Importance of Strategic Planning and Management in the Business Environment
The business that the author wants to start is a green eco-friendly organization that designs and builds water turbine induction systems for power creation and water desalination for the costal United States. However, starting a business is a challenge. Without proper procedures and guidelines, a new business owner cannot identify and maintain a game plan to success. Creating a rough outline or game plan by the issuing of a mission statement is part of the strategic management process. To coincide with a mission statement, a vision statement is created that describes what the organization wants to become. This paper will review how important these factors are as well as the four concepts of business: planning, leading, controlling, and organization are to the creating and implementation of a strategic business plan.
Inhaltsverzeichnis (Table of Contents)
- Define Strategic Management and Planning
- Importance of a Strategic Plan to the Success of this Business
- Four Functions of Management
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This paper aims to explore the importance of strategic planning and management in the success of a new business venture. The author uses their own business idea, an eco-friendly water turbine induction system, as a case study to illustrate the key concepts.
- The definition and significance of strategic management and planning
- The role of a strategic plan in achieving sustainable competitive advantage
- The four essential functions of management (planning, leading, controlling, and organizing) in the context of strategic planning
- The importance of a mission and vision statement in guiding strategic goals
Zusammenfassung der Kapitel (Chapter Summaries)
- Define Strategic Management and Planning: This chapter introduces the concepts of strategic management and planning, defining them as the processes used to guide an organization towards long-term success through resource allocation and stakeholder engagement.
- Importance of a Strategic Plan to the Success of this Business: This chapter emphasizes the critical role of a strategic plan in achieving success for a business, particularly in terms of satisfying customer needs and generating financial gains. The author highlights the importance of developing a mission and vision statement and how these can contribute to sustainable competitive advantage.
- Four Functions of Management: This chapter explores the four essential functions of management - planning, leading, controlling, and organizing - in the context of creating and implementing a strategic plan. Each function is discussed in detail, emphasizing how they contribute to the overall success of the business.
Schlüsselwörter (Keywords)
This paper explores key concepts related to strategic planning and management, including sustainable competitive advantage, mission and vision statements, and the four functions of management: planning, leading, controlling, and organizing.
- Quote paper
- James Tallant (Author), 2009, The Importance of Strategic Planning in the Business Environment, Munich, GRIN Verlag, https://www.grin.com/document/167257
