Strategic Management and Planning

Strategic management and planning refer to the blueprint that states the processes and steps that an enterprise would adopt to achieve objectives and mission. In essence, in the absence of a vision or mission statement, the enterprise can neither define its goals nor determine the strategies to guarantee its success. Productive strategic management and planning basis on the objectives and mission of the business and the success relies on the organization realizing its mission. The concept is vital as it ensures that energy, resources, and priorities focus on the achievement of the shared goals. Strategic management and planning are crucial as it specifies the measurable goals and offers a sense of direction for the organization (Singh, 2008).