Define strategic management and planning for a jewelry business
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I want to start a jewlery business. 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.
References are appreciated! Thanks in advance for all of your help.
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The expert defines strategic management and planning for a jewelry business.
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Strategic Management & Planning
Strategic Management is the method of delineating vision, mission, goals and objectives of the company, so that it's strategy can be lined up with the business goals. It renders well determined and integrated management to the company, which helps in associating the organizational exercises with the business strategy. The corporate measures and destinations of the business constitute of the main corporate strategy, business strategy and functional strategy.
Strategic planning is the course of apportioning resources in conformity with the organizational strategy, which assists in efficaciously enforcing the business strategy for achieving the long-term goals and objectives of the firm. Strategic management and planning assists an organization in screening the business concerns and ascertaining the company's concentration on the business operations for achieving accomplishment in the near future (Haines, 2000).
In the present setting of the competitive business environment, it will be crucial for the Jewelry Company to make a strategic plan, as it will help the company in accomplishing an efficacious beginning in the market (Sadler, Ryall & Craig, 2003). Strategic plan furnishes a 'step by step' process to be accompanied for attaining the goals and instituting the company in the market. It operates as ...
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