★ Planning & Strategic Management:
○ 1) establish the mission, vision, & values
○ 2) assess the current reality
○ 3) make grand strategy; strategic, tactical, & operational plans
○ 4) implement strategy
○ 5) maintain strategic control
■ Important b/c it provides direction/momentum, encourages new ideas,
develops sustainable competitive advantage
★ Who does which plans?
○ Top managers:
■ strategic planning; next 1-5 years
○ Middle managers:
■ Tactical planning: next 6-24 months
○ First-line managers:
■ Operational planning; next 1-52 weeks
○ 1) establish the mission, vision, & values
○ 2) assess the current reality
○ 3) make grand strategy; strategic, tactical, & operational plans
○ 4) implement strategy
○ 5) maintain strategic control
■ Important b/c it provides direction/momentum, encourages new ideas,
develops sustainable competitive advantage
★ Who does which plans?
○ Top managers:
■ strategic planning; next 1-5 years
○ Middle managers:
■ Tactical planning: next 6-24 months
○ First-line managers:
■ Operational planning; next 1-52 weeks
