MGT498 Strategic Planning and Management

timer Asked: Feb 21st, 2019
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Question Description

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 700-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.

refences may include the following

Tutor Answer

School: UIUC



Strategic Planning and Management
Student’s Name




Strategic planning refers to an activity that determines objectives as well as takes into place
both internal along with the external environment in designing, implementing, analyzing and
adjusting strategies to attain competitive advantage. Strategic management refers to a process
which assists the organization in assessing they are internal as well as an external environment of
business forms, objectives sets which are strategically vision, formulate and establish direction
together with implementing strategies which are aligned towards goals’ achievement for the
organization (Durmaz and Dusun, 2016).
The primary components for the process of strategic management
According to Buhler (2008), they include competitive position analysis; in this first and
critical stage, managers tend to acquire a solid understanding of what is happening inside as well
as outside an organization. They achieve this by conducting external, SWOT, internal as well as
the analysis of the porter’s v...

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