Capstone [case study: Extra Space Storage]
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Authors
Olabintan, Tamiko
Issue Date
2010
Type
Capstone
Language
en
Keywords
Business administration
Alternative Title
Abstract
In today's work environment, there is some degree of active cooperation and communication with others that is needed. Individual members of groups need to communicate with each other to accomplish their production and social functions; and within organizations, groups need to communicate with other groups and work towards a common goal. This is why it is important for a leader of an organization to have some type of strategic plan in place. Before I can jump to my interpretation or definition of strategic management, I must first examine the philosophy and importance of having a strategic plan. Strategic planning involves a focused planning today, of the anticipated future environment of an organization. Most decisions in strategic planning are made in the present. This means that over time, the organization must stay abreast of changes in order to make the best decisions it can at any given point. It is important for leader and managers of an organization to execute their strategic plan correctly. Strategic planning has also been described as a tool, however, I believe that it is more than a tool; it is also a way thinking, managing and executing. Therefore, it is important to note that it should not be substituted for the exercise of judgment by leadership.