Select a small business that you 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.
I need some assistance on this assignment. I want to start a small coffee/tea business. Please provide references if you use any.© BrainMass Inc. brainmass.com October 9, 2019, 10:33 pm ad1c9bdddf
For the purpose of this assignment, I will select a small coffee/tea retailing business which will provide best tea and coffee beverages sourced from all over the world, along with packed tea and coffee in an environment friendly environment. The USP of our business will be that all tea and coffee sold in our retail, along with beverages, will be sourced from finest and premium tea plantations across the world and we will adhere to best practices in environment protection in our sourcing and procurement activities.
Let us first start with definition of strategic management and planning. Strategic planning is a management tool, period. As with any management tool, it is used for one purpose only: to help an organization do a better job - to focus its energy, to ensure that members of the organization are working toward the same goals, to assess and adjust the organization's direction in response to a changing environment. In short, strategic planning is a disciplined effort to produce fundamental decisions and actions that shape and guide what an organization is, what it does, and why it does it, with a focus on the future. (Adapted from Bryson's Strategic Planning in Public and Nonprofit Organizations). Strategic planning is only useful if it supports strategic thinking and leads to strategic management - the basis for an effective organization. Strategic thinking means asking, "Are we doing the right thing?" Perhaps, more precisely, it means making that assessment using three key requirements about strategic thinking: a ...
Strategic management and planning for a new small business; 4 functions