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    Importance of Strategic Planning

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    I need help in preparing a 700 word paper, where I am starting a business helping elderly and people who not able to drive or afford to drive themselves on out-of-town trips.

    Define strategic management and planning in the business I am trying to start above. 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.

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    Importance of Strategic Planning

    Strategic management

    As per tutor2u.net "Strategy is the direction and scope of an organization over the long-term: which achieves advantage for the organization through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfill stakeholder expectations".

    In other words, strategy is about:
    "* Where is the business trying to get to in the long-term (direction)
    * Which markets should a business compete in and what kind of activities are involved in such markets? (markets; scope)
    * How can the business perform better than the competition in those markets? (advantage)?
    * What resources (skills, assets, finance, relationships, technical competence, facilities) are required in order to be able to compete? (resources)?
    * What external, environmental factors affect the businesses' ability to compete? (environment)?
    * What are the values and expectations of those who have power in and around the business? (stakeholders)"
    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 on track."
    Importance of Strategic Management and Planning
    Strategic management provides guidance to the organization and sets the future direction of the ...

    Solution Summary

    Response describes the importance of Strategic Planning: definition, importance and functions management