Importance of Strategic Planning and Management in the Business Environment Paper

Importance of Strategic Planning and Management in the Business Environment Paper

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Running Head: Strategic Planning and Management 1 Importance of Strategic Planning and Management in the Business Environment Paper Jared Rollins BUS/475 December 20, 2010 Nels Holmgren University of Phoenix
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Strategic Planning and Management 2 Strategic Planning Strategic planning and management are important activities in today’s competitive environment. The purpose of this paper is to review the importance of strategic activities and how the four functions of management help in creating and implementing a strategic plan for a small Internet café. Strategic Management “Strategic management is defined as the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s objectives” (Pearce & Robinson, 2004). In other words, strategic management is a set of plans and activities necessary to position an organization in a way that will ensure its long- term survival. A strategy is basically an organization's game plan. In this case the organization is a small Internet café, its strategic management or business and corporate level responsibilities will be managed by a single owner or proprietor with help from consultants in the marketing, accounting and other areas where external expertise may be required. Strategic management also has other goals. Under this framework analysis of external and internal environments take place. Externally, the plan examines; (a) competitive threats resulting from location; other Internet cafes may exist nearby, and; (b) customers expectations or value proposition; what makes this Internet café different from others. Internally the employees of the business require an understanding of its mission and vision. A mission statement provides employees with an understanding of the firm’s purpose and long-range goals to achieve alignment on decisions and activities. Strategic planning is “the process of determining a company's long-term goals and then identifying the best approach for achieving those goals” (Investorwords.com, n.d.).
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This note was uploaded on 04/11/2011 for the course BUS 475 taught by Professor Lessor during the Spring '09 term at University of Phoenix.

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Importance of Strategic Planning and Management in the Business Environment Paper

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