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Strategic Planning and the Four Functions of Management

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1. What is strategic management and planning? Select a small business that you may want to start. Why would a strategic plan be important to the success of this business? How are the four functions of management relative to creating and implementing a strategic plan?

2. What is the difference between mission and vision statements? What factors must be considered to produce an appropriate mission and vision statement for an organization?

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Solution Summary

This solution discusses how the four functions of management relate to strategic planning in 484 words with two APA references.

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1. What is strategic management and planning? Select a small business that you may want to start. Why would a strategic plan be important to the success of this business? How are the four functions of management relative to creating and implementing a strategic plan?

An organization's strategic planning is the pathway through which the organization plans to reach its goals by formulating mission-specific strategies. An organization's strategic management is the process whereby management sets up the proper policies, procedures, expectations, and control measures that will ensure the success of the strategic plan. The strategic management process encourages customer centered goals, carefully studies ways by which those goals should be achieved, ensures that good results are produced, and enforces good practices and improve outdated ones. Consequently, the strategic management process is dependent upon the four functions of management: planning-what will we be ...

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Carmel Philistin, MBA/HCM
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  • BA, Brooklyn College
  • MBA/HCM, Phoenix University
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