Discussion Questions Week 1
Select a small business that you may want to start. What is strategic management and planning? Why would a strategic plan be important to the success of this business? How are the four functions of management relative to creating and implementing a strategic plan?
• Select a small business that you may want to start.
The small business that was select is Day Spa Spa is an oasis of tranquility, and relaxation, and offers a complete day spa experiences.
• What is strategic management and planning?
Strategic management is the groundwork for a company’s vision and allows a company to be ready to capitalize on opportunities. Strategic management is a process of ...view middle of the document...
Planning is an important managerial function. It provides the design of a desired future state and the means of bringing about that future state to accomplish the organization's objectives. In addition, planning is the process of thinking before doing. To solve the problems and take the advantages of the opportunities created by rapid change, managers must develop formal long- and short-range plans so that organizations can move toward their objectives. It is the foundation area of management. It is the base upon which the areas of management should be built. Planning requires administration to assess, where the company is presently set, and where it would be in the upcoming. From there an appropriate course of action is determined and implemented to attain the company's goals and objectives (Pearce & Robinson, 2009).
Organizing is the second function of the management. Management must organize its resources well before in hand to put into practice the course of action to decide has been planned in the base function. Through this process, management will now determine the inside directorial configuration; establish and maintain relationships, and assign required resources. However, determining the inside directorial configuration, management is to look at the different divisions or departments. They also see to the harmonization of staff, and try to find out the best way to handle the important tasks and expenditure of information within the company. Management determines the division of work according to its need. Therefore, the company has to decide for suitable departments...