Question

1. Are strategic management and strategic planning synonymous terms? Explain in detail. 2. As cited in the chapter, famous businessman Edward Deming once said, "in God we trust, all others bring data." what did Deming mean in terms of developing a strategic plan? Explain in detail. 3. List three internal strengths and three internal weaknesses that characterizes SSU. Explain in detail, give examples and discuss how the strengths could be utilized to increase competitive advantage and how to fix the weaknesses.

Answer 1

Answer:

1)

Strategic planning;

Strategic planning is an authoritative administration movement that is utilized to set needs, focus energy and resources, strengthen activities, guarantee that representatives and different stakeholders are moving in the direction of shared objectives or common goals,establish agreement around planned outcomes/results, and survey and alter the association's bearing because of an changing environment.

Strategic management :

Strategic management is the thorough assortment or comprehensive collection of progressing activities and procedures that associations use to systematically coordinate and adjust resources and activities to mission, vision and strategy all through an association. Strategic management exercises change the static arrangement into a framework that gives strategic performance  feedback to decision making and empowers the plan to evolve and develop as necessities and different circumstances change.

Both strategic management and strategic planning terms mean the equivalent. The thing that matters is that the last one is increasingly utilized in the business world while the previous is utilized in the academic environment.

2)

Deming implies as far as building up a strategic plan that these plans depend on realities, logical aspects, objectivity and quantitative data. Be that as it may, believing a divine being did not depend on coherent realities. Or maybe it is a conviction that god exists. Therefore, strategic plan ought to be created while investigating the present circumstance to accomplish or achieve the future objectives or future goals.

Note:

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