Strategic Planning and Management

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jnlsry67

Business Finance

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.

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

Hello,Attached find is the completed work. I did a thorough research on the assignment and hope fully i attained the correct answers. Have a look at it and let me know how you feel about it.Thanks and all the best.

Running Head: STRATEGIC PLANNING & MANAGEMENT

Strategic Planning & Management
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STRATEGIC PLANNING & MANAGEMENT

Strategic Planning & Management
Question One
Strategy Analysis
This is the process where a manager of an organization is trying to understand the
activities that are taking place both inside and outside the organization. This process is usually
achieved by the utilization of the SWOT model or by Porter’s value chain model to analyze the
organization. In this component, the manager also tries to understand the main purpose and the
expectations of the stakeholders of the company (Bryson, Edwards & Van, 2017).
With external analysis, is usually the analysis of the overall market of the organization
and the competitors of the organization while the internal analysis is the analysis of the primary
activities that are needed for the production of goods and services.
Strategy Formulation
This is the second component in which after the external and internal analysis of the
organization has been completed successfully, the managers decide on the best methods and
directions to formulate the best strategy that will be in the favor of the organization (Bryson,
Edwards & Van, 2017).
In terms of the company’s resources and competitiveness, a company may decide to
reduce its price so that ...


Anonymous
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