Four Functions of Management and Strategic Planning
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Define strategic management and planning in the candy business. 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. As an example I am using the Candy business. Please help.
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Solution Summary
This solution discusses the four functions of management and how they apply to strategic management of a candy company in 500 words.
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Planning, organizing, leading, controlling
These are the four functions of management and they play a big part in the strategic management of a company. Strategic management is the overall picture of what the company does, what it wants to accomplish, and the requirements of making these goals. Strategic management is not the day to day planning of management. It is set out most often by the board of directors or administration of a company or organization.
Planning is essential to the management of the company and in the strategic planning. It starts with the mission statement, because all decisions are based on that statement. Some companies have a vision statement as well and the vision statement gives planning its boost toward goals. ...
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