Prepare a paper by selecting a small business that you may want to start (construction co.) 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.© BrainMass Inc. brainmass.com October 9, 2019, 11:20 pm ad1c9bdddf
Importance of Strategic Planning and Management in the Business Environment
Strategic planning and management are very important in the business environment. For starting the small business of a Construction Company, it is essential to analyze the business environment strategically and implement strategies accordingly. It will assist the company in successfully establishing its base and providing effective services to the customers. The paper will focus on providing information about the strategic planning and management. It will assist in analyzing the role of strategic planning and management in the development and implementation of the strategic plan for the company (Sadler, Ryall & Craig, 2003).
Strategic Management and Planning
Strategic Management is the process of defining vision, mission, goals and objectives of the company, so that it's strategy can be aligned with the business goals. It provides well defined and structured direction to the company, which assists in relating the organizational practices with the business strategy. The corporate values and goals of the business comprise of the main corporate strategy, business strategy and functional strategy. Strategic planning is the process of allocating resources in accordance with the organizational strategy, which aids in effectively implementing the business strategy for attaining the long term goals and objectives of the corporation. Strategic management and planning helps an organization in shielding the business concerns and determining the company's focus on the business operations for ...
This solution discusses the concepts of strategic planning and the functions of management in 1082 words with three references.