COMPARE AND CONTRAST STRATEGIC PLANNING WITH STRATEGIC MANAGEMENT...

119) - TEST BANK FOR STRATEGIC MANAGEMENT A COMPETITIVE ADVANTAGE APPROACH 14TH EDITION BY DAVID
TEST BANK FOR STRATEGIC MANAGEMENT A COMPETITIVE ADVANTAGE APPROACH 14TH EDITION BY DAVID
119) Compare and contrast strategic planning with strategic management.Answer: Strategic planning is more often used in the business world, whereas strategic management is often used in academia. Sometimes, strategic management is used to refer to strategy formulation, implementation and evaluation, with strategic planning referring only to strategy formulation. The purpose of strategic management is to exploit and create new and different opportunities for tomorrow; long-range planning, in contrast, tries to optimize for tomorrow the trends of today.Diff: 1 Page Ref: 5Objective: 1.01 Describe the strategic-management process.Learning Outcome: Define strategic management and identify its basic concepts