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Explain ‘strategic management and planning’ as they apply to business success. Then describe how the four functions of management apply to the formulation and application of a strategic plan. Finally, differentiate between mission statements and vision statements and explain the considerations that ought to be taken into account when producing such statements.
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Solution Summary
This solution looks at the concepts of strategic management and planning and their importance for business success, then discusses mission statements and vision statements and how best to formulate the two for an organization.
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Strategic management is considered a general overview of strategy that is implemented by any individual in a leadership position. It is the act of discovering what specific course of action to use that will enhance an organizations performance in the competitive landscape.
'A successful strategy is not generally formulated just by a single person or a small group of leaders. Strategic leadership requires involving the right people in critical decisions because key information may be widely dispersed within the firm. In addition, successful strategy implementation requires active leadership to ensure that what emerges and what is realized are desirable and that needed changes of course are detected before it is too late' (Carpenter and Sanders, 2009).
Every organization has a strategy; although some strategies are more successful than others, it is beneficial to have a strategy to obtain a general idea of organizational goals, competitive threats, and the financial outcome for the future. It is also used as a tool to create a comparative analysis of an organization against other similar organizations to identify the best practices of ...
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