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In developing a strategic plan, it's essential to first establish a clear vision of future goals and objectives. However, many businesses lack a comprehensive strategic plan. To create one, consider five elements of strategic thinking. The first element is "arena," which refers to the specific market area where the business will operate. Identify the products and services offered, target market segments, geographic focus, core technologies to adopt, and value propositions that differentiate the business from competitors. Being precise about the business's scope and focus is crucial for strategic planning.