Components of the Strategic Management Process
The Strategic Management Process: Primary Components
The strategic planning process according to Hill and Jones (2010) has five main components or steps. The first step identified by the author in this case is the selection of both the goals and objectives of the organization as well as its corporate mission. While a mission statement comes in handy in the identification of a company's purpose, a vision statement is critical in the determination of what an organization wants to become (Harrison, 2012). Well-defined goals give the company direction with regard to what it seeks to achieve in then short, medium, or long-term. The second component of the strategic management process according to Hill and Jones (2010) is the analysis of the external competitive environment of an entity in an attempt to identify not only the available opportunities but also the possible threats. It is important to note that while...
Strategic Management Process Strategic management entails the steps taken and combination of managerial decisions which sums up the future performance of a particular company. It entails the four pillars of management. The strategic plans give a framework for the entire company to not only use but also apply. The strategic management consists of steps that shape up the implementation, strategic planning as well as evaluation (Wheelen and Hunger, 2004). First step: The
Strategic Management Process/Vision, Goals, Objectives This document examines the mission, vision, values, and goals of Kraft Foods Group. It does so primarily to denote the fact that these components are indicators of this company's strategy. The document also aligns these components with the interest of stakeholders. It is exceedingly important for organizations within today's climate of rapid-fire technology and constantly changing marketplaces to adhere to strategy. Due to the celeritous pace of
RATIONALE for the ELEMENTS The rationale for the elements stated within the mission, vision and values statement is that through educating and assisting patients in signing up for and choosing their provider under the Medicare Advantage plan that the patients will be enabled to receive the best possible benefits for their individual health maintenance needs. E. PROPOSED STRATEGIC GOALS Strategic goals of this program includes those as follows: 1) Enrollment of all patients
My skills must be in line not just with my current position, but with the position in which I hope to find myself next. I will also seek opportunities to learn from experts within my own company. The second component is that I wish to develop a strong competency in technology. The role of information technology in modern management continues to increase and I will seek to develop a
Strategic Management Process Describe the primary components of a strategic management process, and indicate why a strategic management process is needed for a company. The process of strategic management, according to Alkhafaji (2013), is made up of four key components: environmental scanning, strategy formulation, strategy implementation, and evaluation and control. Environmental scanning, in the words of the author, "consists of analyzing internal and external factors that may affect the organization and its ability
Strategic Management Action: Strategic Position, Choices, And Strategy Implementation Strategic management is stated to be the "process by which an organization formulates its objectives and manages to achieve them. Strategy is the means to achieve the organizational ends." (Thomas, nd) Managers are required to have a strategic vision in order to become strategic managers and implement strategic management initiatives. The strategic vision of the manager is inclusive of the following elements: (1)
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