Strategic Management and Planning Paper

Strategic Management and Planning Paper

Marcy Blind

Univ of Phoenix

BUS

475

Brandan Krieger

February 10, 2014

Strategic Management Paper

Strategic management is collection of activities and processes that companies use to strategically coordinate resources and activities with the vision and mission statement throughout the organization. The purpose of this management plan is to put a plan into action and then have valuable feedback so the plan can be reevaluated as the external and internal dynamics evolve. At its core this is just the concept of having some feedback controls to evolve the plan to changing variables. This helps organizations to meet with the challenges with better focus and strategy.

Purpose of strategic plan

Strategic plan is a tool to manage the organization in more streamlined and optimal way. It helps in promoting the vision and goals of the organization throughout the organization. This avoids sub-optimization in the organization and helps the different branches to have better focus and coordination in between them. This also incorporates the organization strengths and weaknesses and then this data is used to formulate the best possible outcome for the organization. The plan also sets the goals the organization needs to achieve and how they will be achieved. This also includes the parameter against which the performance of organization will be measured and the time frame in which evaluation should be done.

Components of strategic plan

Every strategic plan has to go through various phases to evolve to its final shape. There are different levels of planning which is done in different plans. The reason for that is most organizations are unique. They have might have different core business, market, ethical approach, marketing strategy, strengths, weakness, their integration and size. So the strategic plans for every organization vary greatly in details but most have these following components. These are in order in which they are done.

Mission statement: This basically explains why a certain organization exists. They express what the organization goals are and the methodology they will use to achieve their goals.

Vision