Introduction to Strategic Management

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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.

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.

Reference:

Pearce, J. A., & Robinson, R. B. (2013). Strategic management: Planning for domestic & global competition (13th ed.). New York, NY: McGraw-Hill.

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