This website uses cookies to ensure you have the best experience. Learn more

Importance Of Strategic Planning And Management In The Business Environment

904 words - 4 pages

Strategic Planning and Management PAGE \* MERGEFORMAT 1
Importance of Strategic Planning and Management in the Business EnvironmentnameBUS/475: Integrated Business TopicsDecember 2009instructorImportance of Strategic Planning and Management in the Business EnvironmentThe decision to embark on a new business venture can be daunting. The fear of lost time, money, and resources on a failed venture will deter many individuals from pursuing a dream, while other individuals might forge ahead into unfamiliar territory only to experience defeat. Although a new business can be difficult and its success uncertain, developing a strategic plan will aid in the business' probability of success. When creating and implementing a strategic plan, the four functions of management should be considered to ensure success.Strategic Management and PlanningStrategic management is the careful planning and management of a business. Strategic management is defined by Pearce and Robinson (2009), as "The set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company's objectives" (p. 3). According to a PowerPoint presentation in the BUS 475 class (2009), strategic management has nine critical tasks:Formulate the company's missionConduct internal analysisAssess the company's external environmentAnalyze the company's optionsIdentify most desirable optionsSelect long-term objectives and grand strategiesDevelop annual objectives and short-term strategiesImplement the strategic choicesEvaluate success of strategic processWhile strategic management deals with determining the company's mission, vision, objectives, and goals, strategic planning is the more defined set of plans to achieve the company objectives. Strategic planning is defined by Visitask (2009), as "Strategic planning is the process by which an organization envisions its future and develops strategies, goals, objectives and action plans to achieve that future." Strategic management is how the company is going to achieve the objectives and strategic planning is what will be done to achieve the company objectives.Importance of Strategic Plan for Business VentureA strategic plan will not ensure success of a new business, but taking the time to create a strategic plan will provide direction and strategy to remain competitive and achieve the company objectives. Strategy is defined by Pearce and Robinson (2009), as "Large-scale, future-oriented plans for interacting with the competitive environment to achieve company objectives" (p. 3). Strategic planning is a continual process that must address and make necessary adjustments to the changes in a business' internal and external environment to remain competitive. A strategic plan will provide a "game plan" (Pearce & Robinson, 2009, p. 3) and identify where My First Teeth Keepsakes will want to be at some point in the future and how it will arrive there.Four Functions of ManagementThe four functions of management are...

Find Another Essay On Importance of Strategic Planning and Management in the Business Environment

Importance of Strategic Planning when Entering International Markets

2451 words - 10 pages Importance of Strategic Planning when Entering International Markets When a company decides to take their business international, there are many different factors that they need to take into account. There are differences in management styles, international laws and treaties that regulate international business, trade barriers, tariffs, taxes, exchange rates as well as cultural customs that come into play. Each of these is significant and

Strategic Management and Planning Essay

762 words - 3 pages . The second and third tasks should analyze the company's internal conditions, while analyzing the external environment of the future company. Identifying competitors and general factors of the surrounding environment are important.The Four Functions of ManagementThe four functions of management consist of organizing, planning, leading and controlling. These four functions are essential to any organization in order to be a successful business. Not

Strategic Management and Planning

846 words - 3 pages functions of management that I will need as well as the strategic plan that I will use to make my business possible.PlanningThe first function of management. Planning is a step that involves an overlay of goals and objectives. My objective is to have my daycare up and running in the next year while a full staff of teachers and a full class of children ages 1 through 4 years old. The size and location of my facility must also be determined as I

The Rising Importance of Corporate Governance in Contemporary Business Environment

1816 words - 7 pages Question 3Why has improved corporate governance become an increasingly important topic in recent years? Consider the cost and benefits of different groups (e.g. shareholders, employees, government etc) of changing rules in corporate governance.INTRODUCTIONThis paper aims to examine why corporate governance has become increasingly important in the contemporary business environment. Additionally, it explores the cost and benefits of applying the

Strategic Planning and Strategic Management - University of Phoenix - Assignment

605 words - 3 pages management planning Strategic management planning it is very important in a company since it helps to maximize its resources and to grow its business. Strategic management planning allows the company to make the necessary changes when needed and to be able to monitor the progress of the company, another very important fact that it will help the company to identify those things that the company does best. Setting goals for the company is also

The Strategic Importance of Supply Chain Management

2046 words - 8 pages 420122139420122139SYNOPSISThis report illustrates the concept of logistics and supply chain management and how supply chain management is gaining more importance in the competitive environment. The first section of the report briefly explains the development of the concept of supply chain management. The second section highlights the main reasons for the importance of supply chain management in aspects of historical reasons, cost concern

Changes in the business environment and labour market affect Human Resource Planning (HRP)

1980 words - 8 pages marketplace.HRP is important because the HR plan affects all HR activities and acts as the strategic link between organizational and HRM objectives (Stone 2002). It can reduce the human resources cost by helping management to anticipate and correct the shortages and surpluses of employees. An addition, HRP will provide a better basis for planning employee employment in order to make optimum use of workers' attitudes and to improve their job satisfaction

What is the importance of the concept of the product cycle for business planning and budgeting?

1572 words - 6 pages amount of revenue brought in by the product at certain stages. All products have varying life spans depending on several factors; some have shorter spans like months whereas some items last a lifetime such as petrol fueled vehicles. In any event, when a business decides on putting out a new product the concept of the product cycle is of utmost importance to planning and budgeting. The product cycle concept suggests that all products go through

Analyzing the elements of strategic management planning systems

2104 words - 9 pages . However, a well-structured and implemented business management strategy can help to define and explain the objectives and activities involved in carefully placing all the elements of a business plan.   Market Strategy The first major area of strategic planning is development of a marketing strategy. In the business world, marketing tends to be a means to an end. Marketing entails directly connecting to the consumer by understanding and

Strategies Employed by Organisations in the Contemporary Business Environment and Their Strategic Fit

1119 words - 5 pages van Rensburg, M. & Venter, P. 2012. ‘A longitudinal analysis of the corporate strategic stance and actions employed by South African banks in response to the global economic crisis’, African Journal of Business Management, 6(34):9634-9648. Koufogiannakis, D., Slater, L., & Crumley, E. 2004. ‘A Content Analysis of Librarianship Research’, Journal of Information Science, 30(3):227-239. Koufogiannakis, D., Slater, L., & Crumley, E. 2004. ‘A Content

The Importance of Financial Management in Small Business

2795 words - 11 pages Running head: THE IMPORTANCE OF FINANCIAL MANAGEMENT IN SMALL BUSINESS PAGE \* MERGEFORMAT 1 The Importance of Financial Management in Small BusinessAbderrahim AouchiMaryam OihabiAbderazak OuassouTexas A&M UniversityAbstractThe purpose of this paper is to explore the automotive industry and to understand opportunities and barriers of starting a small auto parts retail store and entering the market place. Quickfix Auto-parts case study is a

Similar Essays

Importance Of Strategic Planning And Management In The Business Environment

589 words - 2 pages ensuring the future success of the organization. In addition, Strategic Management and Planning involves, planning, directing, organizing, and controlling the company's strategy. Strategic management, consist of three processes that entail corporate business, functional level planners, and support personnel. (Pearce & Robinson, 2004)Strategic Plan ImportanceIn today's business environment a strategic business plan is indispensable due to the

Importance Of Strategic Planning And Management In The Business Environment Explain Why A Strategic Plan Would Be Important To The Success Of This Business. Explain The Four Functions Of Management

953 words - 4 pages The small business I would like to start would be a candy store. This paper will define strategic management, planning and explain why a strategic plan is important to the success of this business, and explain the four functions of management relative to creating and implementing a strategic plan.Strategic Management is the groundwork for a company's vision and allows a company to be ready to capitalize on opportunities. Strategic management is

Importance Of Strategic Planning Essay

1019 words - 4 pages IntroductionA small business seldom heard of in Fayetteville N.C. is a swapping/consignment store, the general idea behind a swapping/consignment store is to offer consumers a place where merchandise or services can be swapped for merchandise or services of equal value. This report will define strategic management and planning, explain the four functions of management relative to creating and implementing a strategic plan and examine the steps

Importance Of Strategic Planning Essay

787 words - 3 pages designed with the customer in mind. Southern Cab Service will be located in Lafayette, Louisiana and will employee 20-25 employees including 2 dispatchers. The organization will service customers in Lafayette and the surrounding areas. The company will be owned by myself and my husband James, who will take care of the financial side of the business. Strategic planning is important for Southern Cab Service to be a success. This paper is intended to