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This paper will discuss the strategy planning management must go through when opening up a new coffee shop. It will define the strategic plan and identify the critical information that must be defined and analyzed by management. It will then discuss the importance of a solid strategic management plan. Lastly, it will define the four functions of management and explain how they are relative to creating and implementing a strategic management plan.
Strategic Plan
John A. Pearce II and Richard B. Robinson, Jr. authors of the book Strategic Management Formulation, Implementation, and Control define strategic management “as the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s objectives” (Pearce & Robinson, pg 3)...
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