Strategic Management Process
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Strategic management is the set of decisions and actions made by management that ends up determining long-run performances of that particular corporation (Hunger & Wheelen, 2007). The entire strategic management process is that of eight total steps with many smaller steps in between full steps. The three main groups of the process include the strategy formulation (steps1-6); the strategy implementation (step 7); and then evaluation and control (step 8).
The strategy formulation is the development of long-range plans for effective management of environmental opportunities and also threats in light of corporate strengths and also weaknesses (Hunger & Wheelen, 2007). Within the strategy formulation defining the corporations mission, specifying achievable objectives, developing strategies and also setting policy guidelines are all included in what the strategy formulation is. Some examples of goal and objective establishments include profitability, efficiency, growth, reputation, survival, and so much more. Some of the strategies that are typically considered include that of corporate, business, and also functional strategies (Hunger & Wheelen, 2007).
When it comes to that of evaluation and control in the strategic management process performance should be remembered. Evaluation and control is processes in which corporate activities and also performance results are monitored compare actual performance and desired performance (Hunger & Wheelen, 2007). Managers will use findings to correct problems. Even though evaluation and control is the final element of the strategic management process it can make the difference between repeated fixes and new fixes. As for that of performance, well its the end result of actions and ultimately the actual outcomes of it all.
The true end of the strategic management process can be viewed as the corporation not being able to find any other improvements. After all, it tends to be justified as that of the ability to improve the organization. So really without an organization not being able to improve theyve reached the end of the process.
References
Hunger, D., & Wheelen, T. (2007). Essentials of Strategic Management (4th ed.). Upper Saddle River, NJ: Prentice Hall.