Strategic Management Process
The four primary components of the strategic management process are environmental scanning, refers to a process of collecting, scrutinizing and providing information for strategic purposes. It helps in analyzing the internal and external factors influencing an organization. Formulation refers to the process of choosing the most appropriate course of action for the realization of organizational goals and objectives and thereby achieving the organizational vision. Implementation is the manner in which an organization should develop, utilize, and amalgamate organizational structure, control systems, and culture to follow strategies that lead to competitive advantage and a better performance. Evaluation is as significant as strategy formulation because it throws light on the efficiency and effectiveness of the comprehensive plans in achieving the desired results. The managers can also assess the appropriateness of the current strategy in today’s dynamic world with socio-economic, political and technological innovations. Strategic Evaluation is the final phase of strategic management (Management Study Guide, 2008).
In the business world, the organization strategy management plan is a business devise to help achieve its long-term objectives and goals. These objectives will essentially mold the business with present and future business success and help achieve expectations and demands of the company’s stakeholders. Like with any plan the success of that plan has to be managed in achieving its efficiently and how effective it will help the business. The strategic management process is without a doubt a vital piece of the business success, having the ability to be fully cognizant is important for strategic positioning. The only way to look at this is no organization is an island and therefore it cannot perform as an independent external force. Knowing what those forces are and understanding how each force will affect the business. This in terms will be essential
In the business world, the organization strategy management plan is a business devise to help achieve its long-term objectives and goals. These objectives will essentially mold the business with present and future business success and help achieve expectations and demands of the company’s stakeholders. Like with any plan the success of that plan has to be managed in achieving its efficiently and how effective it will help the business. The strategic management process is without a doubt a vital piece of the business success, having the ability to be fully cognizant is important for strategic positioning. The only way to look at this is no organization is an island and therefore it cannot perform as an independent external force. Knowing what those forces are and understanding how each force will affect the business. This in terms will be essential
References: Strategic Analysis of Nike, Inc Retrieved from http://condor.depaul.edu/aalmaney/StrategicAnalysisofNike.htm Strategy Evaluation Process and its Significance Retrieved from http://www.managementstudyguide.com/strategy-evaluation.htm