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Strategic Planning and Strategic Management Here Here Here Here Strategic Planning and Strategic Management Strategic planning is the process of developing the strategy that a company will employ to achieve their established goals. Important concepts in strategic planning include the functional output of the company, target markets, and success. The developed systems are ideally long-term, but changes should be made as often as is necessary. Some of the vital outputs of strategic planning include the definition of company vision, mission, strategy, and values that can be effectively summarized and communicated to both consumers and stakeholders through concise statements (Allison amp. Kaye, 2011). Strategic management is a broader concept that includes strategic planning as a component of a company-wide analysis of top level managerial procedures. Other activities that are included as a component of strategic management include the development of policies, allocation of resources, and evaluations of performance related to initially specified goals. Analyses are a key feature of strategic management, as is the inclusion of tactics, finances, and objectives in the formation of a complex but thorough managerial method. Some of the prominent advantages associated with strategic management are the development of market foresight, quick reactions to unexpected problems, fostering dedication within the company, and the early identification of opportunities for improvement (Leiponen amp. Helfat, 2010). The type of businesses that would benefit the most from strategic management are those which are relatively stable over long periods of time. The method produces strategies that are meant to be long-term in scope, but rapidly changing markets and/or operation restrictions could make this goal virtually impossible (Wall, 2010) using traditional strategic management methods alone. However, strategic management is highly valuable where chaos is less of a concern, as it may be the best option to optimize the use of available resources.ReferenceAllison, M., amp. Kaye, J. (2011). Strategic planning for nonprofit organizations: A practical guide and workbook. Wiley.Leiponen, A., amp. Helfat, C. E. (2010). Innovation objectives, knowledge sources, and the benefits of breadth. Strategic Management Journal, 31(2), 224-236.Wall, S. (2010). Strategic reconfigurations: Building dynamic capabilities in rapid innovation-based industries. Edward Elgar Publishing.