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The writer discusses the importance of strategic management and planning in business, and specifically applies these concepts to his plans of starting a small online ebook store. The writer relates the need for his management strategy to be flexible and updated on a regular basis, and then explores the four functions of management, planning, organizing, directing, and controlling, as they relate to the strategic planning process of his business. The writer believe that he can make a success of the business by differentiating it from others of its kind by means of innovation and strategic planning.
From the Paper:"Strategic management and planning are vitally important components in any business. According to Tone Cesnovar (2006), strategic management and planning focus on a response to challenges directly from the environment. The author distinguishes between two approaches to such management. The business owner can for example implement strategic planning by means of a conscious, controlled, formal processes and management techniques, or more informal processes such as those based upon the manager's experiences, intuition, vision and emotions. Cesnovar refers to the latter as "strategy-as-practice". These strategies are more appropriate for the small, online business environment. Informal methods of management are also faster, more flexible, and convenient in such an environment, particularly if the type of business involved is taken into account."
Sample of Sources Used:
- Cesnovar, Tone. (2006). The impact of strategic management on business outcomes. Journal for East European Management Studies. Database: FindArticles.com. http://findarticles.com/p/articles/mi_qa5451/is_200607/ai_n21398585
- MoreBusiness.com (2007). Strategic Management Tasks for the Small Business Owner. Khera Communications. http://www.morebusiness.com/running_your_business/management/Strategic-Management.brc
- Pakhare, Jayashree. (2007, Sept. 25). Management Concepts: The Four Functions of Management. Buzzle.com. http://www.buzzle.com/articles/management-concepts-the-four-functions-of-management.html
Cite this Business Plan:
Strategic Management and Planning (2010, December 29) Retrieved January 20, 2021, from https://www.academon.com/business-plan/strategic-management-and-planning-146478/
"Strategic Management and Planning" 29 December 2010. Web. 20 January. 2021. <https://www.academon.com/business-plan/strategic-management-and-planning-146478/>