Asked by Kotomi Yasumoto on Jul 17, 2024
Verified
Why is it important for today's managers to think in terms of strategic management instead of simply in terms of strategic planning?
Strategic Management
A management approach focused on setting goals, analyzing competitive environments, defining strategies, and allocating resources to achieve long-term objectives.
Strategic Planning
The process of defining an organization's strategy or direction and making decisions on allocating resources to pursue this strategy.
- Recognize the importance of strategic management over strategic planning for today's managers.
Verified Answer
TN
Tabitha NguyenJul 20, 2024
Final Answer :
Strategic planning is just one part of the overall strategic management process that encompasses strategic planning, implementation, and control. Those who focus solely on formulating strategic plans will tend to be weak on actually turning those plans into action and taking corrective action when needed.
Learning Objectives
- Recognize the importance of strategic management over strategic planning for today's managers.
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