Mgt 498 Strategic Management Process Paper
Strategic Management Process Paper
Olyn Grant
MGT/498
July 30, 2014
Lillie Hibbler-Britt
Strategic Management Process Paper
In this paper I will describe the four components of a strategic management process; Environmental Scanning, Strategy Formulation, Strategy Implementation, and Evaluation and Control. In addition, I will indicate why company needs a strategic management process. I will also provide examples of the strategic process my company has taken to meet its goals and objectives.
Environmental Scanning is defined as the monitoring, evaluating and dissemination of information to key personnel within the organization (Thomas L. Wheelen, 2010). This is often done through the use of various tools, one being the Strengths, Weakness, Opportunities and Threats (SWOT) Analysis. SWOT analysis allows organizations to identify internal and external factors that might otherwise impact a project. I’m currently involved in a systems conversion project at work where a co-worker and I were tasked with creating a similar document. …show more content…
Throughout my career I’ve used tools such as this to gage the viability of ideas, suggestions and recommendations as well as to develop project plans.
Strategy Formulation is defined as the development of plans to manage opportunities and threats through the use of goal setting, creating policies, and developing a corporate mission (Thomas L.
Wheelen, 2010). Mission statements define a company’s purpose to the world. For example, my company’s mission statement is that we;
“We develop and manufacture pharmaceuticals of the highest quality. We meet current and future customer needs through smart investments in R&D. We deliver best-in-class service and superior value. We celebrate the many cultures of our global team. We enhance the communities in which we live and work. We build shareholder value in all we do.”
It also mentions our goal which is to make smart investments to increase shareholder value. This is all accomplished through the development of policies and procedures which aid employees in making decisions in-line with our core values and
beliefs.
Strategy Implementation is the process wherein these strategies are put into play through the use of programs, budgets and policy changes (Thomas L. Wheelen, 2010). My company recently acquired another company and I would say that we are in this phase now. Upper Management has been identified and they are developing stratiegies in an effort to define the go forward organization. For examaple, our organization is trying to account for synergies as well as re-purposing key employees which ultimately resulted in a hold on hiring which effects budgets. Also, since they are combining two separate organizations they are finding out that in some instances, both companies had different ways of doing things. For example, their Human Resources Operations model takes a centralized approach where as our model is decentralized. Policies and programs are being put in place that will require all of us to change. We will have to get use to the idea of centralizing some tasks while they will have to get use to the idea of decentralizing other tasks.
Evaluation and Control is the process in which performance results are monitored and measured (Thomas L. Wheelen, 2010). In my organization this is done to ensure our strategic plan met with the desired results. Just like in the example above, centralizing or decentralizing tasks should allow our organization to perform better. If not, then adjustments must be made to the plan.
Bibliography
Thomas L. Wheelen, J. D. (2010). Concepts in Strategic Management and Business Policy Achieving Sustainability, Twelth Edition. Pearson Education.
Olyn Grant
MGT/498
July 30, 2014
Lillie Hibbler-Britt
Strategic Management Process Paper
In this paper I will describe the four components of a strategic management process; Environmental Scanning, Strategy Formulation, Strategy Implementation, and Evaluation and Control. In addition, I will indicate why company needs a strategic management process. I will also provide examples of the strategic process my company has taken to meet its goals and objectives.
Environmental Scanning is defined as the monitoring, evaluating and dissemination of information to key personnel within the organization (Thomas L. Wheelen, 2010). This is often done through the use of various tools, one being the Strengths, Weakness, Opportunities and Threats (SWOT) Analysis. SWOT analysis allows organizations to identify internal and external factors that might otherwise impact a project. I’m currently involved in a systems conversion project at work where a co-worker and I were tasked with creating a similar document. …show more content…
Throughout my career I’ve used tools such as this to gage the viability of ideas, suggestions and recommendations as well as to develop project plans.
Strategy Formulation is defined as the development of plans to manage opportunities and threats through the use of goal setting, creating policies, and developing a corporate mission (Thomas L.
Wheelen, 2010). Mission statements define a company’s purpose to the world. For example, my company’s mission statement is that we;
“We develop and manufacture pharmaceuticals of the highest quality. We meet current and future customer needs through smart investments in R&D. We deliver best-in-class service and superior value. We celebrate the many cultures of our global team. We enhance the communities in which we live and work. We build shareholder value in all we do.”
It also mentions our goal which is to make smart investments to increase shareholder value. This is all accomplished through the development of policies and procedures which aid employees in making decisions in-line with our core values and
beliefs.
Strategy Implementation is the process wherein these strategies are put into play through the use of programs, budgets and policy changes (Thomas L. Wheelen, 2010). My company recently acquired another company and I would say that we are in this phase now. Upper Management has been identified and they are developing stratiegies in an effort to define the go forward organization. For examaple, our organization is trying to account for synergies as well as re-purposing key employees which ultimately resulted in a hold on hiring which effects budgets. Also, since they are combining two separate organizations they are finding out that in some instances, both companies had different ways of doing things. For example, their Human Resources Operations model takes a centralized approach where as our model is decentralized. Policies and programs are being put in place that will require all of us to change. We will have to get use to the idea of centralizing some tasks while they will have to get use to the idea of decentralizing other tasks.
Evaluation and Control is the process in which performance results are monitored and measured (Thomas L. Wheelen, 2010). In my organization this is done to ensure our strategic plan met with the desired results. Just like in the example above, centralizing or decentralizing tasks should allow our organization to perform better. If not, then adjustments must be made to the plan.
Bibliography
Thomas L. Wheelen, J. D. (2010). Concepts in Strategic Management and Business Policy Achieving Sustainability, Twelth Edition. Pearson Education.