The nature and value of strategic management is to achieve the desired results and outcome due to careful research (environmental scanning), planning and development of a company’s strategy as well as the implementation and maintenance of it (Pearce & Robinson, 2013, p. 3).
For this week’s Assignment, you will complete a short answer on the following question:
- Why is strategy important to business?
- You will want to address the main components (three-tier process) of the strategic management process while discussing the importance of strategy for business.
Be sure to use your Reading this week as a resource. You are encouraged also to use the Library databases and the Internet as additional resources.
For additional Assignment details see Rubric below.
Pearce, J. A., & Robinson, R. B. (2013). Strategic management: Planning for domestic & global competition (13th ed.). New York, NY: McGraw-Hill.
- Explain the concept of the strategic management (three-tier) process.
- Discuss the importance of having a future oriented plan.
- Discuss the organization’s vision, mission, purpose, philosophy or goal.
- Discuss the strategic process as input for future decision making.