Strategic Management Process Essay

1021 words - 4 pages

STRATEGIC MANAGEMENT PROCESS PAGE 6
Strategic Management ProcessSarah CapstickJuly 11, 2011University of PhoenixStrategic management process is an important process for any organization to have to become successful. The process clearly defines objectives and assesses both the internal and external situation to formulate strategy, implement the strategy, evaluate the progress, and make adjustments as necessary to stay on track. The strategic management process was formulated in the 1970's and is most applicable to strategic management at the business unit level of the organization. The subject of this paper is to explain the primary components of a strategic management process, and indicate why a strategic management process is needed for a company.The five component approach to promote successful organizational performance is a vision and mission statement, objectives, strategies, strategy implementation, and evaluation of performance. Strategic management process needs to carry out information to collect tasks. When the strategic management process is successfully executed, employees, advisers, and freelancers contribute to every phase of the strategic management process. Human resources is responsible for providing data on employee retention health care and performance assessments. Sales and marketing provide data for scenarios. Freelancers are assigned responsibility of studying market research. After all the information is gathered the strategic management team evaluates and reports strengths and weaknesses to formulate a final strategic plan.The organization leaders can define measurable financial and strategic objectives that are guided by the business vision. Financial objectives involve measures as sales targets and earnings growth. The internal analysis identifies the organization's strength and weaknesses and the external analysis identifies the opportunities and threats. The strengths, weaknesses, opportunities, and threats is the means of a SWOT analysis. Once the analysis is given, the organization matches its strengths to the opportunities while addressing its weaknesses and external threats.Strategies that are implemented within an organization have an important impact on whether the company will be successful. In a large company, the leaders who implement the strategies are likely to be different from those who formulated the strategies. For this reason, care must be taken to communicate the strategy and the reasoning behind it. Evaluation and control consists of five steps:Define parameters to be measuredDefine target values for those parametersPerform measurementsCompare measured results to the pre-defined standardMake necessary changesTo succeed in the global marketplace for now and in the future, organizations need to operateaccording to the principles of quality management (David L. Goetsch and Stanley B. Davis, 2010).Toyota Motor Corporation and Ford Motor Company are two examples of companies that have a successful...

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