Strategic planning is the process of deciding the basic mission, the objective, and the major strategies and policies of a company. The importance of strategic planning in the growth of a company is axiomatic. Given the social and economic conditions, it is essential for a company to have the right strategies to grow. A certain set of strategies may work for a company in specific competitive conditions and relations. However, in time these conditions must change and this is why some strategies become obsolete and inappropriate and new strategies have to be established in order to achieve the continuous growth of a company. During the past fifteen years the Korean economy has achieved the unprecedented growth which has brought about the rapid increase in size of many Korean companies. This economic growth has not affected all Korean companies equally and some companies achieved more growth in size while others were not able to survive.