [Video file]. Retrieved from Note: The approximate length of this media piece is 4 minutes.