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    Strategic Management

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    What are the major components of strategic management?
    Why is each component needed for success?

    How are an organization's mission and values Important to strategy formulation?

    What benefits does a strategic management process bring to a health care organization?

    How does strategic management affect organizational decision-making and financial performance?

    How does strategic management affect the way an organization responds to its environment?

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    Solution Preview

    The response addresses the queries posted in 997 words with references.

    //The paper deals with the topic of strategic management. In order to continue with the paper, first, we will look upon the components involved in the process of strategic management. Further in the discussion, we will understand the significance of each of the component for attaining organizational success.//

    Answer 1

    The entire strategic management process consists of the various components. The major components involved in the process of strategic management are environmental scanning, strategy formulation, strategy implementation evaluation and control. The component of environmental scanning includes the internal and the external environment analysis of the business. The process monitors, evaluates and propagates the information received from the internal and external surroundings, which ultimately, determines the future of the business process (Ryall and Craig, 2003). The second component of strategic formulation revolves around the frame work of vision, mission and the business objectives. The element of strategy implementation involves various programs, budget and procedures through which, all the strategies and policies developed at the prior stages, can be put into practice. The last component of strategic management involves evaluation and control of the activities and corrective measures are taken, if the desired results are not obtained.
    Answer 2

    In the entire strategic management process, the role of each component has a great significance. The process of environmental scanning allows the firm to identify the strengths and weaknesses existing in the business as well as it also help the firm to determine threats and opportunities prevailing in the external business environment. The component of strategic formulation helps ...

    Solution Summary

    The response addresses the queries posted in 997 words with references.