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Explanation of strategic management and planning

Define strategic management and planning. Consider a company that you have worked for or have knowledge of and describe how this company has successfully utilized strategic planning, or how they have failed to utilize strategic planning and what plan you would propose.

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I. "DEFINE STRATEGIC MANAGEMENT AND PLANNING"

Define each in your own words and use a resource (properly cited) such as:

1) "Strategic management refers to the art of planning your business at the highest possible level." (http://www.allbusiness.com/management/2975129-1.html).

Then elaborate on the definition in your own words, i.e., "It is an ongoing process that involves setting the mission, vision, goals and objectives for the organization, assessing challenges (competition) to attaining those goals and objectives, meeting periodically to assess the effectiveness of strategies implemented to meet goals and objectives, and revising strategies as necessary."

2) "Strategic planning is a long range "look towards the future that identifies the mission, vision and goals of an organization and action steps necessary to achieve the vision." (http://www.tricare.mil/mhsophsc/mhs_supportcenter/Glossary/Sg.htm)

Then, as in 1), elaborate on the definition in your own words, i.e. "It is the process of strategizing and planning for the allocation of resources to attain the organization's mission, vision, and goals organizational goals and objectives as set forth in the company mission and vision statements (resources being capital, employees, etc.)."

In the next part, I have broken the question down into sections for clarity.

II. "CONSIDER A COMPANY THAT YOU HAVE WORKED FOR OR HAVE KNOWLEDGE OF AND DESCRIBE HOW THIS COMPANY HAS SUCCESSFULLY UTILIZED STRATEGIC PLANNING, OR HOW THEY HAVE FAILED TO UTILIZE STRATEGIC PLANNING AND WHAT PLAN YOU WOULD PROPOSE"

"Consider a company that you have worked for or have knowledge of..."
Step 1: After you choose a company give a brief introduction of your relationship with this company - did you work for them, and if so, how long ago and for how long? If this is a company you have knowledge of but did not work for, tell how you acquired your knowledge of this company.

..." describe how this company has successfully ...

Solution Summary

This 1250-word solution includes a step-by-step approach to completing this assignment that includes detailed definitions of strategic management and planning with references and citations, as well as a comprehensive sample response of a company that does or does not effectively utilize strategic management and planning.

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