The purpose of this assignment is to help students understand strategic business terminology (vision, mission, goals, objectives, specific objectives, internal and external scanning), to recognize the components of a strategic plan and to be familiar with the core information and steps needed to create a strategic plan. Furthermore, this assignment allows students to recognize the difference between strategic planning and strategic management.
Write a 700-word analysis in which you complete the following:
- Describe and define the primary components of the Strategic Management Process.
- Describe and define internal and external analysis.
- Describe and define the responsibilities and duties of the Strategic Manager.
- Explain why companies need strategic management planning.
Cite 3 scholarly references, including at least two peer-reviewed references from the University Library.