Essay About Strategic Management Process And Organization’S Strategy

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Strategic Management Process
Strategic Management ProcessNatasha SabbahMGT/498May 12, 2016Instructor: Michael KormanStrategic Management ProcessThe strategic management process forms any organization’s strategy for bettering its performance. Wheelen & Hunger (2012) define strategic management process as procedure applied by managers in making a choice of a set of strategic decisions aimed at better the performance of a given company. The process is continuous and involves numerous actions that influence the long-term performance of a company. The management process has four varied steps or components that are vital in attaining success in any company. These components include; strategy formulation, environmental scanning, evaluation and control, and strategy implementation. Environmental scanning involves both external and internal parameters of the ecosystem. Wheelen & Hunger (2012) define environmental scanning as the process of collecting, analyzing and proving data for purposes of strategizing. It acts as a tool that enables analysis of both external and internal environmental factors that influence the company. After the analysis process is completed, managers continuously evaluate and enhance this component.

According to Wheelen & Hunger (2012), strategic formulation is also termed as long-range planning stage and involves affirming decision on the best course of action to meet a given objective of the company. From this point hence fourth, managers should come up with strategies for the company and the corporation. Strategy implementation involves putting the strategy chosen by the organization into action in order to accomplish an intended work. This component involves designing the organization structure, distributing resources, developing the decision-making process and managing human resources (Wheelen & Hunger, 2012). Strategy evaluation component forms the final phase of the strategy management process. It involves evaluating and implementing the original strategy to verify if they meet the objectives set by the organization (Wheelen & Hunger, 2012).  In this component, the performance of the strategy is measured to develop recommendations and corrective actions.Significance of Strategic Management Process  Strategic management process is significant in a company in various ways. The process helps an organization in satisfying and adjusting changes that may occur in the market. Wheelen & Hunger (2012) affirm that organizations must be able to adopt activities that satisfy the existing market. Additionally, the activities should be flexible to fit changing market needs. This ensures that the company attains long-term success.

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“Strategic Management Process” EssaysForStudent.com. 06 2016. 2016. 06 2016 < "Strategic Management Process." EssaysForStudent.com. EssaysForStudent.com, 06 2016. Web. 06 2016. < "Strategic Management Process." EssaysForStudent.com. 06, 2016. Accessed 06, 2016. Essay Preview By: natashasabbah Submitted: June 1, 2016 Essay Length: 506 Words / 3 Pages Paper type: Research Paper Views: 293 Report this essay Tweet Related Essays Strategic Management Summary Strategic management is the ongoing process used by companies to form a vision, analyse their external and their internal environment, and select one or 388 Words  |  2 Pages By Comparison with the Other Factors, Evaluate How Important Stakeholders Are in Strategic Management. The first intention of this paper is to give a clear understanding of key terms used throughout, helping illustrate their meanings and importance. Strategy: Johnson 2,628 Words  |  11 Pages Business Policy and Strategic Management UNIVERSITY OF WASHINGTON, BOTHELL BBUS 470: Business Policy and Strategic Management Autumn 2006 Dr. Kevin Laverty Kristen Spangler, MBA Email: [email protected] Office: UWB2-325 Phone: 425.352.5338 2,247 Words  |  9 Pages Intergrating Crises Management in Strategic Planning Process in International Travel Industry INTERGRATING CRISES MANAGEMENT IN STRATEGIC PLANNING PROCESS IN INTERNATIONAL TRAVEL INDUSTRY INTRODUCTION In the last six to seven years the international travel industry has seen 385 Words  |  2 Pages Similar Topics Strategic Management Tool Public Management Strategic Management Policy Case Study Get Access to 89,000+ Essays and Term Papers Join 209,000+ Other Students High Quality Essays and Documents Sign up © 2008–2020 EssaysForStudent.comFree Essays, Book Reports, Term Papers and Research Papers Essays Sign up Sign in Contact us Site Map Privacy Policy Terms of Service Facebook Twitter