What are planning-strategy and strategic management

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Reference no: EM132215305

This chapter discusses the first of four functions in the management process: Planning. which involves setting goals and deciding how to achieve them, which is linked to strategy. Planning consists of translating an organization’s mission and vision into objectives. The organization’s purpose is expressed as a mission statement, and what it hopes to become is expressed as a vision statement. A values statement expresses what the company stands for, its core priorities, the values its employees embody, and what its products contribute to the world. Using the organization’s mission, vision, and values as their foundation, managers conduct strategic planning, then tactical planning, then operational planning.

1. What are planning, strategy, and strategic management; why are they important to me as a manager; what is VRIO and how does VRIO work?

2. What are mission and vision, and value statements, and what are three types of planning?

3. What are the two types of goals, and what are different kinds of plans?

4. What are SMART goals, and how can they be implemented through management by objectives and goal cascading?

5. How does the planning/control cycle help keep a manager’s plans headed in the right direction?

Reference no: EM132215305

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