What is the difference between long-range planning and strategic planning, business and finance homework help

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Business Finance

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1.What is the difference between long-range planning and strategic planning? Explain your answer. 75 words

2.Do you feel an organization should maintain their original mission and vision statement(s), or do you feel these statements should be periodically updated? Please explain your answer. 75 words

3.Describe the strategic management process, and include how it is used by organizations. 75 words

4.Colleges and universities, like all business, have strengths, weaknesses, and competitors. What would you consider to be an online university’s internal strengths and weaknesses? Why? Also, who would you say are the competitors to online universities? What are three external opportunities and three external threats? 200 words

5.Within this unit, we discussed how businesses may need to adapt to changing times in order to stay competitive. Their initial practices may have worked well previously, but may not serve them well in the long term. The newspaper industry is one that may face extinction. Explain why they may need to rethink their business strategy, and provide some advice on possible strategic management changes. Be specific to include goals/objects, strengths, and weaknesses. 200 words


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Hello there,Kindly do have a look at the attached file for a complete response to your queries,Do let me know if any issue requires my attention,Regards,Talia,

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Answers to Questions
1.

What is the difference between long-range planning and strategic planning? Explain your

answer.
Long range planning and strategic planning are both activities that take place at senior
management levels (strategic management). Strategic planning is mainly performed by senior
management and involves the realignment of the organization’s goals, objectives, and milestones
as time changes. On the other hand, Long range planning entails planning how the strategic plan
is to be achieved. While strategic planning may set the objectives to be achieved, long range
planning focuses on aligning of a company’s operational activities into achieving the objectives
set.
2.

Do you feel an organization should maintain their original mission and vision statement(s),

or do you feel these statements should be periodically updated? Please explain your answer.
In a growing business environment, it goes without asking that organizations should
change their mission statements as time goes by in a bid to adjust to the changing needs of the
consumers. Change is inevi...


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