Description
he 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 700-word report that includes 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 three (3) scholarly references, including at least two peer-reviewed references from the University Library.
Format your paper consistent with APA guidelines.
Explanation & Answer
Attached.
Running head: STRATEGIC PLANNING AND STRATEGIC MANAGEMENT
Strategic Planning and Strategic Management
Name
Institution
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STRATEGIC PLANNING AND STRATEGIC MANAGEMENT
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Strategic Planning and Strategic Management
The Primary Components of the Strategic Management Process
Strategic management process refers to the practice by which managers make choices of
the various set of tactics for the firm to achieve the desired goals. Strategic management process
has four components, they include:
Environmental scanning: It is defined as the thorough monitoring of the firm internal and
external environs to detect any early signs of opportunities and threats that may affect the fixed
short term and long term goals (Persaud, Woodhouse & Scriven, 2016). In this component, the
management starts with gathering information about the industry the business is based on,
including information about the country economy, government policies affecting the market and
all demographic factors as the population distribution and size. The institute focuses on its
opponents. The corporation determines tendencies, prospects, and fears that might impact its
industry. The subsequent stage is to carry out an interior scan of the institute to establish the
insti...