Strategic Management
Describe the steps in strategic management process .
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 firm understands the strategy. Strategic management is a continuous process that appraises the business and industries in which the organization is involved; appraises its competitors; and fixes goals to meet all the present and future competitor’s and then reassesses each strategy. The four stages of the process are environmental scanning, strategy formation, strategy implementation and strategy monitoring. The first step in forming an strategic management is environmental scanning where the specific organization need to identify their current mission ,goals and strategies. The purpose of goal-setting is to clarify the vision for your business. This stage consists of identifying three key facets: First, define both short- and long-term objectives. Second, identify the process of how to accomplish your objective. Finally, customize the process for your staff, give each person a task with which he can succeed. Keep in mind during this process your goals to be detailed, realistic and match the values of your vision. Typically, the final step in this stage is to write a mission statement that succinctly communicates your goals to both your shareholders and your staff.Then, comes the SWOT analysis where S represents strength , W represents weakness, O represents opportunity and T represents threat . SWOT analysis is divided into 2 analysis which is internal analysis and external analysis . Analysis is a key stage because the information gained in this stage will shape the next two stages. In this stage, gather as much information and data relevant to accomplishing your vision. The focus of the analysis should be on
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 firm understands the strategy. Strategic management is a continuous process that appraises the business and industries in which the organization is involved; appraises its competitors; and fixes goals to meet all the present and future competitor’s and then reassesses each strategy. The four stages of the process are environmental scanning, strategy formation, strategy implementation and strategy monitoring. The first step in forming an strategic management is environmental scanning where the specific organization need to identify their current mission ,goals and strategies. The purpose of goal-setting is to clarify the vision for your business. This stage consists of identifying three key facets: First, define both short- and long-term objectives. Second, identify the process of how to accomplish your objective. Finally, customize the process for your staff, give each person a task with which he can succeed. Keep in mind during this process your goals to be detailed, realistic and match the values of your vision. Typically, the final step in this stage is to write a mission statement that succinctly communicates your goals to both your shareholders and your staff.Then, comes the SWOT analysis where S represents strength , W represents weakness, O represents opportunity and T represents threat . SWOT analysis is divided into 2 analysis which is internal analysis and external analysis . Analysis is a key stage because the information gained in this stage will shape the next two stages. In this stage, gather as much information and data relevant to accomplishing your vision. The focus of the analysis should be on