BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Strategic planning is the approach used in forming an organization’s direction (e.g., its vision, mission and priorities). On the other hand, strategic management is the overall process of achieving that direction, from planning to executing.

Detailed explanation-2: -The scope of strategic management is greater than the strategic planning, in the sense that the latter is one of the important components of the former, that encompasses drafting strategies, to stand in the competition and is helpful for the survival, growth, and expansion of the company.

Detailed explanation-3: -The term strategic planning is essentially synonymous with strategic management.

Detailed explanation-4: -Strategic planning is a process in which an organization’s leaders define their vision for the future and identify their organization’s goals and objectives. The process includes establishing the sequence in which those goals should be realized so that the organization can reach its stated vision.

Detailed explanation-5: -In conclusion, strategic planning and strategic management are tools used by managers and leaders to attain organizational success. They are similar because they aim to improve performance and output, prepare organizations for the future, and discover their strengths and weaknesses for better market placement.