Question

Are "strategic management" and "strategic planning" synonymous terms? Explain.

Your response should be at least 75 words in length.

Answer 1

The dictionary says ‘Framework’ and ‘Model’ are synonyms to each other. I use both words to mean slightly different things.

In my work, I use the word framework while working at a conceptual level, where the idea is likely to benefit a number of players. Whenever I use the word ‘Model’ I use it in reference to a specific work. A pricing model I develop for a particular client cannot be used straightaway by another company while a pricing framework, which will focus on how anyone should approach pricing, can be adapted by every company in an industry. In a model, I take specifics into account. For example when I adapt a framework to a specific client’s work I would call it a model. This is how I differentiate between ‘Framework’ and ‘Model’. It could be seen differently by other professionals