The goal of this assignment is to help students understand strategic business terminology (vision, mission, goals, objectives, specific objectives, internal and external scanning), recognize strategic plan components, and be familiar with the core information and steps required to create a strategic plan. Furthermore, this assignment teaches students the distinction between strategic planning and strategic management.

Steps in the Assignment

Complete the following tasks in a 700-word analysis:

Describe and define the key elements of the Strategic Management Process.

Internal and external analysis should be described and defined.

Describe and define the Strategic Manager’s responsibilities and duties.

Explain why businesses require strategic management planning.

Cite three scholarly references, one of which must be a peer-reviewed source from the University Library.

Format your paper in accordance with APA guidelines.