Discuss the below in a 1000 words:
Q1 Are "strategic management" and "strategic planning" synonymous terms? Explain.
Q2 What is the difference between long-range planning and strategic planning? Explain your answer.
Q3 Do you feel an organization should maintain their original mission and vision statement(s), or do you feel these statements should be periodically updated? Please explain your answer.
Q4 Within unit, we discussed how businesses may need to adapt to changing times in order to stay competitive. Their initial practices may have worked well previously, but may not serve them well in the long term. The newspaper industry is one that may face extinction. Explain why they may need to rethink their business strategy, and provide some advice on possible strategic management changes. Be specific to include goals/objects, strengths, and weaknesses.
Q5 Colleges and universities, like all business, have strengths, weaknesses, and competitors. What would you consider to be an online university's internal strengths and weaknesses? Why? Also, who would you say are the competitors to online universities? What are three external opportunities and three external threats?