MGT498 Week1 StrategicManagementProcess
Strategic Management Process
MGT/ 498
University
Strategic Management Process
The strategic management process play a critical role in the success of an organization’s success as this ongoing process of the business process gives corporations (profit and nonprofit companies) the ability to clarify and achieve their long-term organizational goals and objectives (Applied Corporate Governance, 2009). Strategic management does this by combining decisive planning and consequential actions so that businesses can evaluate the controls of their operations and determine if their organization should implement a new business strategy to adjust to the constant changes (technological, competitors, financial, etc.) in today’s business market.
To gain a better understanding of how this management process functions, this paper will discuss some of the main components of the strategic management process, while at the same time illustrating this process importance to a company. In addition to that examination, this paper will also evaluate at least one organization that uses the strategic management process to accomplish their organization’s short-term and long-term goals and objectives.
Strategic Management Components
There are several critical components of the strategic management process and some of those components consist of things, such as:
• Implementation of an Effective Plan or Strategy: This component of the strategic management process is the general plan for an organization and how they want to go by setting, implementing, and achieving their organizational goals and objectives (Blankinship, 2009).
• SWOTT Analysis Component: This component of the strategic management process allows today’s businesses to identify their organizations internal strengths, weakness, opportunities, threats, and trends (Wheelen, Hunger, 2010).
• The Design and Implementation Component: This component is critical to the strategic management process as this
MGT/ 498
University
Strategic Management Process
The strategic management process play a critical role in the success of an organization’s success as this ongoing process of the business process gives corporations (profit and nonprofit companies) the ability to clarify and achieve their long-term organizational goals and objectives (Applied Corporate Governance, 2009). Strategic management does this by combining decisive planning and consequential actions so that businesses can evaluate the controls of their operations and determine if their organization should implement a new business strategy to adjust to the constant changes (technological, competitors, financial, etc.) in today’s business market.
To gain a better understanding of how this management process functions, this paper will discuss some of the main components of the strategic management process, while at the same time illustrating this process importance to a company. In addition to that examination, this paper will also evaluate at least one organization that uses the strategic management process to accomplish their organization’s short-term and long-term goals and objectives.
Strategic Management Components
There are several critical components of the strategic management process and some of those components consist of things, such as:
• Implementation of an Effective Plan or Strategy: This component of the strategic management process is the general plan for an organization and how they want to go by setting, implementing, and achieving their organizational goals and objectives (Blankinship, 2009).
• SWOTT Analysis Component: This component of the strategic management process allows today’s businesses to identify their organizations internal strengths, weakness, opportunities, threats, and trends (Wheelen, Hunger, 2010).
• The Design and Implementation Component: This component is critical to the strategic management process as this
References: Applied Corporate Governance. (2009) Rule 3: The Importance of Strategic Management. Retrieved October 22, 2012 from, http://www.applied-corporate-governance.com/importance-of-strategic-management.html Blankinship, K. (1999). How to Define the Components of Strategic Components. Retrieved October 22, 2012 from, http://www.ehow.com/how_7716792_define-components-strategic-management.html The United States Commerce Department. (2004). FY 2004 – FY 2009 Strategic Plan. Retrieved October 22, 2012, from, http://www.osec.doc.gov/bmi/budget/04strplan/Mission.pdf Wheelen, T. L., & Hunger, J. D. (2010). Concepts in strategic management and business policy: Achieving sustainability (12th ed.). Upper Saddle River, NJ: Pearson/Prentice Hall.