The relationship between strategy, strategic plan, and strategic management: There is a strong relationship between strategy, strategic plan, and strategic management. We can realize it by the following discussion:
Strategy means the skill of managing any affair. It is used to describe a pathway along which the organization moves towards its goals or objectives. Actually, it is an action plan for maximizes one’s strength against the forces at work in the business environment. Strategic planning is a systematic process of envisioning a desired future and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them. It is a disciplined effort that produces fundamental decisions and actions that shape and guide what an organization is, who it serves, what it does, and why it does it, with a focus on the future.
The lowest level in the hierarchy of strategic intent deals with the plans. Strategic plans define the organization’s long-term vision and how the organization intends to make its vision a reality. It describes how a firm will adapt to take advantage of opportunities in its constantly changing environment in order to maintain strategic fit between the firm’s goals and capabilities and these market opportunities.
And finally, Strategic Management refers to the managerial process of forming a strategic vision, setting objectives, crafting a strategy, implementing and executing the strategy, and then overtime initiating whatever corrective adjustments in the vision, objectives, strategy, and execution are deemed appropriate. It can be used to determine mission, vision, values, goals, objectives, roles and responsibilities, timeliness, etc.