BUS 475 Week 1 DQ 1 - 7472

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Select a small business that you may want to start. What is strategic management and planning? Why would a strategic plan be important to the success of this business? How are the four functions of management relative to creating and implementing a strategic plan?
A small business that I would want to start is a Flower Shop.


Strategic planning is not only important for the success of a small business, but is equally important for the big one. Strategic management actually aimed and focuses on identifying and targeting the audience or customer. This is called as customer relationship management (CRM) through strategic planning. Strategic management is defined as “…an outgoing process that accesses the business and the industries in which the company is involved; assesses its competitors and sets goals and strategies to meet all existing and potential competitors; and then reassesses each strategy annually or quarterly.” (Lamb, 1984)

The strategic planning is normally used as guidance to define functional and dimensional parts, including technology and marketing etc. all the strategic planning deals with at least one of the three questions; “1) What do we do?”. “2) For whom do we do it?”. “3) How do we excel?”. In the business strategic planning the third questions is better phrased as, “How can we beat or avoid our competitor?”. According to Gary Hamel (200), winning strategy = foresight + vision. To maintain healthy strategy and relationship with the customers, the first and foremost duty is to organize research. Research or survey actually helps to understand the psychology, culture, customs and opinion level of the customers. After a survey report, one should select the target audience. With respect to the target audience one should construct an effective message, set an objective, select perfect medium, considers the budget as well as time factor. After this measurement of the feedback from the target audience is very important.

The four functions of management are planning, leading, organizing, and controlling; much the same as strategic management which involves, “…the planning, directing, organizing, and controlling of a company’s strategy-related decisions and actions” (Pearce & Robinson, 2009, p. 3). Planning involves the vision of the company that where an organization is going over the next year or more typically 3-5 years although some extent their vision to 20 years. Directing means to identify the direction of the company that where it stands, then determines where it wants to go and how it will get there. Organizing means to research the facts, define the program, set objectives and execute the program. Controlling means to evaluate results from the feedback of the audience in order to make the program successful.


Solution Description

Select a small business that you may want to start. What is strategic management and planning? Why would a strategic plan be important to the success of this business? How are the four functions of management relative to creating and implementing a strategic plan?
A small business that I would want to start is a Flower Shop.


Strategic planning is not only important for the success of a small business, but