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How to Write a Summary of an Article? The Strategic Management Process In the current business environment, knowledge evolves rapidly and the useful life span of organizational skills is decreasing, which means survival and competitiveness of an organization is linked to its ability to learn and include its findings in their strategic management process.
Key Definitions I would like to start by defining some key words and phrases that are associated with the strategic management process. Strategic planning is the process by which the guiding members of an organization envision its future and develop the necessary procedures and operations to achieve that future Goodliest, teal, This definition takes us away from the notion that strategic landing is a staff Job and focuses us more on process that requires senior leaders of an organization to set its strategic direction.
Strategic plans are important because strategic planning to a few elite in an organization, it should be noted that there different levels of strategic planning. These are corporate level strategies, business level strategies and functional level strategies.
The concept of strategic management builds on the definition of strategic planning, recognizing that although planning is the prelude of strategic management, it is not sufficient if it is not followed by the plowmen and implementation of the plan and the evaluation of the plan in action.
The strategic management process is Hereford a series of steps that formulates the strategic planning, implementation and evaluation. Most of these models only differ in to the extent to which they simplify the process but they generally agree on major elements.
Strategic Management Process Model Fig.
Strategic planning comprises see Figure the first 5 of 7 strategic management tasks: The entire 7- Step 1: Define the Current Business Every company must choose the terrain on which it will compete? This may be better enshrined in a vision statement as a sort of shorthand to married how they see the business down the road.
Two management gurus, Warren Bennie and Bert Mans say, To choose a direction, a leader must first have developed a mental image of a possible and desirable future state for the organization.
This image, which we call a vision, may be as vague as a dream or as precise as a goal or mission statement. The critical point is that a vision articulates a view of a realistic, credible, attractive future or the organization, a condition that is better in some important ways than what now exists.
Visions are usually in longer terms, broader images; managers also formulate mission statements to communicate the purpose of their company present existence. Whereas visions usually lay out in very broad terms what the business should be, the mission lays out in broad terms what their main tasks are now.
Perform External and Internal Audits Environmental scanning. Strategic planning starts by methodically analyzing external and internal situations.
The strategic plan should provide a direction for the firm that makes sense, in terms of the external opportunities and threats the firm faces and the internal strengths and weaknesses it possesses. When doing internal audits or scan companies should check for their strength and weakness.
They should capitalist on their strength to create a competitive advantage in their industry, strengths can be in the form of a hardworking organizational culture which they can ride upon in order to have an edge over other like firms.
However companies should also not turn a blind eye on their weaknesses. Weakness can be in the form of lake of strategic objectives that are meant to reduce the effects of the weaknesses.
External audits scan for Opportunities and Threats. These can be at micro and macro levels. This may call for establishing or crafting new Mission and Vision statements to stir the company. Under this system organizational missions are translated into tangible short-term, mid-term and long-term goals which are measurable and specific.
Strategic goals are the steps to the envisioned future. Not having them is like sitting for a meeting and coming up with no resolutions or action items.
The strategies bridge where the company is now, with where it wants to be tomorrow. The best strategies are concise enough for the manager to express in an easily communicated phrase that resonates with employees.The strategic management process is carried out in four main stages.
Although strategic planning is related to the first two stages, the last two are also an important part of planning. Dear Twitpic Community - thank you for all the wonderful photos you have taken over the years. We have now placed Twitpic in an archived state.
It involves all the four functions of management. Strategic plans provide a common vision for the whole organization. The strategic management process is a series of steps that formulates the strategic planning, implementation and evaluation.
Step 1: The first step is identifying organization’s current mission, objectives and strategies. Start studying Strategic Management Ch.
1+2. Learn vocabulary, terms, and more with flashcards, games, and other study tools. What is the first step in the strategic management process? define vision, mission, and values. 1. inspiring vision and mission backed by ethical values 2.
effective strategic management process. The Tuck MBA features a rigorous general management curriculum, a tight-knit residential community, and a faculty committed to discovering new knowledge and sharing it . 🔥Citing and more! Add citations directly into your paper, Check for unintentional plagiarism and check for writing mistakes.