Solved: Explain strategic management and planning, Strategic Management

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Explain strategic management and planning

Problem:

Select a small business that you may want to start. What is strategic management and planning? Why would a strategic plan be important to the success of this business? How are the four functions of management relative to creating and implementing a strategic plan?

What is strategic planning? What is the purpose of strategic planning? Why is it necessary? What are the components of a strategic plan? Which component is the most important? Why?

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