MGT wk 1
Strategic Management Process Paper
MGT/498
March 3, 2014
Kathleen Collins
In society there are hundreds of companies competing for your business on a day to day basis. As a management team it is crucial to understand strategic planning, and know how it can help you grow as a company. In corporate terms, strategic planning is making a plan as a company in order to achieve long-term goals and objectives. Upper management must think strategically first, then apply that thought to a process. The strategic management process is best implemented when everyone within the business understands the strategy. There are five stages for the management team to understand they are goal-setting, analysis, strategy formation, strategy implementation and strategy monitoring. Goal setting is an essential part of the strategic plan. With goal setting it helps clarify the vision of the company. When setting goals the management team needs to define both short and long term objectives. During this process your goals should be detailed, realistic and match the values of the company’s vision. Once the management team has these objectives it then needs to come up with a process to accomplish these objectives. It is hard for one person to oversee all the objectives that a company might have to ensure success, but if the management team can divide the tasks at hand between departments giving each person a key role the objectives can be achieved. The next step in a strategic plan is to analyze your plan. The analysis should help the company understand its needs, direction, and identifying initiatives that will help the business grow. It is important to examine any external or internal issues that can affect goals and objectives. In the strategic plan it is also good to identify the strengths and weaknesses of your organization. It is also important to analyze any threats or opportunities that may arise along the way.
MGT/498
March 3, 2014
Kathleen Collins
In society there are hundreds of companies competing for your business on a day to day basis. As a management team it is crucial to understand strategic planning, and know how it can help you grow as a company. In corporate terms, strategic planning is making a plan as a company in order to achieve long-term goals and objectives. Upper management must think strategically first, then apply that thought to a process. The strategic management process is best implemented when everyone within the business understands the strategy. There are five stages for the management team to understand they are goal-setting, analysis, strategy formation, strategy implementation and strategy monitoring. Goal setting is an essential part of the strategic plan. With goal setting it helps clarify the vision of the company. When setting goals the management team needs to define both short and long term objectives. During this process your goals should be detailed, realistic and match the values of the company’s vision. Once the management team has these objectives it then needs to come up with a process to accomplish these objectives. It is hard for one person to oversee all the objectives that a company might have to ensure success, but if the management team can divide the tasks at hand between departments giving each person a key role the objectives can be achieved. The next step in a strategic plan is to analyze your plan. The analysis should help the company understand its needs, direction, and identifying initiatives that will help the business grow. It is important to examine any external or internal issues that can affect goals and objectives. In the strategic plan it is also good to identify the strengths and weaknesses of your organization. It is also important to analyze any threats or opportunities that may arise along the way.
References: Management Study Guide (2008) Retrieved from: http://managementstudyguide.com/strategic-management-process.htm