- Describe the primary components of a strategic management process, and indicate why a strategic management process is needed for a company.
- Research at least one company and describe the strategic management process that the company uses. ( Walmart)
- Include references
The primary components of the strategic management process are "goal-setting, analysis, strategy formation, strategy implementation and strategy monitoring" (Clayton, 2012, p. 1). Setting these guidelines and following them is only the beginning. Determining what the company's mission and purpose is will help to determine what steps are the best to take to achieve these intended goals. Understanding the vision of the company and what the short-term and long-term goals are will help to understand what additional steps are needed for the organization to achieve these goals. How will these objectives be implemented and involve everyone in the organization to achieve these goals? Are these goals "realistic and match the values of your vision" (Clayton, 2012, p. 1)? Is the company mission clear about how these goals will be implemented and what part every employee must complete to achieve these goals? One thing is for sure whatever the goals set and determined are, these ideas need to be clearly written and identified to all intended parties so that everyone is on board and working towards the same desired outcome.
Another point that needs to be mentioned is that this is not a short-term phase, but something that needs to be implemented for the long haul. "Strategic management is a change process, something that is going to take time to develop, cultivate, and assimilate into your business process" (Forbes, 2012, p.1). Strategic management involves not only the idea of setting these goals and implementing them, but of monitoring these strategies throughout the implementation and analyzing these strategies making sure that everyone is on target and working towards what the intended mission is. One important ...
The importance of the strategic management process is determined. The expert describes the primary components of a strategic management process and indicates why a strategic management process is needed for a company.