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respond to this discussion post To answer the first part of the discussion question regarding the difference between strategic planning and management, it is essential
respond to this discussion post To answer the first part of the discussion question regarding the difference between strategic planning and management, it is essential to note that strategic planning defines an organization's direction and decides on resource allocation to pursue that direction. On the other hand, strategic management involves implementing the chosen strategy through various means, such as organizational structure, policies, and procedures. Planning plays a crucial role in developing a strategy as it sets the groundwork for making strategic decisions. Strategic planning involves: Analyzing the internal and external environment. Setting objectives. Developing action plans to achieve those objectives. According to Abraham (2012), strategic management involves strategy formulation and implementation, with strategy formulation including five discrete steps: strategic thinking, internal analysis, identifying key strategic issues, developing viable alternatives, and choosing the best strategy. In this planning phase, the organization identifies opportunities and challenges that may impact its strategy. According to research, an organization's strategy should influence the business model by aligning its resources, capabilities, and activities to achieve its strategic objectives. The business model should support the chosen strategy by ensuring the organization can effectively deliver value to its customers while achieving its financial goals. Moving on to the
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