Writing Forbes's Work in Progress: Career Talk for Women blog, Holly Green advocates an end to strategic planning.  Instead, she argues that "strategic thinking" is the proper approach in today's business climate.  The old approach is static, but the new approach is based on developing a system that allows a company to respond on the fly in an ever-changing environment.  Green writes:

Strategic planning has a beginning and an end. It is typically conducted by senior management, and usually results in a formal written plan. Strategic thinking never ends. It becomes an integral part of how the organization conducts its business, and needs to be practiced by employees at all levels.

Green argues that successful managers will develop strategic thinking in their organizations by doing the following:

Focus on a target.

Ask the right questions.

Balance the big picture and the details along the way.

Explore new channels.

Teach strategic thinking skills.

Stage your field of vision.

Read Shifting From Strategic Planning to Strategic Agility here.