Strategic management is the art and science of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its objectives. It involves the systematic identification of specifying the firm’s objectives, nurturing policies and strategies to achieve these objectives, and acquiring and making available these resources to implement the policies and strategies to achieve the firm’s objectives.

Strategic management also integrates the activities of the various functional sectors of a business, such as marketing, sales, production to achieve organizational goals. It is generally the highest level of managerial activity, usually imitated by the board of directors and executive team. Strategic management hopes to provide overall direction to the company has ties to the field of organization studies.

Strategic planning is a management tool, period. In short, strategic planning is a disciplined effort to produce fundamental decisions and actions that shape and guide what an organization is, what it does, and why it does it, with a focus on the future.

Strategic management also allocates the right amount of resources to the different parts of your business so that those assigned to particular goals have what they need to meet their objectives. This ranges from providing your workers with the right supplies to enacting systems by which employees receive the necessary training, all work processes are tested, and all information and data generated is documented. To effectively manage your business strategically, every inch of your company must have its needs met in these ways.

Furthermore, one must know that two businesses cannot be same and there should be some basic differences between them. Because of this, the goals and the plans of action are different for each business. Plus, the strategies for long term and short term development should be different and these need to be applied separately.

QUESTION 1: Explain how someone can be a manager but not a leader, a leader but not a manager, and both a manager and a leader.

A manager is a person with a job of overseeing one or more employees or department to ensure these employees or departments do their job or assigned duties as required. A manager helps others to get more done by motivating the employees, providing directions , making sure the employees working together towards a common goal, and providing feedback.

A new manager may be responsible for a small team or a small project. Usually a senior manager will watch over his or her work. The manager will have to learn the strengths and weaknesses of the team members, instruct a work to the team members, guiding team members to reach goals, provide the tools needed by the team and motivate them to do their task.

Usually , a new manager has limited responsibility for money issues and little chances to approve or make an expenditures. They have to review and approve timesheets for their employees and may have the chances to approve expense accounts. The term of manager is not the same for leader since the two terms are not the same. A manager must ensure the appropriate delivery of human resources and funding to meet the routine daily productivity objectives. The manager is known as detailed oriented.

Mangers don not see the overall picture and are less interested regarding the long-term corporate goals and mission. They are worried about details; as a result, they do not make them a good leader. Some managers may have certain leadership qualities but they remain too focused on their daily operations and are unable to provide direction and vision to the organization. A manager plans, organizes, leads, and controls whereas a leader influence others through communication, motivation, discipline, direction and dynamics