The difference between strategic management and strategic planning

According to David, strategic planning is sometimes confused with strategy formulation, because strategic plan
is constructed in this stage.

Strategic management is a continuous process of strategic analysis, strategy creation, implementation and
monitoring, used by organizations with the purpose to achieve and maintain a competitive advantage.

Strategic Planning is a future oriented activity which tends to determine the organizational strategy and used to
set priorities. While strategic Management implies a bundle of decisions or moves taken in relation to the
formulation and execution of strategies to achieve organizational goals.

Strategic planning stresses on making optimal strategic decisions while Strategic management stresses on
producing strategic results, new markets, new products, new technologies etc.

Strategic planning deals with identification of actions to be taken, whereas in Strategic management, identifying
actions to be taken, the individuals who will perform the actions, the right time to perform the action, the way to
perform the action are all done here.

The strategic planning is an analytical activity because it is related to the thinking. On the contrary, strategic
management is an action-oriented activity

Conclusion

The scope of strategic management is greater than the strategic planning, in the sense that the latter is one of the
important components of the former, that encompasses drafting strategies, to stand in the competition and is
helpful for the survival, growth, and expansion of the company. Strategic planning is an activity performed by
the top management of the organization, that helps to relate the organization with the business environment

References:

1. Ovidijus Jurevicius, (February 13, 2013) Strategic Management and Strategic Planning. Available at
https://strategicmanagementinsight.com/topics/strategic-management-planning.html

2. Surbhi S, (26 May 2017) Difference between Strategic Planning and Strategic Management. Retrieved
on 25th March 2020 from https://keydifferences.com/difference-between-strategic-planning-and-strategic-
management.html