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Strategic management process

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

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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 ...

Solution Summary

Response discusses the Strategic management process

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