Question

As a manager that thinks strategically, why and/or why not are planning and strategy both similar and different and do you believe that good strategy coupled with good execution equal good management or possibly something else?

Answer 1

Although people use planning and strategy interchangeably, however as manager who thinks strategically is well aware among the differences between plan and strategy. A plan refers to thinking before the action takes place while strategy is using a trick to achieve success in a specific the objective. Planning is a road map for the task accomplishment while strategy (also known as interpretative planning) is one of the planning components and is path chosen for achieving success in particular purpose.

A good strategy is flexible and dynamic in nature. It helps management in made for expansion and growth of the business which include divestment, diversification, acquisition, merger, and various other tasks. These are made according to the current conditions and situations prevalent in the business environment; thus a good strategy coupled with good execution and good management can bring success to business