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1. Describe the primary components of a strategic management process, and indicate why a strategic managment process is needed for a company.
2. Describe the strategic managment process used by Facebook.© BrainMass Inc. brainmass.com June 4, 2020, 2:48 am ad1c9bdddf
1. Describe the primary components of a strategic management process, and indicate why a strategic management process is needed for a company.
- The components of strategic management include the following:
- Environmental Scanning-a strategy that gathers qualitative and quantitative data from internal and external sources. The purpose is to discover various trends directly related to competitiveness from other organizations. In terms of marketing for example an environmental scan would take place during product the developmental stages to determine what other organizations are doing to make their brand or product items stand out from the rest of the competition. Most organizations use this type of discovery to make their products more efficient for consumers and to enhance the quality of their products. Environmental scanning can also be used as a method to strengthen an individuals' valuation with regard to being competitive in the marketplace when seeking employment, establishing new business relationships, or remaining abreast of rapid technological changes.
- Strategy Formulation- "Strategy formulation is the process of deciding the best course of action for accomplishing organizational objectives and hence achieving ...
The solution discusses the primary components of strategic management controls.