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 initial step is to decide the mission of the company and its aims and objectives. Each company requires a mission. When the aims and objectives of an organization are crystal clear, then the managers can work with identifying the viability of its services and products. The managers also need to recognize the goals put in effect at present and strategies being worked upon. The aims and objectives of a company can decide the criteria for performance that employees can work to attain (Wheelen and Hunger, 2004).
Second step: The consequential step is external analysis. The environmental analysis is critical to a strategy process. Managers are tasked with performing the analysis of their companies. They should be well aware of their rivals and their aspirations. Apart from that, they need to know the effects of a pending legislation and how can it influence the machinery of an organization and the manpower present in the surrounding environment. After the external environment is analyzed, the managers should be able to scrutinize particular and general environments. This assists...
In addition, given its bureaucratic and restricted nature, budgets become out of date within a few months. This challenge is associated with the frequent changes to assumptions arising from changes in the market like commodity prices, demand, exchange, and interest rates. A tight budget presents a challenge to an organization and management today in terms of loss of competitive edge (Steele, 2008). This is associated with the current driver's
Strategic Management The importance strategic management organization operating a competitive environment. A case a small business building material business. The importance of strategic management for small organizations Strategic management is an integral part of every organization. At its core, strategic management entails utilizing the resources of the firm in a goal-directed manner. Strategizing means the firm has a clear sense of its values and mission and how to achieve goals over the long-term,
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Activity 1: Human Resource Management (HRM) HP Corporate Objectives Profit: Recognizing that profit constitutes the single most effective measure of the organization's contributions to the community, in addition to being the most basic source of business strength. Attaining maximum possible levels of profit in line with other business goals is the aim. Striving for constant advancement in company offering (i.e., services and products) quality, value, and utility (Hewlett-Packard, 2016). Field of Interest: Focusing efforts
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