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 to developing a strategic plan and explain why a strategic plan is important to the development and success of the business.
Strategic Management and Planning DefinedThe textbook definition of strategic management is a the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company's objectives (Pearce II & Robinson Jr., 2009). Strategic planning as it refers to Strategic management is a process of determining long -term goals and indentifying the best approach for achieving the goals (Strategic Planning, 2009).
Strategic Planning Meeeting
English: Strategic Plan Español: Plan Estratégic...
Marine Institute Ireland, Strategic_Planning_Symbo...Four Functions of ManagementThe four functions of management relative to creating and implementing a strategic plan are planning, directing, organizing, and controlling (Pearce II & Robinson Jr., 2009). Planning is the first function of the management process, without effective planning management cannot effectively organize, control or lead. Planning is used as a tool to help identify potential opportunities and threats as well as effectively establishes goals and objectives for long-term success. Planning also ensures that the business will use all resources toward achieving the goals that will guide the business toward obtainable success.
Planning is used as a tool to help identify potential opportunities and threats as well as effectively establishes goals and objectives for long-term success. Planning also ensures that the business will use all resources toward achieving the goals that will guide the business toward obtainable success. Organizing is the second function...