Strategic Management Process Paper
Strategic Management Process Paper
August 29, 2013
MGT/498
Strategic Management Process Paper
Strategic management has an inextricable role in the highly competitive business environment. An organization either small or large need to create systematic ways of studying the business environment through the process of environmental scanning—both external and internal, evaluating strengths, and weaknesses, and identifying opportunities with the ability to quickly execute to maintain success. This week’s paper will provide data to the primary components of a strategic management process, and introduce a strategic management process for McDonald’s Corporation. According to Smallbusiness.chron.com (2012), “The strategic management process is more than just a set of rules to follow. It is a philosophical approach to business. Upper management must think strategically first, then apply that thought to a process. The strategic management process is best implemented when everyone within the business understands the strategy. The five stages of the process are goal-setting, analysis, strategy formation, strategy implementation, and strategy monitoring” (The Four Stages of the Strategic Management Process, para. 1).
The strategic management process comprises many elements: company’s objectives, and strategies, an environmental analysis, SWOTT analysis, formulation, and implementation, and evaluation. Strategic management primary purpose is to help an organization strategize its long-term performance. An organization that implements this strategy as opposed to an organization that does not, have a clear advantage. Strategic management gives an organization a clearer strategic vision and a more accurate comprehension of the changing business environment (Wheeler & Hunger, 2010).
August 29, 2013
MGT/498
Strategic Management Process Paper
Strategic management has an inextricable role in the highly competitive business environment. An organization either small or large need to create systematic ways of studying the business environment through the process of environmental scanning—both external and internal, evaluating strengths, and weaknesses, and identifying opportunities with the ability to quickly execute to maintain success. This week’s paper will provide data to the primary components of a strategic management process, and introduce a strategic management process for McDonald’s Corporation. According to Smallbusiness.chron.com (2012), “The strategic management process is more than just a set of rules to follow. It is a philosophical approach to business. Upper management must think strategically first, then apply that thought to a process. The strategic management process is best implemented when everyone within the business understands the strategy. The five stages of the process are goal-setting, analysis, strategy formation, strategy implementation, and strategy monitoring” (The Four Stages of the Strategic Management Process, para. 1).
The strategic management process comprises many elements: company’s objectives, and strategies, an environmental analysis, SWOTT analysis, formulation, and implementation, and evaluation. Strategic management primary purpose is to help an organization strategize its long-term performance. An organization that implements this strategy as opposed to an organization that does not, have a clear advantage. Strategic management gives an organization a clearer strategic vision and a more accurate comprehension of the changing business environment (Wheeler & Hunger, 2010).
References: Smallbusiness.chron.com (2012), the Four Stages of the Strategic Management Process, Retrieved from http://smallbusiness.chron.com/five-stages-strategic-management-process- 18785.html Trainingmag.com (2012), McDonald’s Recipe for Success, Retrieved from http://www.trainingmag.com/article/mcdonald%E2%80%99s-recipe-success Wheeler, T., & Hunger, D. (2010). Concepts in Strategic management and Business Policy. Retrieved from University of Phoenix E-book