About This Chapter
Strategic Planning for Small Businesses - Chapter Summary
The lessons in this chapter outline the purpose and components of strategic management in business. Through short and informative lessons, you'll examine the four main types of business planning, outline the entire strategic management process and understand why planning is a key function of business management. You'll also take a look at relevant topics, including sales strategies, crisis management, management by objective and management by exception.
Following each lesson is a short self-assessment quiz to help you reinforce what you've learned. You can study whenever and wherever it's convenient and reach out to our instructors if you have any questions. These lessons are designed to help you:
- Define the process of strategic management
- Explain strategic, tactical, operational and contingency planning
- Determine the ways in which planning helps organizations achieve their goals
- Summarize operational planning
- Outline the purpose and process of management by objective
- Assess the advantages and disadvantages of management by exception
- Understand how companies plan and implement sales strategies
- Identify the elements of crisis planning and management
1. The Strategic Management Process
We will be reviewing the strategic management process, starting with the four main steps of the process. These steps provide the foundation for understanding strategic management as a whole and will serve you well as you deal with management decision-making situations.
2. Types of Planning: Strategic, Tactical, Operational & Contingency Planning
This lesson will explain the four types of planning used by managers, including strategic, tactical, operational and contingency planning. Terms, such as single-use plans, continuing plans, policy, procedure and rule, will also be defined.
3. Planning as a Function of Management
In this lesson, you will learn the role of planning as a function of management. Discover the advantages of and barriers to planning, and how it is used to achieve organizational goals.
4. Sales Strategy: Definition, Elements & Implementation
Understanding sales strategy and implementing effective plans can help a company sell more of its product and target the appropriate customer. This lesson explains the logic in establishing a sales strategy.
5. Crisis Planning & Management in Business: Definition & Elements
Companies should be educated about crisis planning and management in business. In order to avert or repair any crises, there are numerous crisis planning elements that need to be in place in order to prevent a corporate downfall.
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