Strategic Planning and Strategic Management

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Strategic Planning and Strategic Management Student’s Name Institution Affiliation Strategic Planning and Strategic ManagementIntroduction Strategic planning refers to management that an industry undertakes to ensure that employees and other stakeholders are working with similar goals. The paper discusses the main components regarding the strategic management process. It also explains both the internal and external analysis and how they are essential to the business. Furthermore, the paper defines and outlines the duties of strategic managers. It further explains the importance of planning for the company. Primary Components of the Strategic Management Process Strategy formulation refers to the process by which the company identifies and decides on the best actions to undertake to achieve its goals and objectives. The method offers a framework for better operations that anticipates to appropriate results to enable the success of an organization. For example, improving the quality of the product as well as reducing the prices of the commodities (Preble, 2017). Besides, the strategy formulation prepares a company for any possible changes that might occur. The plan also enables the industry to evaluate its resources and create an appropriate budget allocation that will, in turn, improve the return on improvements (ROI). It is essential to communicate strategic plan to all employees so that they are aware of the mission and objectives of the firm. In fact, a company without the program fails to provide its employees with a suitable direction. Strategic development involves deciding on the parts that the business is likely to be affected. As a result, the firm

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