Question

How do strategic planning and strategic management differ?

Answer 1

In the hyper-competitive environment, if they do not have strategic planning, it is difficult for business houses to thrive, prosper and develop in the long run. Strategic planning is an activity that defines the priorities and takes into account the internal and external environment to design, execute, assess and change strategies in order to gain competitive advantage. Strategic planning is not necessarily the same as strategic management, which means that the top-level executives take a series of decisions and actions to accomplish organizational goals. It's nothing but recognizing and implementing tactics, enhancing their level of performance and achieving market hegemony.

Strategic Planning is a forward-looking practice that helps to determine the corporate plan and goals are set.   Strategic planning requires a series of actions and steps toward formulating and executing plans to achieve organizational objectives.
Strategic planning is project leadership. Strategic management is results-based leadership.
Strategic Management is a top management function that is used to set priorities, concentrate and channel resources, strengthen operations, ensure that employees are aligned with the organization's goals and position the organization in a changing environment. By the word strategic management we mean, the mechanism that allows the company to assess its internal and external business environment shapes strategic vision sets priorities, set direction, develop and execute strategies consistent with the organization's objectives.

Strategic management's reach is broader than strategic planning, in the sense that the latter is one of the former's key components, which involves developing plans, competing, and helping the company to prosper, develop, and expand. Strategic planning is an operation carried out by the organization's top management, and helps to bind the company to the business environment.