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    Four functions of management

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    I am looking at starting a small business as a Candy Store owner. I need some advice and guides as to how to start this company.

    Define strategic management and planning. Explain why a strategic plan would be important to the success of this business. Explain the four functions of management relative to creating and implementing a strategic plan.

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    Explain the four functions of management relative to creating and implementing a strategic plan.
    I am looking at starting a small business as a Candy Store owner. I need some advice and guides as to how to start this company. Define strategic management and planning. Explain why a strategic plan would be important to the success of this business. Explain the four functions of management relative to creating and implementing a strategic plan.

    Let us first of all understand the term strategy. As per tutor2u.net "Strategy is the direction and scope of an organization over the long-term: which achieves advantage for the organization through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfill stakeholder expectations". In other words, strategy is about:

    "* Where is the business trying to get to in the long-term (direction)
    * Which markets should a business compete in and what kind of activities is involved in such markets? (markets; scope)
    * How can the business perform better than the competition in those markets? (advantage)?
    * What resources (skills, assets, finance, relationships, technical competence, and facilities) are required in order to be able to compete? (resources)?
    * What external, environmental factors affect the businesses' ability to compete? (environment)?
    * What are the values and expectations of those who have power in and around the business? (stakeholders)"

    As per quickmba, "Strategic planning clearly defines objectives and assesses both the internal and external situation to formulate strategy, implement the strategy, evaluate the progress, and make adjustments as necessary to stay on track."

    Importance of Strategic Management and Planning for a Candy Store owner
    Strategic management will provide guidance and will set the future direction for the Candy store owner. It helps the organization in achieving the competitive advantage to the organization. It will also tell about the organization about its market, values and the way to handle the resources in order to meet the objectives of the organization. Thus Strategy and planning will help the above organization in following manner:

    1) Help in establishing objectives after analyzing the internal and external environment.
    2) It will focus on the aspects which will make the organization unique to achieve competitive advantage. As per quickmba, Competitive advantage is a firm's ability to transform inputs into goods and services at a maximum profit on a sustained basis, better ...

    Solution Summary

    Response discusses the Four functions of management

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