Refer to the following Week 1 – Required Learning Activities:
- Strategic Management: Concepts and Cases, Ch. 1: What is Business Strategy?
- Strategic Management: Concepts and Cases, Ch. 2: Analysis of the External Environment: Opportunities and Threats
- Strategic Management: Concepts and Cases, Ch. 3: Internal Analysis: Strengths, Weaknesses, and Competitive Advantage
Purpose of Assignment
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.
Format your paper consistent with APA guidelines.
Submit your assignment.