Strategic planning’s function is to only identify the actions to be taken. Strategic management identifies actions to be taken, resources for allocation, appropriate time and the approach for executing the actions. Strategic planning is used for creating a focused, timely, and beneficial strategic management process. In terms of management, strategic planning helps optimize an organization’s operations by identifying existing problems. ![]() While strategic planning involves the proposal and formulation of schemes to achieve a target. Strategic management involves formulating, implementing, evaluating, and improving strategies to achieve an organization’s long-term objectives, considering internal and external factors. Strategic Management vs Strategic Planning Limitations or Disadvantages of Strategic Management.Benefits of Strategic Management with Examples.Characteristics of Strategic Management. ![]()
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