What are the steps of the strategic planning cycle?

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