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.
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Explanation & Answer
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Running Head: STRATEGIC PLANNING AND STRATEGIC MANAGEMENT
STRATEGIC PLANNING AND STRATEGIC MANAGEMENT
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STRATEGIC PLANNING AND MANAGEMENT
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STRATEGIC PLANNING AND MANAGEMENT
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The primary components of the Strategic Management Process.
Strategic management describes a continuing process of managing an organization
strategic manner. This process entails a set of administrative decisions and activities that result in
articulating and executing strategies that define the performance and progress of the
organization. There are five primary constituents of a Strategic Management Process. These are;
Goal setting, Analysis, Strategy Formulation, Implementation of the strategy, Evaluation and
Control (Swayne, Duncan & Ginter, 2012). Goal setting is a phase of clarifying the business
vision. In this phase you identify the company objectives, how to accomplish the objectives
allocate tasks to staff for the accomplishment of the objectives. In the analysis stage, collect all
the relevant information necessary for the accomplishment of your vision. Here, examine all the
possible in...