University of PhoenixStrategic management and planning is a very important part of all businesses. Without strategic management and planning most businesses will fail. Each business has had a strategic plan formulated at one point. After the plan is formulated then it is implemented and finally controlled.
Strategic Management and PlanningStrategic management and planning 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" (Pearson and Robinson 2004).
The plan is made up of nine tasks:Ã¢ÂÂ¢Making the companies missionÃ¢ÂÂ¢Analyzing the companies internal condition and capabilitiesÃ¢ÂÂ¢Assessing the companies external environmentÃ¢ÂÂ¢Analyzing the companies options by matching the resources with the external environmentÃ¢ÂÂ¢Finding the most desirable options by comparing them to the companies missionÃ¢ÂÂ¢Find some long term objectives and grand strategies that will achieve the most desirable optionsÃ¢ÂÂ¢Develop annual objectives and short term strategies that are compatible with the long term objectives and grand strategiesÃ¢ÂÂ¢Implement the choices by means of budgeted resource allocationsÃ¢ÂÂ¢Evaluate the success of the process so that there is something to go off of for future decision makingThese nine tasks will help one succeed in starting a business.
Following through with the plans and changing things that need changed will help the business to continue growing.
Simple PleasuresSimple Pleasures is a Day Spa/Salon that will take care of many needs. This spa is a place where one can come to relax and be pampered. Simple Pleasures will have hair stylists, nail technicians, estheticians, and massage therapists as well as offering hair and skin products for sale. When operating a business such as Simple Pleasures, a strategic plan is very important. One needs to be prepared when going into a business and a strategic plan is there to help keep one on track.
Four functions of ManagementThere are...