Strategic Planning and Strategic Management

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Business Finance

Description

Strategic Planning and Strategic Management

Purpose of Assignment

The purpose of this assignment is to help students understand strategic business terminology (vision, mission, goals, objectives, specific objectives, internal and external scanning), to recognize the components of a strategic plan and to be familiar with the core information and steps needed to create a strategic plan. Furthermore, this assignment allows students to recognize the difference between strategic planning and strategic management.

Assignment Steps

Write a 800-word analysis in which you complete the following:

  • Describe and define the primary components of the Strategic Management Process.
  • Describe and define internal and external analysis.
  • Describe and define the responsibilities and duties of the Strategic Manager.
  • Explain why companies need strategic management planning.

Cite 3 scholarly references, including at least two peer-reviewed references from the University Library.

Format your paper consistent with APA guidelines. Please no plagiarism

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Explanation & Answer

Attached.

Running head: STRATEGIC PLANNING AND STRATEGIC MANAGEMENT

Strategic Management
Name
Institution

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STRATEGIC PLANNING AND STRATEGIC MANAGEMENT

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Strategic Planning and Strategic Management
Strategic planning process refers to an organized or systematic way of carrying out
calculated planning within the company through a preliminary assessment, analysis, policy
formulation, its execution and evaluation (Jurevicius, 2013). On the other hand, strategic
management process refers to the methods through which managers visualize of and apply a
strategy which can establish a maintainable competitive advantage for the organization.
(Jurevicius, 2013). The main aim of the paper is to differentiate between strategic planning and
strategic management. In order to effectively achieve this, the paper’s discussion narrows down
to four key sub-topics which include the following: describing and defining the principal
components of the strategic management process; defining and describing the internal and
external analysis during the strategic management process; defining and describing the duties
and responsibilities of the strategic manager and explaining the reasons why the strategic
management planning is important for business companies. The intended outcome of this
assignment is to enable s...


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