This third approach has since acquired the title of strategic planning , or less frequently, strategic decision making or strategic management, and it is an eminently useful concept in that it attempts to combine the strongest features of incrementalism and rationalism, yet avoid their pitfalls. Strategic planning emerged largely in the world of business, realize that corporations have grown more competitive, more oriented toward long - term growth, politically regulated, and increasingly aware of the psycho - emotional needs of their employees. Hence, strategic planning recognizes that “organizations have both localized, short - term, and bottom - line demands and all - organization, long - term, and investment - strategies - for - the - future - demands. They must live with the familiar today, yet also must be forever looking out for how to live in a very different tomorrow”48