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The nature and value of strategic management is to achieve the desired results and outcome due to careful research (environmental scanning), planning and development of a company’s strategy as well as the implementation and maintenance of it (Pearce & Robinson, 2013, p. 3).

• Why is strategy important to business?
• You will want to address the main components (three-tier process) of the strategic management process while discussing the importance of strategy for business.

Assignment Checklist:

Explain the concept of the strategic management (three-tier) process.

Discuss the importance of having a future oriented plan.

Discuss the organization’s vision, mission, purpose, philosophy or goal.

Discuss the strategic process as input for future decision making.