Essay on "Importance of Strategic Planning and Management in the Business Environment"

Essay 3 pages (1004 words) Sources: 3 Style: APA

[EXCERPT] . . . .

Strategic Planning and Management in the Business Environment have thought about starting a small online ebook store. The operations will be entirely online, with the ordering and payment processes occurring online. The business will cater to an emerging readership market that requires the convenience of electronic reading material. Both nonfiction and fiction works will be offered.

Strategic management and planning are vitally important components in an any business. According to Tone Cesnovar (2006), strategic management and planning focus on a response to challenges directly from the environment. The author distinguishes between two approaches to such management. The business owner can for example implement strategic planning by means of a conscious, controlled, formal processes and management techniques, or more informal processes such as those based upon the manager's experiences, intuition, vision and emotions. Cesnovar refers to the latter as "strategy-as-practice." These strategies are more appropriate for the small, online business environment. Informal methods of management are also faster, more flexible, and convenient in such an environment, particularly if the type of business involved is taken into account.

This is however not as simple as it may seen. According to Cesnovar, at least one new strategic management method appears every year. This is particularly relevant in terms of the rapidly changing environment of the Internet business world. Because of the many developments, it is important for the business owner to maintain his or her knowledge regarding these changes. Such changes in the environment can then be used to provide potential customers with an appealing experiencing when visiting the ebook store site. The management strategy will therefore need to be not only flexible, but also to be updated on a regular basis. The author however also warns that all techniques cannot be transferred from one type of business to the other, and that each individual environment should be considered carefully.

Because of the overwhelming number of strategic management techniques and research that are available, Cesnovar (2006), suggests that the appropriate techniques be identified and applied to the specific type of business involved. In order to choose the correct targeting techniques, it is perhaps a good idea to consider the four functions of management as they relate to the strategic planning process.

According to Jayashree Pakhare (2007), the four basic functions of management will assist the business owner in making important, goal-oriented decisions. The four functions are planning, organizing, directing, and controlling. These functions should always and continuously be integrated in the management process in order to ensure that the business runs smoothly within its environment.

Planning, according to Pakhare, is the basic function of management. All other areas are based upon this important step. Before I can start my ebook business, I need to make assessments of the environment and marketing potential of my products. Goals and objectives are also important in this stage. Before any further planning can be done, I need to create goals and objectives for my products and related services.

Pakhare also emphasizes that planning is a never-ending process.… READ MORE

How to Reference "Importance of Strategic Planning and Management in the Business Environment" Essay in a Bibliography

Related Essays:

Importance of Strategic Planning for Training Companies Term Paper

Strategic Planning for Training Companies

The Case of SMEs in the UAE

Organisations are increasingly dependent upon it systems and infrastructure, but they also need good quality employees, and training… read more

Term Paper 55 pages (16101 words) Sources: 50 Style: Harvard Topic: Business / Corporations / E-commerce

---

Healthcare Strategic Planning and Management Term Paper

Healthcare Strategic Planning & Management

Strategic Planning and Management

SKMC Healthcare Organization

The syntax of strategic planning generally refers to a multitude of processes and methodologies used to collect and… read more

Term Paper 8 pages (2211 words) Sources: 5 Style: APA Topic: Management / Organizations

---

Strategic Planning May (2010 Essay

Strategic Planning

May (2010, p. 1) defines strategic planning as "a game plan for gaining competitive advantage and earning higher profits." The author notes several purposes of strategic planning. A… read more

Essay 4 pages (1320 words) Sources: 4 Topic: Business / Corporations / E-commerce

---

Strategic Planning in Organizations Term Paper

Strategic Planning in Organizations

The Political Decision-Making Model

The political decision-making model entails a company's relationship with its stakeholders. The aim is political rationality; a consensus that is acceptable to… read more

Term Paper 4 pages (1146 words) Sources: 1 Topic: Business / Corporations / E-commerce

---

Importance of Strategic Planning in the Bank's Performance Term Paper

Strategic Planning in a Bank's Performance

Strategic planning improves bank performance. There is a clear positive correlation between a bank's quality and quantity of strategic planning, and their economic performance… read more

Term Paper 7 pages (1908 words) Sources: 2 Style: MLA Topic: Economics / Finance / Banking

---

View 100+ more related papers  >>