According to the writer of this post, strategic management is a term used to refer to practices that involves performing an environmental scan, understanding competition, establishment of goals, defining targets, creating an action plan, executing the idea, and assessing success. Strategic planning is viewed as an approach that entails the evaluation of the previous year's performance and assessment of new elements that may influence success in the upcoming year. The writer strengthens their position by quoting Huber’s statement that strategic planning might also incorporate the development of a competitive plan initiative that will guide a business in the subsequent year (2014). The two concepts are related since management eventually evolves into planning in order to achieve a goal and how it will impact an organization. Their strengths and weaknesses help in developing objectives or outcomes that support the organizational mission.
Generally, it can be ascertained that strategic planning and strategic management are continuously used jointly, and sometimes they can take one term as "strategic management." However, it is essential for organizations that are trying to a reliable strategy to note the differences between the two concepts ("SAMS," 2019). Strategic planning should be considered as the process that formulates a path for a company, and strategic management should be regarded as the process that highlights the procedure through which this direction is achieved. Strategic planning constitutes organizational initiatives and a general idea of their goals, which are filtered in strategic management ("SAMS," 2019). The later approach analyzes company operations to ensure they are working towards the initiatives that are set during strategic planning. Therefore, "SAMS" (2019) argues that strategic planning and strategic management are effective when they are combined together. In most cases, the strategic process begins with strategic planning to decide on its objectives and mission statement. Later on, the company develops strategic management to ascertain both long-term and short-term methods to pull its resources in order to achieve its goals.
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References
Huber, D. (2014). Leadership and Nursing Care Management. [Bookshelf Ambassadored]. Retrieved from https://ambassadored.vitalsource.com/#/books/9781455740710/
SAMS. (2019, October 24). The Importance of Strategic Management vs. Strategic Planning. Retrieved from https://getsamsnow.com/importance-strategic-management-vs-strategic-planning/
