Strategic Plan: Success of a Business & Implementing
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1. Explain why a strategic plan would be important to the success of a business.
2. Explain the four functions of management relative to creating and implementing a strategic plan.
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Solution Summary
This solution explains why a strategic plan is important for a business and its success while also discussing the four functions of management relative to creating and implementing a strategic plan. The solution is 602 words in length with one reference.
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Years ago, strategic planning was thought to only be done by big businesses; however, in today's ever-changing business environment, strategic planning is a necessity for all businesses to survive. From a macro prospective, business leaders must look at the past, present and future of their business and anticipate change and anticipate being proactive in today's world (Lawlor, n.d.). Business is now down on a global scale and with time and distance becoming less important or relative, change is occurring at an astounding pace thanks to the technological advances of the Internet.
Strategic planning gives a business direction and purpose. Strategic planning helps an organization identify where they are going, who their target audience is and how to compete with others in the industry. Strategic plans help organizations change behaviors, hire the right type of employee, implement procedures and put new systems in place. Without a ...
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