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Importance of a Strategic Plan to a Successful Business

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What is strategic management and planning? Why would a strategic plan be important to the success of a business? How are the four functions of management relative to creating and implementing a strategic plan?

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The solution discusses the importance of a strategic plan to a successful business.

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Strategic management is a field that deals with the major intended and emergent initiatives taken by general managers on behalf of owners, involving the utilization of resources to enhance the performance of firms in their external environments. It involves specifying the company's mission, vision and objectives, developing policies and plans often in terms of programs and projects, which are designed to achieve these objectives and then allocating the resources needed to implement the policies, plans, projects and programs. Strategic planning is an organization's process of defining its strategy and making decisions on allocating its resources to pursue its strategy.

The creation of a strategic plan is very important to the success of a business. A strategic plan involves having a vision of where a company owner would like ...

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