Question

In your opinion, is strategic planning and strategic management have the same meaning? Explain your answer.

Answer 1

Answer.

No both are different terms,strategic management is broader term.Strategic management starts with developing a company mission(to give it direction), objective and goals (to give it means and methods for accomplishing its mission),business profolio (to allow management to utilize all facets of the organisation and functonal plans (plans to carry out daily operations from different functional disciplines). The overall objective of strategic management are two fold

1. To create competitive advantage , so that the company can outperform the competitors in order to have dominance over the market.
2. To guide the company sucessfully through all changes in the environment.

whereas strategic planning , an important component of strategic managment , involves developing a strategy to meet competition and ensure long term survival and growth .Strategic planning is process of determining organizational strategy. It gives direction to the organization and involves making decisions and allocating resources to pursue the strategy. It is the formal consideration of future course of an organization .Strategic planning deals with one or more of three questions:

1. What are we doing?
2. For whom do we do it?
3. How to improve and excel?