Strategic management process
Not what you're looking for?
Why is strategy important to business?
Explain the concept of the strategic management process
Discuss the importance of having a future oriented plan
Discuss the organization's vision, mission, purpose, philosophy or goals
Discuss the strategic process as input for future decision making
Thank you
Purchase this Solution
Solution Summary
Response discusses the Strategic management process
Solution Preview
Why is strategy important to business?
Explain the concept of the strategic management process
As per tutor2u.net "Strategy is the direction and scope of an organization over the long-term: which achieves advantage for the organization through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfill stakeholder expectations".
Process of strategic management is as follows:
1) Screening of Ideas
2) Development of Mission and Setting of Objectives
3) SWOT analysis
4) Selection of Best alternative
5) Strategy Formulation
6) Implementation
7) Control
Discuss the importance of having a future oriented plan
Planning is important to managers within an organization due to following reasons:
1) It will provide the future direction and path to the managers
2) It will help in optimal utilization of the resources
3) It will help in controlling the action and thereby helps to take the corrective action.
4) It helps in coordination between different departments
5) It acts as training to the managers
6) It compels managers to think ahead
There can be some limitations of planning:
1) It may lead to rigidity in ...
Purchase this Solution
Free BrainMass Quizzes
Six Sigma for Process Improvement
A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.
Social Media: Pinterest
This quiz introduces basic concepts of Pinterest social media
Accounting: Statement of Cash flows
This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.
Situational Leadership
This quiz will help you better understand Situational Leadership and its theories.
Team Development Strategies
This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.