MGT 498 Week 1 Individual Assignment: Strategic Planning and Strategic Management Paper

Purpose of Assignment

This individual assignment is designed to help students with the following:

1. Understand strategic business terminology (e.g., vision, strategy, goals, process, environmental scanning, objectives, measurement, and metrics).
2. Recognize the difference between the strategic management process and strategic planning.
3. Recognize the components of a strategic plan, and the steps to create one.

Recommended Resources

• Textbook Chapters 1, 2 and 3
• Week 1 Electronic Reserve Readings
• The Business Plan (video)
• Week 1 Course Supplements: Vision Alignment Model, and Input Factors of a SWOT Analysis
• Appropriate and relevant business and academic Websites

Assignment Requirements

Write a 550- to 700-word paper that includes the following:

1. Description of the four primary components of the strategic management process (i.e., environmental scanning, strategy formulation, strategy implementation, and strategy evaluation and control).
2. Description of the responsibilities and duties of a strategic manager.
3. Relevant overview of a company that you researched for this assignment (e.g., industry, age, size, scope, and market position).
4. Description of how your selected company performs strategic planning.

Format the paper according to 400-level APA standards. An abstract is not required, but the paper must include a Conclusion heading (other headings are recommended). The word count does not include the title and reference pages.

Click the Assignment Files tab to submit your individual assignment.