Shawana Biggs
Strategic Management Process
MGT/498
Eligah King
July 1, 2012
Introduction Public and private sectors have caught public attention in recent years because of major corporations falling apart. Many people are unemployed because of unstructured organizations with ineffective strategies. Strategic Management has become an effective measure to help organizations develop and implement plans to reach goals. Private sectors have honed in on what changes should be implemented; whereas the public sector (government) is still working out the kinks. Organizations must understand that an effective strategy must have an effective set of tactics to ensure success. Strategic Management Process Strategic management is a set of tools use for managerial decisions and actions that determines the long-run performance of a corporation. The tools needed to implement a corporation performance are environment scanning for internal and external, strategy formulation on strategic or long-range planning, strategy implementation, and evaluation and control (Wheelen & Hunger, 2010). Many organizations have chosen to move toward strategic management because of its usefulness in building a business. Strategic management is not a replacement for traditional management, but rather a broader insight into the internal and external factors along with the organizations health. Strategic management will continually work on organization improvement as well. This way the organization will continually compete in the industry. Using SWOT which stands for strengths, weaknesses, opportunities and threats will allow management to evaluate the positives and the negatives. SWOT focuses on the company itself and the industry. Once that is determined, the organization can analyze threats from the industry as well as competitors. Another way SWOT can assist is by creating an outline for strategic planning for the specific needs of the company. Strategic direction enables creation of goals, mission, and vision statements. Strategic planning decides on strategies to reach the goals. Implementation decides on tactics to achieve the goal. The performance evaluation monitors the strategies to see if they are on course. If goals are not on course, reworking all prior steps can take place. In 1917, Forbes listed 100 companies that were in
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According to (Atow-Zahir, 2012) strategic planning lays down the expectations of stakeholders such as government, customers, shareholders and employees and also examines the impact the environmental factors has on its expansion and growth strategies in a highly competitive environment. It sets the basis for performance measurement and the methodologies to be used when change is necessary in an effort to achieve the organization’s objectives and goals. This creates an organizational culture that encourages…
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In the Class: “ Management and Organization Theory”, we have been studying the Management functions by understanding what is the planning function and how does the planning function actually work. We have been also reviewing all about Strategic Management, the planning process and the planning cycle. How does the manager formulate, process, and implement his/her organizational goals and objectives, etc. We also learned that everything starts with a planning stage. The company’s/organization’s…
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today it is critical to have strategic management in place in order to assure that objectives are being met. When examining strategic management and the concepts it implies organizations must look at both internal and external factors. A SWOT analysis is a valuable tool in which companies are able to dive deeper into their strengths, weaknesses, opportunities, and threats. In order to find success a strategic process must be in place as a guideline to steer management in the correct direction.…