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Topic: Business
Number of pages / Number of words: 3 / 651
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The plan provides the details of how to achieve these objectives.

According to (Wheelen and Hunger 2006 p. 5.) Strategic Management need not always be a formal process. It may begin with just a few simple questions. The questions include the following:

? Where is the organization headed now? (not where we hope to be)

? If no changes are made, where will the organization be in 1, 2,5,10 or 20 years? Are the answers acceptable?

? If the answers are not acceptable what action should management take? What are the risk/payoffs involved? (Wheelen and Hunger 2006 p...


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5.)

These three questions are the essence of strategic planning www.wikepedia .com

Strategies can be implemented by following these simple guidelines.

Retrieved from www.wikepedia.com

? Allocation of sufficient resources (financial, personnel, time, computer system support)

? Establishing a chain of command or some alternative structure (such as cross functional teams)

? Assigning responsibility of specific tasks or processes to specific individuals or groups

? The process must be managed...


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