COMPARE AND CONTRAST STRATEGIC PLANNING WITH STRATEGIC MANAGEMENT...

119) Compare and contrast strategic planning with strategic management. Answer: The term "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 AACSB: Written and oral communication Objective: 1.02 Describe the strategic-management process. Learning Outcome: Define strategic management and identify its basic concepts 120) Which stage in the strategic-management process is most difficult? Explain why. Answer: Strategy implementation is the most difficult stage in the strategic-management process because it requires personal discipline, commitment and sacrifice. Successful strategy implementation hinges upon managers' ability to motivate employees, which is more of an art than a science. Interpersonal skills are especially critical for successful strategy implementation. Diff: 2 AACSB: Interpersonal relations and teamwork Objective: 1.05 Describe the nature of strategy formulation, implementation, and evaluation activities. Learning Outcome: Define strategic management and identify its basic concepts