integrated business questions
answer each of the 8 numbered items in at least 75 words each with references and citations.
1. “Strategic management is defined as the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s objectives” (Pearce, 2013). According to the text, strategic management involves long-range planning, business policy, budgeting, as well as many other factors to create an all-encompassing approach. The text also points out nine critical tasks involved with strategic management. A few of these critical tasks were to create the company’s mission, as well as long-term planning and strategies that will achieve the most desirable options to name a few. Overall strategic management is the continual planning, monitoring, and assessment of a business to make sure it meets its goals and objectives. Prior to the week one reading, did you have an understanding of what strategic management was?
2. In her article Karin Bellantoni talks about why a company needs a strategic plan. Yet, I know many small companies that don’t have a strategic plan, and they are highly successful. Why should these companies invest the time into creating a strategic plan?
3. The need for an explicit mission
4.Business model innovation beats technical innovation
5. Business models for strategy and innovation
6. When one business model isn’t enough
7. The relationship between a firm’s strategy and business model
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