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Strategic planning plays an important and key role in the success and survival of all kinds of business organizations. More specifically in the small and medium enterprises which are considered as the back bone of any economy in the present world. Though in current complex world the strategic planning is essential for any organization success in business arenas but the research from the perspective of constituent components of strategic planning is just at the starting point today. Similarly the research from strategic planning perspective in developing countries is very limited. Thus the literature of strategic planning at present is demanding more empirical studies to be conducted and more specifically in the context of small and medium enterprises of developing countries.