- What is a strategic plan, and why is it important?A strategic plan defines what your organization stands for.It defines the market where you compete,and how you compete in that market.It's the definition of the goals you're going to pursueand, more importantly, the initiatives you're goingto pursue to achieve those goals.It's also going to help you allocateyour very limited resources to pursue those initiativesand reach those goals.Why is a strategic plan so important?First, it provides focus for your effortsand your limited investments.It gives your team something to rally aroundand be excited about.And lastly, it helps you identify the risksand opportunities you're going to face in the market,and then plan for those risksor exploit those opportunities.There are three principles of strategic planningthat you should follow.First, set a clear direction and stay in your lane,versus meandering and pursuing strategiesthat change every year.Second, say no to distractions.It's very easy to get caught up in thewow, that looks like a cool initiative,let's pursue that.The third is making sure you diversify your bets.You have limited pools of money and people and time,making sure you don't put all your eggs in one basketand instead pursue initiativesthat are spread across different time horizons,different markets, and different products.And if you follow these three principlesof strategic planning,you're going to have a clear directionthat you're able to follow over timeand achieve your goals.

define positioning and diversification strategies, learned that it is just as important to

define what you will NOT do. Identify the areas you will avoid investing in for your Airline should the opportunitiesarise.