Question

is strategic planning and strategic management have the same meaning? what is more imortant?

Answer 1

No, Strategic planning and Strategic management are not the same thing.

Every organization in order to succeed need a direction to follow and a goal to achieve. Strategic management is the accumulation of all the activities that are needed to give a purpose to an organization and the reason for its existence and growth.Strategic management involves the following steps,
-Determining a Vision for the company to aim it towards a specific direction so that it knows what it is ultimately trying to achieve,
-Forming objectives,
-Based on the vision and objectives crafting a strategy which best suits the long term goals of the company,
-Properly implementing the strategy because no matter how good the strategy is, it is irrelevant if the implementation is poor.
-Lastly taking whatever actions necessary in previous steps to make sure that company achieves it's long term objectives effeciently and effectively.

Strategic planning is a component of the strategic management and perhaps one of the most crucial because it involves crafting the very strategy which ensures the company's survival and growth.The corporate strategy takes into account all the resources of the company and how best to utilise them as their impacts are gonna be for a long period of time and therefore a lot of research has to be applied in order to come up with the most suitable strategic plan. Also because the market is dynamic as well as uncertain, strategic plan must be flexible and not rigid so that it can be changed which suits the corporate objectives best from time to time without forgeting the main goals that organization aims to achieve.

Strategic planning and management both are very important for the organization's future. The very future and survival of the company depends on how efficient is it's strategy and how effectively it is implemented and managed. By creating a balance between the two, company can gain a competitive advantage in the market and ensure it's long term survival and growth

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