Chetty and Campbell-Hunt note that as a result of the identified weaknesses of the traditional approach to strategic planning, the contemporary approach was developed. The contemporary approach uses the process of planning to develop an organization’s adaptability and flexibility as a way of enabling the organization to prosper and survive in the highly competitive business environment. This approach uses methods such as environmental scanning and scenario planning to help the organization build and test various strategic alternatives. This is considered important because it enables an organization to respond appropriately to the changing business environment, in addition to helping it shape the business environment. Besides, this approach puts emphasis on the relationship between the strategy planned and the organizational culture. This is based on the belief that if the strategy is to be effective then all persons involved in the organization should adapt to changes brought about by the strategy. The strategic plans are used to articulate the day- to day activities of the organization’s activities towards achieving the set targets, goals, and objectives.The traditional and contemporary approaches to strategic planning share some common characteristics. Both of them are founded on the following key components of business organizations: values, mission, and vision. Also, both approaches engage certain processes of strategic planning. that seeks to examine the following: the current situation of the organization, the possible ways of attaining the intended goals, and the available resources that can be allocated in the pursuit of the strategy. In addition, they use various tools and approaches to facilitate their workability. For example, the traditional approach uses SWOT analysis and assessment of internal and external environments, whereas contemporary approach uses tools and approaches such as environmental scanning and scenario planning.