Explore BrainMass

Explore BrainMass

    Tutorial for Nine Business Management Questions

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    What is strategic management? What is strategic planning? What is the purpose of strategic planning? Why are they necessary? What are the components of a strategic plan? Which component is the most important? Why?

    Select a small business that you may want to start. Why would a strategic plan be important to the success of this business? How are the four functions of management relative to creating and implementing a strategic plan?

    © BrainMass Inc. brainmass.com June 4, 2020, 12:58 am ad1c9bdddf
    https://brainmass.com/business/competitive-advantage/tutorial-nine-business-management-questions-371012

    Solution Preview

    What is strategic management? What is strategic planning? What is the purpose of strategic planning? Why are they necessary? What are the components of a strategic plan? Which component is the most important? Why?

    Strategy provides long term direction to the organization. It helps the organization in achieving the competitive advantage to the organization. It also tells about the organization about its market, values and the way to handle the resources in order to meet the objectives of the organization. Strategic management is process of formulating and implementing strategy.

    Process of strategic management is as follows:
    1) Screening of Ideas
    2) Development of Mission and Setting of Objectives
    3) SWOT analysis
    4) Selection of Best alternative
    5) Strategy Formulation
    6) Implementation
    7) Control
    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 ...

    Solution Summary

    This solution provides a detailed discussion of the given business questions.

    $2.19

    ADVERTISEMENT