Final answer:
The correct answer to the student's question is C) strategic management; strategic planning. Strategic management refers to the entire process of strategy in business, including formulation, implementation, and evaluation, whereas strategic planning focuses solely on the formulation phase.
Step-by-step explanation:
Sometimes strategic management is used to refer to strategic formulation, implementation and evaluation, with strategic planning referring only to strategic formulation. Therefore, the correct answer is C) strategic management; strategic planning.
Strategic management is an overarching concept that includes three key phases: formulation of the strategy, implementation of the strategy, and evaluation of the strategy to ensure it meets the goals of the organization. On the other hand, strategic planning is specifically focused on the initial phase where the strategy is developed and articulated.
Considering these definitions, it's clear that strategic management is a broader term encompassing the entire process from start to finish, while strategic planning is a more focused term referring to the creation of the strategy.