Importance of Strategic Planning and Management in the Business Environment
Introduction
The following paper is a requirement of Workshop 1 of BUS 475 Integrated Business Topics. The requirement is to select a small business that I may want to start. Define strategic management and planning. Explain why a strategic plan would be important to the success of this business. Explain the four functions of management relative to creating and implementing a strategic plan.
Small Business
A business that I have in progress is a shopping center with 42 locations for rent Dyamond Plaza, and in the same property a reception hall with a capacity of 500 people named Dyamond Salon. The property is location in Nogales, Sonora, Mexico close to the borderline of Nogales, Arizona and Nogales, Sonora. I am interested in this organization due to the popularity of party gatherings in the Mexican and Latino culture. In order to accomplish my goals and objectives the presence of strategic management and strategic plan is needed. ?
Strategic Management and Planning
Strategic management is a systematic analysis of the factors associated with customers, competitors and the organization to provide the basis for rethinking the current management practices. Its objective is to achieve a better alignment of corporate policies and strategic priorities by formulating the company?s mission. Strategic management is the analysis of the company?s actions by evaluating the places where improvement is needed and required. Strategic planning is the process of determining a company?s long-term goals and then determining the best approach to achieve its goals. Strategic planning is the path way to achieving the company?s change towards success. ?
Why a Strategic Plan is Important
A strategic plan is vital to the up bring of the organization I have in mind. In order to achieve the goals and objectives I have set for the company, the company must first have a plan to follow. The strategic plan?
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