How does a business develop its strategic direction? , management homework help

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  1. How does a business develop its strategic direction? What are the key inputs?
  2. When it comes to strategic planning, what is the role of stakeholders? Do they have a say in business decisions?
  3. What is strategic management and planning? Why would a strategic plan be important to the success of this business? Can a business survive without a strategic plan?

Chapter 1

4. When it comes to learning from mistakes, at what point to managers reprimand employees who consistently make mistakes?

5. Strategic management is a significant part of strategic planning. How often should a business overall strategic plan be reviewed? What are some of the trigger points that would suggest a change in current strategy?

6. When it comes to strategic planning, what is the difference in duration between short and longterm planning. What occurs at each phase?

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