- 5 Marks
Question
c) Good links between operational and strategic planning help in the execution of corporate strategies. However, managers gain from knowing the difference between strategic and operational objectives because this distinction plays a major role in the conversion of an overarching vision into specific tasks.
Required:
Distinguish between a strategic plan and an operational plan.
(5 marks)
Answer
- Strategic Plan: A strategic plan is a long-term plan developed by the organization to achieve its objectives and covers the entire firm. It typically spans about five years and is stated in general terms.
- Operational Plan: An operational plan, on the other hand, is a short-term plan developed by a middle manager that concentrates on a specific functional area. It is stated in specific terms and covers a shorter period.
(5 marks)
- Topic: Introduction to Business Strategy
- Series: NOV 2017
- Uploader: Dotse