Preview

Primary Components Strategic Management Process

Satisfactory Essays
Open Document
Open Document
563 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Primary Components Strategic Management Process
Strategic Management Process � PAGE * Arabic �2�

Running Head-PRIMARY COMPONENTS STRATEGIC MANAGEMENT PROCESS

The Importance of Strategic Planning

Jaime Enriquez

MGT 498

January 17, 2011

Eligah King

To obtain the most success out of any assignment, whether it is personal or business related, everything all begins with a plan at the highest level. It is often wondered why businesses are so successful, is it good leadership, or great planning. There will be a brief discussion on the four primary components of a strategic management process, and why it is needed for a company.

Strategic management centers on assembling a solid structure for a business that will need also the efforts of other individuals, "process of specifying an organization's objectives, developing policies and plans to achieve these objectives" (WordIQ, 2010). It takes decisions from all three company levels to make solid strategic decisions, strategic management evaluates a businesses vision, helping understand what is needed to execute and ensure the businesses consistency.

Businesses need to analyze, gather large amounts of information to evaluate and learn from change in the market. Environmental scanning helps businesses scan and uncover issues determining if the market is going as expected, "monitoring, evaluating, and disseminating of information from the external and internal environments to key people within the corporation" (Wheelen & Hunger, 2008, p. 10).

Strategy Formulation is very important to an organization, helps management prepare for the future of the organization in developing strategies. Strategy formulation is the creation of, "plans for the effective management of environmental opportunities and threats, in light of corporate strengths and weaknesses" (Wheelen & Hunger, 2008, p. 12).

Keeping the internal structure of an organization is very helpful for the long-term life of a business. Strategy Implementation keeps the internal areas of a business running,

You May Also Find These Documents Helpful

  • Good Essays

    Mgt 498

    • 950 Words
    • 4 Pages

    During this week’s assignments, the authors discussed the primary components of the strategic management process. In order for a company to be successful, the company will need to follow the following components:…

    • 950 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Vermont Teddy Bear

    • 734 Words
    • 3 Pages

    Strategy Formulation – is "the development of long-range plans for the effective management of environmental opportunities and threats in light of corporate strengths and weaknesses" (p.12). Strengths include advantages your company…

    • 734 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    Strategy is a roadmap designed to route the direction of the organization towards achieving its goals. Through an understanding of the organization’s vision and mission and the matching of resources and skills to the environment, the company can formulate and implement strategic plans to achieve long-term sustainable competitive advantage, meet the needs of consumers and satisfy stakeholder’s expectations (Johnson, Scholes and Whittington 2004).…

    • 1718 Words
    • 7 Pages
    Powerful Essays
  • Powerful Essays

    Business Strategy

    • 4891 Words
    • 20 Pages

    Organizations that implement strategic management are generally outperforming those that are not. The fact that a company changes its strategy, in other words the fact that a company manage itself strategically bring three major benefits: -­‐ -­‐ -­‐ A clearer sense of strategic vision for the company A sharper focus on what is strategically important An improved understanding of a rapidly changing environment.…

    • 4891 Words
    • 20 Pages
    Powerful Essays
  • Powerful Essays

    Final Paper

    • 5069 Words
    • 21 Pages

    Strategy formulation guides executives in defining the business their firm is in, the ends it seeks, and the means it will use to accomplish those ends. Strategy formulation combines a future-orientated perspective with concern for the firm`s internal and external environment. A key theme of the discussing of external environment is the problem of deciding whether to accept environmental constraints or to maneuver around them. Strategic managers use internal analysis profiles to target competitive advantage they can emphasize and competitive disadvantage they should correct or minimize.…

    • 5069 Words
    • 21 Pages
    Powerful Essays
  • Powerful Essays

    Global Strategy of Tesco

    • 5385 Words
    • 22 Pages

    Strategies are one of the most important fundamental of an organisation in order to achieving their goal and objectives. According to Mintzberg H Quin B (1997, p39) "Strategy is the pattern plan that integrates an organisational goal, policies and action sequences as a whole." Therefore, managers or the top level of an organisation need to be very careful when selecting the strategy for them to implement in the market, to survive and to win their competitors.…

    • 5385 Words
    • 22 Pages
    Powerful Essays
  • Better Essays

    The Coca-Cola Company has been around for over one hundred years and their manufactured goods are sold all around the world. A company does not survive for over one hundred years without an incredible map providing direction. This map is the company’s mission, vision, values and goals.…

    • 1061 Words
    • 5 Pages
    Better Essays
  • Powerful Essays

    Read more: Strategy Formulation - organization, levels, system, advantages, manager, school, company, hierarchy, business http://www.referenceforbusiness.com/management/Sc-Str/Strategy-Formulation.html#ixzz1Yzah1Gio…

    • 876 Words
    • 4 Pages
    Powerful Essays
  • Good Essays

    Strategic Management

    • 933 Words
    • 4 Pages

    Strategic management processing gives a more specific definition of strategic management. It states that the strategic management process is the process by which a firm manages the formulation and implementation of its strategy. It’s also referred to as the coordinated means by which an organization achieves its goals and objectives. Planning and strategy formation sometimes is called business planning or strategic planning also. Strategy implementation tells managers how they should go about putting the desired strategy into action.…

    • 933 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    Jamaica Broilers Group

    • 8914 Words
    • 36 Pages

    Strategic management refers to the art of planning your business at the highest possible level, and focuses on building a solid underlying structure to your business in order to maintain a competitive edge over your competitors. Strategic management hinges upon answering three key questions; what are the business objectives, what are the best ways to achieve these objectives, and what resources are required to achieve these objectives.…

    • 8914 Words
    • 36 Pages
    Powerful Essays
  • Powerful Essays

    A Well-formulated strategy is vital for growth and development of any organization—whether it is a small business, a big private enterprise, a public sector company, a multinational corporation or a non-profit organization.…

    • 2181 Words
    • 9 Pages
    Powerful Essays
  • Satisfactory Essays

    Strategy formulation refer to the formation of strategy for the organization for the long run which helps in achieving the targets.…

    • 391 Words
    • 3 Pages
    Satisfactory Essays
  • Powerful Essays

    Strategy Formulation- Strategy formulation is the process of deciding best course of action for accomplishing organizational objectives and hence achieving organizational purpose. After conducting environment scanning, managers formulate corporate, business and functional strategies.…

    • 1014 Words
    • 5 Pages
    Powerful Essays
  • Satisfactory Essays

    Strategy played major role to achieve the organizational goal and objectives. Although, strategy implementation is fundamentally different from strategy formulation because of strategy formulation means make the plan while the strategy implementation means apply the plan. Successful strategy formulation doesn’t guarantee for successful strategy implementation because both are different with each other. Differences of strategy formulation and implementation can be described in the following ways:-…

    • 556 Words
    • 3 Pages
    Satisfactory Essays
  • Better Essays

    Resource Management

    • 1930 Words
    • 8 Pages

    The strategies refer to the process of executing a strategy for implementing essential management objectives for managing and allocating resources. The strategies involve approaches and move patterns devised by a grouping to produce achieving organization performances. As such, it is a resource commitment to accomplishing precise objectives for justifiable benefits in the market. An outstanding strategy is insignificant pending execution. Accordingly, execution requires appropriate resources, role flexibility, and infrastructure. Consequently, strategic management ought to finish with the concluding yearly planning meeting even though periodic monitoring and execution are necessary. As such, the process commences with an apparition of wherever the organization should head. An unsurpassed means of accomplishing the desired outcomes will be making sure that the procedure chosen to guide the planning efforts is comprehensive. The hardest parts include committing resources, creating time, addressing and uncovering the obstacles even though the process is controllable.…

    • 1930 Words
    • 8 Pages
    Better Essays