What is that strategic management?
Strategic management is a continuous process of strategic analysis, strategy creation, implementation and monitoring, used by organizations with the purpose to achieve and maintain a competitive advantage.
The difference between strategic management and strategic planning:
Both strategic management and strategic planning terms mean the same! The difference is that the latter one is more used in the business world while the former is used in the academic environment.
According to David, strategic planning is sometimes confused with strategy formulation, because the strategic plan is constructed at this stage.
Importance of strategic planning:
- The requirement for sustained competitive advantage.
- Views things from the broader perspective.
- Facilitates collaboration.
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