Question

strategic management-

please describe in at least 2 paragraphs:

How do strategic planning and strategic management differ?

thank you!

Answer 1

Strategic planning is a process of identifying the business, determining the organization's vision and mission and identifying the purpose and objective of the organization. It is a process that results in a strategic plan. The strategic planning is carried out by the top-level management i.e chief executive officer, chief operating officer, chief financial officer, the board of directors, etc. Strategic planning deals with researching and gathering the information required to understand organizations' current status as well as the factors that will impact it in the future. It involves environmental analysis i.e analysis of the internal and external environment of the organization. It also involves the revising of the organizations' direction. It depends on the long term goals.

Strategic Management involves continuous planning, monitoring, analysis and assessment of all the activities that are necessary for an organization to meets its goals and objectives.  And those goals and objective should be consistent with the vision and mission of the organization. It refers to making decisions and implementations of those decisions. It involves the course of action that should be carried out in order to achieve the objectives and goals. It plays a vital role in the organization as it incorporates various functional areas of the organization completely, as well as to ensure these functional areas harmonize and get together well.

Differences between strategic planning and strategic management --

Strategic planning is a process that results in a strategic plan but strategic management is the implementation of those plans in order to achieve the goal or the objective of the organization. Strategic planning is the first step in Strategic management. Strategic planning deals with the formulation of objectives and goals of the organization but strategic management deals with how those objectives and goals should be achieved by monitoring the activities that undergo within the organization. Strategic planning tells the organization how the goals could be achieved but strategic management tells by what success rate the organization is achieving the goal.

The strategic planning is the process of predicting the future and defining it in terms of objectives or goals on the other hand strategic management is the effective and efficient use of resources of the organization. Strategic planning is a one time process but a continuous process. Therefore strategic management enables strategic planning which tells us about the organization's ability to take necessary action plans so as to be able to fulfill the goal set by the planner.