Importance of Strategic Planning and Management
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Select a small business that one may want to start. 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.
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Solution Summary
The solution defines strategic management and planning and their importance to business success. It also explains the four functions of management relative to creating and implementing a strategic plan. References are also included.
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"Strategic management involves decisions concerning what a company might do, given the opportunities in its environment; what it can do, given the resources at its disposal; what it wants to do, given the personal values and aspirations of key decision makers; and what it should do, given the ethical and legal context in which it is operating" (Dobson). Organizations need to know where they are heading to and a firm concept of the kind of business it is in. An organization's
'product-market scope' specifies the particular products or services of the organization and the 'growth vector' is the direction the organization is moving in terms of its current product-market scope. Strategic management is an art and science that must be studied by top management and it involves formulating, implementing and evaluating the cross-functional decisions that have been created so that an organization can achieve its objectives. The organization identifies its objectives, acquire the resources needed to implement the policies and strategies to achieve its goals. In order to be successful, strategic management synthesizes the activities of the different sectors of the business such as sales, marketing, production, etc. so that organizational goals can be achieved. Also, strategic management is a continuous process of assessing the business, the industry it belongs, its competitors, for the improvement of the organization.
According to Carter McNamara, "Strategic planning determines ...
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